Cue Energy reports Indonesian operations

The following is an edited excerpt from Australian energy firm Cue Energy Resources? quarterly report ended 30 March 2013 released on Tuesday.

Sampang PSC- Madura Strait (15% interest)
Operator: Santos

Oyong Field
Cue?s share of oil sates receipts from the Oyong field was 29,196 barrels which generated A$2.99 million in revenue; condensate sales receipts were 110 barrels, which generated A$0.007 million in revenue and gas sales receipts of 474,107 Mcf which generated A$1.24 million in revenue received during the quarter.

The Oyong oil production rate is currently around 2.500 bopd (gross) and the gas rate is 38 MMscfd (gross).

Wortel Field
Cue?s share of gas receipts during the quarter was 524,375 Mcf, which generated A$3.10 million in revenue, condensate sales receipts was 138 barrels which generated A$0.009 million in revenue.

Wortel-3 and Wortel-4 are both flowing at a combined rate of 47 MMscfd. The combined rate of Oyong and Wortel gas is 85 MMscfd (90 BBTU/d (Billion British thermal units per day) which is equal to the contract quantity to be sold to Indonesia Power.

Mahakam Hilir PSC (40% interest)
Operator: SPC Mahakam Hilir Pte Ltd

Naga Utara
Planning for the 2013 drilling campaign is underway. The first well in the programme will be Naga Utara-2 which is expected to spud in the third quarter. The well will evaluate the Utara-1 gas discovery (drilled in the first quarter 2012) and will have the key objective of acquiring information on potential flow rates, pay thickness and gas quality to fully characterise the resource. Following the gathering of additional data from the gas-bearing reservoirs seen in Naga Utara-1, the well will be deepened to intersect potential gas-bearing intervals below the known pay. If successful it is intended to complete the welt as a future producer. (end of excerpt)