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Cue Energy acquires additional interest in the Mahakam Hilir PSC

Source: www.gulfoilandgas.com 3/11/2015, Location: Asia

Cue Energy Resources has completed the acquisition of 100% of SPC Mahakam Hilir Pte Ltd, which holds 60% of the Mahakam Hilir PSC in the prolific Kutei basin, onshore Kalimantan, Indonesia. Cue now holds a 100% interest in the PSC.

As part of an internal review of permit data, Cue has identified a robust drill-ready oil prospect, Naga Selatan-2 (Southern Dragon), which has encouraged Cue to move to a 100% interest in the permit. In Cue’s estimate, this oil prospect could contain 25 million barrels of recoverable oil and lies along trend from the large Sei Nangka and South Pelarang oil fields. The multiple targets are shallow, located at approx. 1000’-3000’ TVD.

Drilling programme preparations have commenced and the well is planned for the third quarter of 2015. This acquisition complements the continuing expansion of our Indonesian acreage portfolio and marks Cue’s first entry as a drilling operator.

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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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