Cue Energy reports Indonesian operation
Wednesday, April 29 2009 - 01:17 AM WIB
The following is an excerpt from Cue Energy Resources? quarterly report released on Wednesday.
Sampang PSC - Oyong Field Madura Strait, East Java (15% interest)
Operator: Santos (45%)
Oyong Field
Cue?s oil production revenue received from the Oyong field was A$ 4.9 million and equated to 81,376 barrels.
The average production rate for the field for the quarter was approximately 4,350 barrels of oil per day, which was in line with expectations.
Cue did not have any hedging arrangements in place during the quarter.
DEVELOPMENT ACTIVITY
Oyong Gas Phase
Construction of the Oyong Gas Phase development progressed steadily during the quarter with overall progress at the end of the quarter being 72% against the planned 75%. Laying of the offshore pipeline was completed and construction of the onshore processing facility at Grati was well underway.
First gas remains on schedule for late third quarter 2009.
Wortel field
Development planning continued during the quarter.
EXPLORATION
General exploration studies continued during the quarter. (end of excerpt)