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. Anxious
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 information.
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 lifting.
Any queries regarding this announcement should be directed to the Company on 03 9629 7577.
R J Coppin CHIEF EXECUTIVE OFFICER
A copy of the Depth Structure Map is available in PDF format on www.asx.com.au. Alternatively it is available for purchase from ASX Customer Service on 1 300 300 279.
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