Australia's Cue Energy Resources Limited disclosed Tuesday that it has completed the acquisition of 100 percent of SPC Mahakam Hilir Pte Ltd, which holds 60 percent of the Mahakam Hilir Production Sharing Contract (PSC) in the prolific Kutei basin, onshore Kalimantan, Indonesia. Cue now holds a 100 percent interest in the PSC.
As part of an internal review of permit data, Cue has identified a robust drill-ready oil prospect, Naga Selatan -2 (Southern Dragon) which has encouraged Cue to move to a 100 percent interest in the permit.
In Cue’s estimate, this oil prospect could contain 25 million barrels of recoverable oil and lies along trend from the large Sei Nangka and South Pelarang oil fields. The multiple targets are shallow, located at approximately 1,000 feet-3,000 feet TVD.
Drilling program preparations have commenced and the well is planned for the third quarter of 2015. This acquisition complements the continuing expansion of our Indonesian acreage portfolio and marks Cue’s first entry as a drilling operator.
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