ABN 45 066 383 971
4 May 2016 PAGES (including this page): 2
ASX Market Announcements ASX Limited
Exchange Centre
Level 4, 20 Bridge Street
Sydney NSW 2000
Approval of 4 Year Extension to Mahakam Hilir PSC Permit TermAttached please find Cue Energy Resources Limited's release with respect to the above mentioned.
Yours faithfully
Andrew M Knox
Chief Financial Officer
CUE ENERGY OVERVIEWCue is an Australian based oil and gas company with activities in Australia, New Zealand, Indonesia and the USA.
THE COMPANY HAS:
Long life production
A strong balance sheet
An active exploration programme
CUE ENERGY DIRECTORS
Grant Worner (Executive Chairman)
Koh Ban Heng
Andrew Knight
Brian Smith
CUE ENERGY MANAGEMENT
Andrew Knox (CFO)
Jeffrey Schrull (Exp Man)
OFFICE
Level 19
357 Collins Street
Melbourne Vic 3000
CONTACT DETAILS
Tel: +613 8610 4000
Fax: +613 9614 2142
mail@cuenrg.com.au
WEBSITE
www.cuenrg.com.au
LISTINGS
ASX: CUE
ADR/OTC: CUEYY
ABN 45 066 383 971
RELEASE Approval of 4 Year Extension to Mahakam Hilir PSC Permit Term- SKK Migas approves 4 year extension to Mahakam Hilir PSC exploration period until May 2020
- Cue continues analysis of Naga Selatan-2 well results
Cue Energy Resources Ltd (ASX:CUE) is pleased to advise that it has been notified by SKK Migas of the approval of its request for a four year extension to the exploration period of the Mahakam Hilir PSC until May 2020.
The 4 year extension includes 2 contingent wells in the first 2 years, which Cue can elect to drill or withdraw from the PSC; and geological studies, pre-FEED studies and a Plan of Development in the latter 2 years.
Cue has 100% equity and is operator of the Mahakam Hilir PSC.
Naga Selatan-2 DiscoveryAs announced on 3 February 2016, Cue successfully drilled the Naga Selatan-2 (NS-2) Exploration well and recovered oil and gas to surface.
While drilling the deeper section, gas was also flared to surface. The well was suspended to allow for future production testing.
The results from NS-2 confirmed Cue's geological model of the area and have provided new information regarding the existence of a potential deeper gas play. Results from the exploration activity are being analysed and Cue expects to be able to announce an internal estimate of volumes in the second half of the year.
Any queries regarding this announcement should be directed to the Company on
+613 8610 4000 or email mail@cuenrg.com.au.
Grant Worner
Executive Chairman 4 May 2016
Cue Energy Resources Limited published this content on 04 May 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 04 May 2016 04:03:09 UTC.
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