Cue hopes expects drilling program in Mahato PSC in 2018 fiscal year
Monday, October 2 2017 - 12:54 AM WIB
ASX-listed Cue Energy Resources Ltd said it is continuing to work with its partners to resolve outstanding issues to enable the drilling of a well in the Petapahan area, Mahato PSC, in Central Sumatra during the 2018 fiscal year.
?During the year, progress continued to be delayed by the lack of a legally binding agreement between the partners in the PSC,? the company said in a statement last week.
The Mahato PSC is in a highly prospective area close to several large producing oilfields.
Texcal Mahato EP holds 62.5 percent as the operator in Mahato PSC, Cue Energy Resources Ltd holds a 12.5 percent interest, and the remaining 25 percent interest is held by Bukit Energy Central Sumatra (Mahato) Pte.
Upstream oil and gas authority SKK Migas said in May that Texcal plans to drill PA-1 exploration well in the Mahato PSC, but the company was still in the process of obtaining license from the Kampar regency government related to environmental documents and land acquisition from a palm oil company (HGU) PT Tunggal Yunus.
Editing by Reiner Simanjuntak