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Rig Equipment Problems, Adverse Weather Delay Manaia-2 Drilling

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Australia-based Cue Energy Resources Ltd (Cue) reported Friday that the Manaia-2 well in the Taranaki Basin off New Zealand is at a depth of 2,474 feet (754 meters) measured depth below rotary table (MDRT) at 0600 hours local time Sept. 27. Current operations are preparing to drill ahead in 12.25 inch x 13.5 inch hole. Mechanical problems with the rig equipment and adverse weather conditions have delayed drilling since the last report.

Manaia-2 is located in Petroleum Mining Permit (PMP) 38160 in the offshore Taranaki Basin. The well is operated by OMV New Zealand Ltd. and is being drilled from the Kan Tan IV (mid-water semisub).

The well is located 0.78 miles (1.25 kilometers) north of Maui-4 (which discovered the Manaia field) and 3.73 miles (6 kilometers) to the southwest of the Maari field well head platform. The well has a planned total depth of 9,350 feet (2,850 meters) and drilling is expected to take about 30 days. The undeveloped Moki and Farewell Formation reservoirs that will be appraised by Manaia-2 have the potential to add 11 million barrels of gross reserves to the Manaia field.

Cue will provide weekly progress reports during the drilling of Manaia-2.

Participating interests in PMP 38160 are as follows:

Cue Taranaki Pty Ltd. - 5 percent
Horizon Oil International Ltd.(a subsidiary of Horizon Oil Ltd.) - 10 percent
Todd Maari Ltd. - 16 percent
OMV New Zealand Ltd. - 69 percent (Operator)

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