Cue gains Indonesian farm-in approval for Mahato PSC

Cue Energy Resources Ltd., Melbourne, received approval from Indonesia for a farm-in agreement with Bukit Energy to acquire a 12.5% interest in the Mahato production-sharing contract.

The 5.6-sq-km PSC area lies in the central Sumatra basin nearby a number of producing fields, including the country’s largest onshore oil fields at Minas and Duri.

Cue says the Mahato block contains multiple appraisal and exploration drilling potential. Two wells will be drilled during this year’s second half, one of which will endeavour to define a possible extension of Petapahan field into the Mahato PSC. The other will be an exploration well nearby. There also will be a program of seismic acquisition to upgrade the region’s other exploration prospects.

As part of the farm-in, Cue’s share of costs for the two wells and the seismic work are capped by Bukit.

In related news, New Zealand Oil & Gas Ltd. has crept up to a 43.01% holding in Cue in pursuit of its hostile takeover of the company.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...