Cue said it received NZ$8,252,459 in oil production revenue from its interest in the unitised SE Gobe Oilfield in Papua New Guinea. "The profit was a pleasing result and establishes a trend of rising profitability, which Cue will strive to repeat in the current year," said Cue chairman, Richard Tweedie.
Mr Tweedie went on to say that the continuing strength of the oil price bodes well for future profitability. "The strength of the oil market couldn't have come at a better time for Cue, given that we have an 11% participation in the drilling next month of the exciting new well, Bilip, along trend from the producing SE Gobe oil field and Saunders oil discovery."
As part of the Sampang PSC Joint Venture (Cue Sampang, 15%) Cue said the JV has already begun acquiring additional 2D seismic over the West Anggur prospect, offshore East Java.
Click for a detailed location map.
Cue said the eight lines of the survey are designed to delineate a structural closure at the Mundu formation level that has been mapped updip from oil and gas shows that were encountered in the Mundu formation in the Anggur-3 well, which was drilled in September 2002.
The company said the Anggur 2D Seismic is being acquired in conjunction with a seismic site survey over the Wortel (Oyong Barat) prospect, which is situated approximately 7km west of the Oyong oil and gas discovery and said to contain similar volumes of oil and gas (100 million barrels of oil in place and 150 billion cubic feet of natural gas in place).
Cue added that Wortel could be a candidate for drilling in the fourth quarter. "The Wortel site survey also covers the nearby Persik and Pare (Oyong Miring) leads. The seismic data from the shallow survey will also be used to refine structural mapping at the Mundu formation level," the company said.
The joint venture is also considering acquiring additional 2D seismic data over a number other leads and prospects in the block, towards the end of 2002.
Other participants in the Sampang PSC are Santos Sampang 45% (operator) with Coastal Indonesian Sampang Ltd (El Paso) at 40%.
