Microsoft Word - CUE ASX Release CoverNEW
ABN 45 066 383 971
19 January 2016 PAGES (including this page): 2
ASX Market Announcements ASX Limited
Exchange Centre
Level 4, 20 Bridge Street
Sydney NSW 2000
Te Kiri North-1 Drilling Update
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 the USA.
THE COMPANY HAS:
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
ADR/OTC: CUEYY
ABN 45 066 383 971
RELEASE
Te Kiri North-1 Drilling Update
Melbourne, 19 January 2016: Cue Energy Resources Limited (CUE) provides the following update on the Te Kiri North-1 well in permit PEP 51149, onshore Taranaki Basin, New Zealand. The well is operated by Todd Energy Limited.
The operator has advised that the well has reached total depth of 4629 mMDRT (Measured Depth) as at 19 January 2016 within the Turi Formation. The deviated well, which was designed to test Miocene and Eocene objectives, was drilled successfully with no HSE or drilling issues. The completion of the Te Kiri North-1 well fulfils all of Cue's remaining obligations in the permit.
The well encountered hydrocarbon shows in the Miocene Mt Messenger formation, and a wireline logging suite was run to evaluate the section. The logs indicated low reservoir quality and the decision was made not to further evaluate the zone. The Eocene objective was a structural trap predicted to be up-dip from the near-by Te-Kiri 1 well but unfortunately came in low to prediction.
The operator has commenced plug and abandon operations. The participants and their respective interests in PEP 51149 are:
Todd Energy Limited 80% (Operator)
Cue Taranaki Pty Ltd 20%
Any queries regarding the announcement should be directed to the Company on +613 8610 4000 or email at [email protected]
David A.J. Biggs
Chief Executive Officer