Cue Energy Updates on Drilling at Naga Utara-2 Well in Mahakam Hilir PSC

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Cue Energy Resources Ltd. (Cue) disclosed Friday that at 06:00 local time Jan. 3, the Naga Utara-2 ST well in the Mahakam Hilir Production Sharing Contract (PSC) in Kutei Basin, Indonesia is at a depth of 6,060 feet (1,847 meters) measured depth (MD) below Kelly Bushing. Operations are in progress to plug and abandon the well.

Since the last report, the well was drilled to a total depth of 6,060 feet (1,482 meters) MD below Kelly Bushing in 8.5 inch hole. A suite of wirelogs was obtained which allowed for evaluation of the well; however the condition of the hole precluded further logging, including obtaining pressure data and fluid sampling by wireline tools. Although the well encountered indications of hydrocarbons, they were judged to be insufficient to warrant drill-stem testing. 

The data obtained from Naga Utara-2 and the subsequent sidetrack will be integrated into our understanding of the petroleum potential of the Mahakam Hilir PSC prior to a decision being made on future exploration activity.

The well site is located in the onshore portion of the Kutei Basin on the island of Kalimantan (Borneo), approximately 6.2 miles (10 kilometers) north east of the town of Samarinda. Naga Utara-2 is operated by SPC Mahakam Hilir Pte Ltd, a subsidiary of Singapore Petroleum Company Ltd.

This will be the last of Naga Utara-2 weekly progress report to be issued by Cue.

Participating interests in the Mahakam Hilir PSC are as follows:

  • Cue Mahakam Hilir Pty Ltd: 40 percent
  • SPC Mahakam Hilir Pte Ltd: 60 percent (Operator)
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