Microsoft Word - CUE ASX Release CoverNEW
ABN 45 066 383 971
ASX Market Announcements
ASX Limited
Exchange Centre
Level 4, 20 Bridge Street
Sydney NSW 2000
Approval received for Farm-in to Mahato PSC Onshore Central
Sumatra , Indonesia
Attached please find Cue Energy Resources Limited's release with respect to the above mentioned.
Yours faithfully
Andrew M Knox
Chief Financial Officer
CUE ENERGY OVERVIEW
Cue is an Australian based oil & gas company with activities in Australia, New Zealand and Indonesia.
THE COMPANY HAS:
Long life production
A strong balance sheet
An active exploration program
CUE ENERGY DIRECTORS
Geoffrey King (Chairman)
Stuart Brown
Rowena Sylvester
Andrew Young
CUE ENERGY MANAGEMENT
David Biggs (CEO)
Andrew Knox (CFO)
Jeffrey Schrull (Exp Man)
OFFICE
Level 19
357 Collins Street
Melbourne Vic 3000
CONTACT DETAILS
Tel: +613 8610 4000
Fax: +613 9614 2142
EMAIL
[email protected]
WEBSITE
www.cuenrg.com.au
LISTINGS
ASX: CUE
ABN 45 066 383 971
RELEASE
(ASX: CUE)
Approval received for Farm-in to Mahato PSC Onshore Central Sumatra , Indonesia
Melbourne, 26 March 2015: Cue Energy Resources Limited (ASX:CUE and the Company) is pleased to announce receipt of government approval for the farm-in agreement with Bukit Energy Central Sumatra (Mahato) Pte Ltd (Bukit) to acquire a
12.5% participating interest in the Mahato Production Sharing Contract (PSC) onshore
Central Sumatra, Indonesia.
The 5,600 sq km Mahato PSC is located in a highly prospective area in the prolific Central Sumatra basin close to several producing oil fields, including Indonesia's largest onshore oil fields; the Minas oil field (over 5 billion barrels) and the Duri oil field (over 3 billion barrels). The block contains multiple appraisal and exploration drilling opportunities with 2 wells currently planned for 2H 2015.
Location Map: Mahato PSC, Central Sumatra, Indonesia
The 2015 work plan includes an appraisal well delineating the possible extension of the Petapahan field into Mahato PSC, a subsequent exploration well nearby and seismic acquisition to further high grade exploration prospects for future drilling. As part of the farm-in, Cue's share of costs for the two wells and seismic is capped by Bukit.
The Company is currently seeking additional exploration and production opportunities in Indonesia.
The Mahato PSC is surrounded by existing infrastructure which is expected to result in a reduced cycle time to development of any discoveries.
Any queries regarding this announcement should be directed to the Company on
(03) 8610 4000 or e-mail: [email protected]
David Biggs
Chief Executive Officer 26 March 2015