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Drilling Progressing at Manaia-2 Well in PMP 38160 After Recent Delays

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Cue Energy Resources Ltd. (Cue) announced Friday that the Manaia-2 well in the offshore Taranaki Basin, New Zealand is at depth of 6,578 feet (2,005 meter) measured depth below rotary table (MDRT) at 0600 hours local time Oct. 11. Current operations are running wireline logs. Since the previous report, 12.25 inch x 13.5 inch hole was drilled through the Moki Formation, the underlying Lower Manganui Formation and into the top of the Ngatoro Group as planned.

Elevated gas readings and oil fluorescence was observed throughout the Moki Formation. The significance of these hydrocarbon shows will be fully evaluated by the current logging program.

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 the program is now expected to take 58 days in total due to delays caused by adverse weather and rig repairs. 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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