CUE 1.28% 7.7¢ cue energy resources limited

CUE-Friday Anno & interpretation

  1. 195 Posts.
    Cue reached TD and intersected reservoir 10m high to prognosis with good oil indications. This is a very positive news indeed. After logs are run we will know what oil saturations and length of the oil column should be.

    Cue is pleased to announce that at 5am on 31 May 2002 the Southeast
    Gobe 1 sidetrack well in Papua New Guinea was at a measured total
    depth of 3240m and was preparing to make a wiper trip prior to
    attempting to again run logs. The initial logging run encountered
    tight hole conditions in a portion of the hole. The objective Iagifu
    sandstone was encountered approximately 10 metres high to prediction
    with indications of oil which will be evaluated using log

    SEG-1 ST-1 is being drilled as a deviated oil well to penetrate the
    Iagifu reservoir approximately 300 metres to the northeast and
    approximately 50 metres downdip of the current SEG-1 intersection.

    A side track of the SEG-10 well will follow completion of SEG-1 STI.

    Cue has a 3,285651% interest in the SE Gobe field unit, with a
    Current overlift interest of 3.8565% to compensate for past under

    Participants in the SE Gobe Unit are as follows:

    Cue PNG 3.3%
    Chevron Niugini 7.9%
    Exxon Mobil 5.9%
    Merlin Petroleum 2.8%
    Oil Search Limited 44.9%
    Petroleum Resources Gobe 2.0%
    Southern Highlands Petroleum 23.7%
    Santos 9.4%
    Total 100.0%

    A location map is attached.

    Any queries regarding this announcement should be directed to the
    Company on 03 9629 7577.

    R J Coppin

    A copy of the Depth Structure Map is available in PDF format on Alternatively it is available for purchase from ASX
    Customer Service on 1 300 300 279.

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