Cue Energy reports Indonesian operations
Thursday, January 30 2014 - 02:27 AM WIB
Mahakam Hilir PSC-Kutei Basin
Cue Interest: 40%
Operator: SPC (Mahakam Hilir) Pte Ltd
Naga Utara
The Naga Utara-2 well spud on 5th October 2013, and reached total depth (TD) of 6,060 ft measured depth (1,847m) on 26th December 2013 in sidetracked hole. The well was drilled from the same pad as Naga Utara-1 and was deviated towards a target location approximately 500m north of the first well. Whilst drilling in 8? inch hole, the drill pipe became stuck at 5,677 ft which necessitated severing the drill string and plugging-back and sidetracking (Naga Utara-2 ST). Following wireline logging, the well was plugged and abandoned and the rig was released on 8th January 2014.
The well achieved the primary objective of appraising the intervals seen in Naga Utara-1 that were interpreted to be gas-bearing and intersecting deeper prospective sands which were below the TD of the first well. However, only minor indications of gas were seen in the 8? inch hole at Naga Utara-2 which could not be evaluated with wireline logs due to the stuck pipe incident. Naga Utara-2 ST intersected similar stratigraphy, but following evaluation of the logs it was decided that testing was not warranted. Naga Utara-2 is interpreted to have intersected the key reservoir intervals in a down-dip position relative to Naga Utara-1.
The Joint Venture is conducting a detailed evaluation of the well results to understand the remaining petroleum potential of the Mahakam Hilir PSC before making a decision on the next phase of exploration activity.
Sampang PSC- Madura Strait
Cue Interest: 15%
Operator: Santos (Sampang) Pty Ltd
Oyong Field
During the quarter, Cue?s share of oil sales receipts from the Oyong field was 23,891 barrels which generated A$2.66 million in revenue; condensate sales receipts were 171 barrels, which generated A$0.012 million in revenue and gas sales receipts of 222,459 Mcf which generated A$0.66 million in revenue received during the quarter.
The Oyong average oil production rate for the quarter was 1,294 bopd (gross) and the gas rate was 25.91 MMscfd (gross) respectively.
Wortel Field
Cue?s receipts from gas sales during the quarter was 335,560 Mcf, which generated A$2.28 million in revenue. Condensate sales receipts were 208 barrels which generated A$0.015 million in revenue.
Wortel-3 and Wortel-4 are both flowing gas at a combined rate of 46.65 MMscfd. The combined rate of Oyong and Wortel gas production is 76.32 MMscfd (81.67 BBTU/d) (Billion British thermal units per day). (end of excerpt)