Cue Energy, SPC to drill in Naga Utara-2 in Q2
Thursday, January 31 2013 - 11:05 AM WIB
ASX -listed firm Cue Energy Resources Limited announced the company and operator SPC Mahakam Hitir Pte Ltd will spud Naga Utara-2 well within their Mahakam Hilir PSC onshore East Kalimantan in the second quarter of 2013.
Cue has a 40 percent interest in the block with SPC holding the balance.
Cue said in a report that the drilling intends to evaluate the gas discovery at Naga Utara-1 well, which was drilled in the first quarter 2012, with the key objectives of acquiring information on potential flow rates, pay thickness and gas quality to fully characterize the resource.
Based on the data obtained from Naga Utara-1, the company?s preliminary estimate puts mean contingent resources in the structure at 130 bcf.
The report also highlights production from Sampang PSC in Madura Strait, where Cue has a 15 percent interest.
Cue?s share of oil receipts from the Oyong field within the Sampang PSC was 37,321 barrels in the fourth quarter of 2012 which generated A$3.92 million in revenue; its condensate receipt was 215 barrels, which generated A$0.014 million and gas receipt was 619,108 mcf which generated A$1.614 million.
In Wortel field, Cue?s share of gas receipts during the quarter was 751,874 mcf, which generated A$4.42 million, condensate receipt was 367 barrels which generated A$0.024 million in revenue.
Editing by Dadan Wijaksana