Australia's Cue Energy Resources Ltd announced Tuesday that subject to government approvals, it has agreed to acquire a 100 percent interest in the Mahakam Hilir PSC in the prolific Kutei Basin onshore Kalimantan, Indonesia. Cue will purchase SPC Mahakam Hilir Pte Ltd, which holds the remaining 60 percent interest in the Mahakam Hilir PSC; under a sale and purchase agreement with SPC E&P Pte Ltd. Cue will assume operatorship with a 100 percent interest in the PSC and drill the remaining commitment well in the PSC.
The onshore Mahakam Hilir PSC aligns with Cue’s objectives to acquire high quality exploration and appraisal opportunities within our SE Asian focus area, and marks Cue’s first entry as a drilling operator. This acquisition adds to and compliments our continuing expansion of our Indonesian acreage portfolio.
Upon completion of the acquisition the participants and their respective interests will be:-
*The name of the Operator will be changed upon completion.
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