Cue Reports on Manaia Well Suspension, Maari Production Well

Cue advised that since the last report on the Manaia appraisal well the 9 5/8" casing has been landed and cemented at a depth of 6385m MD as planned. Subsequently the forward Maari drilling program has been changed to optimize rig operations. The Manaia well has been temporarily suspended and drilling of the M2A production well on the Maari Field has commenced. The well will target the M2A reservoir which occurs approximately 50m above the main reservoir in the Maari Field, Moki Formation. The well is scheduled to take 27 days to drill.

At the completion of the M2A well drilling of the Manaia reservoir section will be completed.

As at 0600 on September 11, 2009 the M2A well was drilling ahead at 452m in 20" hole.

The participants in the M2A well are

  • Cue Taranaki Pty Ltd 5%
  • OMV NZ Ltd (Operator) 69%
  • Todd Maari Limited 16%
  • Horizon Oil International Limited 10% (a wholly owned subsidiary of Horizon Oil Limited (HZN))