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CUE ENERGY RESOURCES LIMITED — Capital/Financing Update 2012
Jan 17, 2012
64722_rns_2012-01-17_ed2ee897-d261-4fa1-82b7-7a4e69c0aa61.pdf
Capital/Financing Update
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Cue Energy Resources Limited
A.B.N. 45 066 383 971
Level 21 114 William Street Melbourne Victoria 3000 Australia
Telephone: (03) 9670 8668 Facsimile: (03) 9670 8661 Email: [email protected] Website: www.cuenrg.com.au
TO : Company Announcements Office 10th Floor 20 Bond Street Sydney NSW 2000 DATE : 18 January 2012 PAGES (including this page): 3 FROM : Andrew Knox RE : Naga Utara-1 Well, Mahakam Hilir PSC Development Update
Attached please find Cue Energy Resources Limited release with respect to the above mentioned.
Yours faithfully
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Andrew M Knox Public Officer
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Cue Energy Resources Limited
A.B.N. 45 066 383 971
RELEASE
(ASX: CUE; NZX: CUE; POMSOX: CUE; ADR/OTC: CUEYY)
- Naga Utara 1 Well, Mahakam Hilir PSC, Indonesia
Cue Energy Resources Ltd is pleased to provide the following update on the drilling status of Naga Utara-1. The well is located within the Mahakam Hilir PSC in the Kutei Basin, Indonesia. The well operator is SPC Mahakam Hilir PTE Ltd (SPC).
It is proposed to drill to a total depth of 5500 ft Measured Depth (MD) and is expected to take approximately 25 more days to complete including well testing.
As of 17[th] January 2012 the well has been drilled to a depth of 988 ft measured depth. A 12¼ inch pilot hole has been drilled to mitigate shallow gas hazards. Forthcoming operations will be to increase the hole diameter to 17 ½ inches prior to setting the 13-3/8 inch casing.
The participants and their respective interests in the PSC are:
SPC Mahakam Hilir Pte Ltd ( Operator ) 60% Cue Mahakam Hilir Pty Ltd 40%
Cue will continue to release reports of well progress on a weekly basis.
Any queries regarding the announcement should be directed to the Company on (03) 96708668 or email [email protected]
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Mark Paton Chief Executive Officer
18[th] January 2012
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----- Start of picture text ----- Figure 1 - Location of Mahakam Hilir PSC, Indonesia----- End of picture text -----