CUE 1.54% 6.4¢ cue energy resources limited

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    Old news below, but I do remember them mentioning in the presentation that there would be an announcment regarding Oyong this quarter.

    Finance

    Cue is currently in detail discussions with potential lenders who have expressed an interest in project financing Cue's A$25 million share of the estimated approximately US$100 million gross capital cost.

    Background

    Oyong was discovered in mid 2001 and has been delineated by the Oyong -1, -2 and -3 wells. The field has a 120 metre gas column underlain by a 38 metre oil column. The gas consists of mainly methane with approximately 1% carbon dioxide and no hydrogen sulphide. The oil is approximately 410 API with no sulphur. The field is assessed to contain approximately 90 billion cubic feet of recoverable gas and an initial, conservative recovery of 5 million barrels of oil from the 80 million barrels of oil that are estimated to be in place.

    The gas is planned to be produced from 2 centrally located production wells and the oil from 2 or 3 horizontal wells. The oil will be initially produced at moderate rates to determine reservoir performance with additional horizontal wells being drilled as required. Additional oil reserves may be produced, depending on field performance.

    The Sampang PSC also contains a number of attractive undrilled prospects, one of which is assessed to have the potential to hold in excess of 2 trillion cubic feet of recoverable gas. Addition infill 2D seismic was acquired over a number of prospects in 2002 and early 2003. This data is currently being evaluated. Cue expects that the two most attractive prospects are likely to be drilled in third quarter 2003.

    Participants in the Sampang PSC are :-

    Cue Sampang Pty Ltd 15%

    Santos (Sampang) Pty Ltd 45% (Operator)

    Coastal Indonesia Sampang Ltd 40%

    For additional illustrations Click here to view the Cue Presentation - March 2003 in PPT format (4.7MB).


    http://www.cuenrg.com.au/inside-index-ANNOUNCE.htm
 
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