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Cue Energy secures 4-year extension for Mahakam Hilir PSC exploration

JAKARTA (rambuenergy.com) – Australia’s oil and gas company Cue Energy Resources Ltd (ASX:CUE) said that it has been notified by SKK Migas of the approval of its request for a four year extension to the exploration period of the Mahakam Hilir PSC until May 2020.

The 4 year extension includes 2 contingent wells in the first 2 years, which Cue can elect to drill or withdraw from the PSC; and geological studies, pre-FEED studies and a Plan of Development in the latter 2 years.

Cue owns 100 participating interest and also the operator of the Mahakam Hilir PSC through its unit Cue Kalimantan Pte Ltd.

The company also said as announced on 3 February 2016, Cue successfully drilled the Naga Selatan-2 (NS-2) Exploration well and recovered oil and gas to surface.

While drilling the deeper section, gas was also flared to surface. The well was suspended to allow for future production testing.

The results from NS-2 confirmed Cue’s geological model of the area and have provided new information regarding the existence of a potential deeper gas play. Results from the exploration activity are being analysed and Cue expects to be able to announce an internal estimate of volumes in the second half of the year. (*)

 

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