CUE 4.55% 6.3¢ cue energy resources limited

ooyong announcement

  1. 143 Posts.
    Interesting that CUE put this out after other announcements and did not set a market flag.

    With obvious implications to revenue, I find it very interesting.

    Fax sent by : 61 3 9629 7318 CUE ENERGY 03/02/03 12: 10 Prr : 2/3
    Cue Energy Resources Limited
    A.B.N. 45 U66 383 P71
    Ovow Gas Agreement Signed
    Santos Limited, the operator for the Sampang PSC Offshore East Java, Indonesia, today
    announced the signing of a Heads of Agreement for the sale of the enl.ire gas reserves of
    the Oyong field. A copy of the Santos release is attached.

    Cue Comment
    The signing ol' the Heads of Agreement for the sale of the entire ({,as reserves of the
    Oyong field is a significant milestone for Cue, which has a 15% interest in the
    Production Sharing Contract through its 100% owned subsidiary Cue (Sampang) Pty
    The gas sale, with associated oil production, will provide Cue with substantial cash flow
    over a period of several years and will compliment the revenue the company receives
    from the SE Gobe oil field in Papua New Guinea.
    Santos has estimated that Oyong contains 90 billion cubic feet of recoverable gas with
    an initial, conservative, rccovery of 5 million barrels of oil from the 80 million barrels
    of oil that are estimated to be in place in the oil column. Oyong hrls a 120 metre gas
    column underlain by a 38 metre oil column. The gas will be produced from three central
    wells and the oil initially from 2 or 3 horizontal wells. Because of the unique nature of
    the globigerina grainstone limestone reservoir, lor which there is no producing analogue
    in the world, the oil wells will be initially produced at moderate rates to determine
    reservoir performance. Additional horizontal oil wells will be drilltxl as required and
    additional ail reserves may be produced, depending on field performance.
    Fax sent by : 61 3 9629 7318 CUE ENERGY 03/02/03 12: 10 Prr : 3/3
    The Sampang PSC also contains a number of altractive undrilled prospects, one of
    which is assessed to have the potential to hold in excess of 2 trillion cubic feet o f
    recoverable gas. Cue expects that two o f these are likely to be drilled around mid year
    Robert J Coppin
    Chief Executive Officer
    3 February 20103
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