Announcement
GENERAL: NZO: MAHATO PSC UPDATE - PB-18 PRODUCTION WELL ONLINE JULY 1ST
01:47pm
NZO
01/07/2022 13:47
GENERAL
NOT PRICE SENSITIVE
REL: 1347 HRS New Zealand Oil & Gas Limited
GENERAL: NZO: MAHATO PSC UPDATE - PB-18 PRODUCTION WELL ONLINE JULY 1ST
1 July 2022
MAHATO PSC UPDATE - PB-18 PRODUCTION WELL ONLINE
New Zealand Oil & Gas subsidiary, Cue Energy Resources (ASX:CUE), has
provided an update that oil production well PB-18 in the Mahato PSC,
Indonesia, has been successfully drilled and completed and is producing
approximately 1000 barrels of oil per day (bopd).
The update release is attached.
Cue has a 12.5% interest in the Mahato PSC. New Zealand Oil & Gas has a
50.04% interest in Cue.
For further information please contact the Company on: email
enquiries@nzog.com phone +64 4 495 2424
ASX Announcement 01 July 2022
Mahato PB-18 production well online
Oil production well PB-18 in the Mahato PSC, Indonesia, has been successfully
drilled and completed and is producing approximately 1000 barrels of oil per
day (bopd).
PB-18 is the ninth production well in the PB field and the first well in the
current 14 well drilling campaign that was announced by Cue on 14 June 2022.
The well was completed in the Bekasap B and C sands, consistent with other
production wells in the field.
Total current production from the PB field is approximately 5000 bopd with
the inclusion of PB18. A workover is being undertaken on the PB-03 production
well, which is expected to be completed and production resumed from this well
in early July. Total field production is expected to increase as new wells
are drilled over the coming months. The drilling rig is currently moving to
the next planned well, PB-17, which is expected to start shortly.
Oil from the PB field is sold on a Dated Brent price basis with approximately
a one to two dollar per barrel discount.
PB Field with existing well locations
Participants in the Mahato PSC joint Venture are:
Texcal (Operator) 51%
Bukit Energy 25%
Cue 12.5%
Central Sumatra Energy 11.5%
T +61 3 8610 4000 F +61 3 9614 2142 E
mail@cuenrg.com.au www.cuenrg.com.au
Level 3, 10 Queen Street, Melbourne Victoria 3000, Australia
Cue CEO Matthew Boyall commented on the results and field plans:
"1000 barrels of oil per day is another great result from a PB field
production well. The current phase of development includes 11 more production
wells and 2 injection wells, which are expected to be drilled at a rate of
approximately one per month for the next year."
"Existing oil processing and pipeline capacity is in place to enable
immediate sales of new oil production and further capacity is planned to be
built as later wells are drilled in the northern areas of the field. This
direct access to market allows increasing production in the PB field to
benefit from current high oil prices."
Authorised for release by Matthew Boyall, CEO.
Any queries regarding this announcement should be directed to the Company on
+61 3 8610 4000 or email mail@cuenrg.com.au.
About Cue Energy
Cue Energy Resources Limited is an Australian Securities Exchange (ASX:CUE)
listed oil and gas production and exploration company based in Melbourne.
Cue's H1 FY2022 revenue was A$18 million from gas and oil production from the
Mahato and Sampang PSCs in Indonesia, Mereenie, Palm Valley and Dingo fields
onshore Australia and the Maari field, offshore New Zealand.
General Legal Disclaimer
Various statements in this document may constitute statements relating to
intentions, opinion, expectations, present and future operations, possible
future events and future financial prospects. Such statements are not
statements of fact, and are generally classified as forward looking
statements that involve unknown risks, expectations, uncertainties,
variables, changes and other important factors that could cause those future
matters to differ from the way or manner in which they are expressly or
impliedly portrayed in this document. Some of the more important of these
risks, expectations, uncertainties, variables, changes and other factors are
pricing and production levels from the properties in which the Company has
interests, or will acquire interests, and the extent of the recoverable
reserves at those properties. In addition, the Company has a number of
exploration permits. Exploration for oil and gas is expensive, speculative
and subject to a wide range of risks.
Individual investors should consider these matters in light of their personal
circumstances (including financial and taxation affairs) and seek
professional advice from their accountant, lawyer or other professional
adviser as to the suitability for them of an investment in the Company.
Except as required by applicable law or the ASX Listing Rules, the Company
does not make any representation or warranty, express or implied, as to the
fairness, accuracy, completeness, correctness, likelihood of achievement or
reasonableness of the information contained in this document, and disclaims
any obligation or undertaking to publicly update any forward-looking
statement or future financial prospects resulting from future events or new
information. To the maximum extent permitted by law, none of the Company or
its agents, directors, officers, employees, advisors and consultants, nor any
other person, accepts any liability, including, without limitation, any
liability arising out of fault or negligence for any loss arising from the
use of the information contained in this document.
Reference to "CUE" or "the Company" may be references to Cue Energy Resources
Limited or its applicable subsidiaries.
T +61 3 8610 4000 F +61 3 9614 2142
E mail@cuenrg.com.au www.cuenrg.com.au
Level 3, 10 Queen Street, Melbourne Victoria 3000, Australia
End CA:00394741 For:NZO Type:GENERAL Time:2022-07-01 13:47:25
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