Cue Energy: Mahakam Hilir PSC operations update
Monday, February 27 2012 - 02:14 AM WIB
(February 27, 2012) Cue Energy Resources Ltd is pleased to provide the following update on the drilling status of Naga Utara-1. The well is ocated within the Mahakam Hilir PSC in the onshore Kutei Basin, Indonesia. The well operator is SPC Mahakam Hilir PTE Ltd (SPC).
As of the 26th February 2012 the 8 ? inch section of the sidetrack was drilled to 4653 feet MD and has been logged with wire-line tools. Preliminary interpretation indicates that the section encountered three hydrocarbon-bearing sandstone reservoirs, of approximately 80 net feet, Detailed evaluation of the wire-line logs will be completed in the next few days.
The forward plan is to set a 7 inch liner and drill ahead to a total depth of 5500 feet. The participants and their respective interests in the PSC are:
SPC Mahakam Hilir Pte Lto (Operator) 60%
Cue Mahakam Hilir Pty Ltd 40%. (end of release)