SYDNEY, Australia – Cue Energy has issued an update in its offshore E&P programs in Australasia.
In the Todd Exploration-operated PEP 51149 permit offshore New Zealand (Cue 20%), the partners aim to drill the Te Kiri North-1 well during 4Q 2015.
Todd has proposed deviating the well from the surface location to intersect a potentially oil-bearing objective in the Miocene Mount Messenger formation and a deeper Eocene gas-bearing objective.
The well will be drilled updip of hydrocarbon shows in the Te Kiri-1 well. Nearby infrastructure should facilitate early commercialization in the event of a success.
Todd also operates PEP 54865 (Cue 20%), where the partners may commit to a well before December 2016 to test early Tertiary and late Cretaceous reservoir objectives.
Planning has started for a seismic survey early next year, pending boat availability. The partners are seeking a farminee to fund the seismic program.
At offshore PEP 51313, operated by OMV (Cue 14%), the partners are focusing on remaining potential associated with the Matariki trend, updip of the producing Maari oil field.
They plan studies this year to determine the best approach to seismic processing to mature a potentially drillable prospect. Additionally they are addressing the impact of last year’s Whio well.
The Maari Growth Project activities continue. The MR6A well was completed and brought onstream and averaged more than 7,000 b/d of oil during March.
Currently, the MR7A development well is being drilled and will be followed by MR10, which will be drilled as a producer with potential to convert to an injector in the future as part of the overall field development plan.
Production will likely fluctuate during drilling as operations require individual wells to be temporarily shut in.
Offshore Western Australia, Cue has a 100% operated interest in the WA-359-P permit.
The company is maturing a new play type associated with the prolific gas-bearing Mungaroo formation, including the “Ironbark” prospect which appears to have multiple objectives.
Cue will seek farm-in partners to drill a well.