Cue Energy: Mahato PSC operations update
Tuesday, December 10 2019 - 08:46 PM WIB
(December 10, 2019)--Cue Energy Resources Limited advises that the PB-1 Exploration well in the Mahato PSC onshore Sumatra has been drilled and cased to total depth and the results are currently being assessed and approved.
The Company further advises that most recent cash call from the Operator, Texcal Mahato EP Ltd (“Texcal”), had deficiencies and therefore has not been settled.
The Company has subsequently received a default notice by the Operator on the non-payment of the cash call. The validity of this notice is disputed.
Read also: Drilling of PB-1 exploration well in Mahato PSC commences
Cue is currently not receiving information from the Opertor as required under the Joint Operating Agreement and is evaluating all available options to address this and other breaches by Texcal under this agreement.
The Mahato PSC is operated by Texcal Mahato EP Ltd. Cue Mahato Pty Ltd (a 100% subsidiary of Cue Energy Resources Limited) holds 12.5 percent participating interest. (ends)