PNG

Mixed bag for Cue in PNG

CUE Energy has recorded quarterly revenue from its 5.57% interest in the SE Gobe Field of $A2.1 m...

Mixed bag for Cue in PNG

Cue said delays in receiving necessary government approvals and sourcing a drill rig at PPL 190 in the Papuan Basin (10.95% equity) have pushed drilling of the Murray Deep sub thrust prospect back to the second half of this year.

But a field survey at the Greater Barikewa prospect within PRL-9 (14.89% Cue), also in the Papuan Basin was completed during the quarter. The survey aims to provide a better structural picture of the field and hence a narrower range of potential recoverable gas volumes.

Meanwhile, the company experienced a similar outcome across its Indonesian interests, with disappointing results at the Wortel-2 well (15% Cue) balanced by progress at the Oyong project.

Wortel-2 was plugged and abandoned at a depth of 1421m after failing to hit hydrocarbons. Wortel-3 will be drilled mid-year to the immediate east of Wortel-1 to “establish the full potential of the Wortel accumulation”.

Cue said the proximity of Wortel to Oyong meant Wortel gas could be processed at the existing Oyong facilities.

The Oyong production barge contract has been awarded to PT Pulau Kencana Raya for use of the Seagood 101 production barge.

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