Cue takes ownership of Kutei Basin's Mahakam Hilir PSC

Cue Energy Resources Ltd. has completed the acquisition of 100% of SPC Mahakam Hilir Pte Ltd., which holds 60% of the Mahakam Hilir production sharing contract (PSC) in the Kutei Basin, onshore Kalimantan, Indonesia. Cue now holds a 100% interest in the PSC.

As part of an internal review of permit data, Cue has identified a drill-ready oil prospect, Naga Selatan-2 (Southern Dragon), which has encouraged Cue to move to a 100% 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.

 

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