A.B.N. 45 066 383 971
3 January 2014 PAGES (including this page):3
Company Announcements Office
10th Floor
20 Bond Street
Sydney NSW 2000
Naga Utara-2 Progress Report # 12
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, Indonesia and PNG.
THE COMPANY HAS:
Long life production
A strong balance sheet
An active exploration program
CUE ENERGY DIRECTORS
Geoffrey King (Chairman)
Timothy Dibb
Paul Moore
Andrew Young
CUE ENERGY MANAGEMENT
David Biggs (CEO)
Andrew Knox (CFO)
David Whittam (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 NZX: CUE POMSOX: CUE ADR/OTCQX: CUEYY
A.B.N. 45 066 383 971
RELEASE
(ASX: CUE; NZX: CUE; POMSOX: CUE; ADR/OTC: CUEYY)
Naga Utara-2 Progress Report # 12
Cue Energy Resources Ltd (Cue) advises that at 06:00 local time on 3 January 2014, the Naga Utara-2 ST well is at a depth of 6,060 ft MDKB (1,847m). Operations are in progress to plug and abandon the well.
Since the last report, the well was drilled to a total depth of 6,060 ft MDKB in 8½' hole. A suite of wireline logs was obtained which allowed for evaluation of the well; however the condition of the hole precluded further logging, including obtaining pressure data and fluid sampling by wireline tools. Although the well encountered indications of hydrocarbons, they were judged
to be insufficient to warrant drill-stem testing.
The data obtained from Naga Utara-2 and the subsequent sidetrack will be integrated into our understanding of the petroleum potential of the Mahakam Hilir PSC prior to a decision being made on future exploration activity.
The well site is located in the onshore portion of the Kutei Basin on the island of Kalimantan (Borneo), approximately 10 km NE of the town of Samarinda (map attached). Naga Utara-2 is operated by SPC Mahakam Hilir Pte Ltd, a subsidiary of Singapore Petroleum Company Ltd.
This will be the last of Naga Utara-2 weekly progress report to be issued by Cue. Participating interests in the Mahakam Hilir PSC are as follows:
Cue Mahakam Hilir Pty Ltd 40%
SPC Mahakam Hilir Pte Ltd 60% (Operator)
Any queries regarding the announcement should be directed to the Company on +61 3 8610
4000 or email [email protected]
David A.J. Biggs
Chief Executive Officer 3 January 2014
.Pelarang
.. Samarinda
OiiFìeld
Sambutan Gas/Oil Field
Mahakam Hilir PSC
e
Legend
-Prospect
Naga
Selatan-1
D Cue Permit
Oil Field
Gas Fi eld
Sei Nangka
Oil Field
_e._
Weli
GasWell
o Proposed TD Location