Cue Energy reports Indonesian operations

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

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

Naga Utara
The Naga Utara-2 welt spud on 5th October 2013. The welt is being drilled from the same pad as Naga Utara-1 and the well path will be deviated to a location approximately 500m north of the first welt. n addition to further evaluating the gas-bearing intervals seen in Naga Utara-1, the well will be deepened to intersect additional potential pay sands below the total depth (TD) of the first well.

Naga Utara-2 has a proposed TD of 1,980m (measured depth). Drilling and testing (if required) is expected to take approximately two months.

In the event of a success with Naga Utara-2, a second welt (Naga Utara-3) will be drilled.

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

Oyong Field
During the quarter, Cue?s share of oil sates receipts from the Oyong field was nil barrels which generated nil in revenue; condensate sates receipts were 165 barrels, which generated A$0.011 million in revenue and gas sates receipts of 451,346 Mcf which generated A$1.35 million in revenue received during the quarter.

The Oyong average oil production rate for the quarter was 1,260 bopd (gross) and the gas rate was 34.65 MMscfd (gross) respectively.

Wortel Field
Cue's receipts from gas sales during the quarter was 510,889 Mcf, which generated AS3.49 million in revenue. Condensate sales receipts were 202 barrels which generated A$0.014 million in revenue.

Wortel-3 and Wortel-4 are both flowing gas at a combined rate of 47.14 MMscfd. The combined rate of Oyong and Wortel gas production is 81.79 MMscfd (87.52 BBTU/d) (Billion British thermal units per day). (end of edited excerpt)