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
MR6A Production - Maari Growth Project
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)
MR6A Production - Maari Growth Project
Production starts at the Maari MR6A development well in New Zealand
Melbourne, 24 March 2015: Cue Energy is pleased to announce that production from the Maari MR6A development well has been brought on stream, with an initial production rate of approximately 7,800 barrels of oil per day (bopd). The optimal production rate will be determined after several weeks of production history, taking into account reservoir management considerations. The Maari Field is currently producing approximately 14,000 bopd.
Production commenced on 21 March 2015 from the previously undeveloped Mangahewa
Formation reservoir unit in the Maari Field. The well was drilled horizontally to a total depth of
4,577m of which approximately 1,300m was completed in very high net-to-gross, good quality reservoir section, as indicated by well log data. Based on initial production and currently available information the well is anticipated to meet or exceed pre-drill expectations and materially contribute to field production.
The Maari Growth Project offshore Taranaki in New Zealand is being conducted to increase reserves, production, and recovery from the Maari field. Significant undeveloped reserves remain at Maari and Manaia and the additional development will enable extraction of these reserves. The Ensco 107 rig is now drilling the MR7A well to provide an additional in-fill producer in the Moki formation. (map attached)
Participants in the PMP 38160 Joint Venture are:
Cue Taranaki Pty Ltd 5% Horizon Oil International Ltd 10% (a subsidiary of Horizon Oil Ltd)
Todd Maari Ltd 16% OMV New Zealand Ltd (Operator) 69%
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 24 March 2015
Maarifieldlocation,offshoreTaranaki,NewZealand