Cue Reports Conclusion of PNG Survey

Cue Energy Resources Limited said that the Greater Barikewa Field Survey over the Barikewa gas field in PRL-09 in Papua New Guinea has been completed.

The survey consists of seven geological traverses totaling 40Km. The geological information obtained from the survey is designed to provide a better structural picture of the field and hence a narrower range of potential recoverable gas volumes.

Barikewa has been assessed, to date, to have the potential to contain around 800 billion cubic feet of recoverable gas, with Cue's share being approximately 120 billion cubic feet in a most likely case. It is located immediately adjacent to the likely route of the proposed gas development pipeline.

Participants in PRL-09 are:

  • Santos Limited (Operator) 42.553%
  • OilSearch (PNG) Limited 42.553%
  • Cue PNG Oil Company Pty Ltd 14.894%