Cue Energy: Mahakam Hilir PSC operations update
Wednesday, June 20 2012 - 02:58 AM WIB
(20 June 2012)--Cue Energy Resources Ltd is pleased to provide the following update regarding the drilling of the Naga Selatan-1 well. The well is located within the Mahakam Hilir PSC in the Kutei Basin, Indonesia. The well operator is SPC Mahakam Hilir Pte. Ltd.
The Naga Selatan (Southern Dragon) prospect is situated approximately 7.5km to the west of the producing Sanga-Sanga oilfield.
As of the 20th June 2012, the 8 1/2 inch hole section reached TD (Total Depth) of 8300 feet instead of the originally planned 6,500 feet. The deepening of the well was due to indications of hydrocarbon between 6,000 and 8,000 feet MD (measured depth). The plan is to evaluate the section with wire-line logging.
The participants and their respective interests in the PSC are:
SPC Mahakam Hilir Pte Ltd (Operator) 60%
Cue Mahakam Hilir Pty Ltd 40%. (ends)