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Cue Farms-in to Highly Prospective Onshore Acreage

Source: www.gulfoilandgas.com 11/21/2014, Location: Asia

The terms of the farm-in agreement provide that Cue contributes to Bukit’s costs for seismic and drilling but remain confidential due to Cue’s current discussions to capture other exploration opportunities in Indonesia.

The 2015 work plan includes an appraisal well delineating the possible extension of the Petapahan field into Mahato PSC, an 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 Mahato PSC is surrounded by existing infrastructure which is expected to result in short cycle time to development for any discoveries.

Commenting on the transaction, Cue CEO David Biggs said, “The Mahato farm-in is consistent with Cue’s strategy of deepening the Company’s exploration portfolio by participating in highly prospective onshore acreage in Asia and Australia with short commercialisation timeframes. We are very excited about our position in the Mahato acreage and the potential for significant near-term value.”



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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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