Cue Energy Received Revenue from Mahato PSC

Source: 5/19/2021, Location: Asia

First revenue from oil sales from the PB field in the Mahato PSC, Indonesia, has been received by Cue Mahato Pty Ltd (Cue), a 100% owned subsidiary of Cue Energy Resources Limited.

Cue’s share of revenue to March 2021 was approximately US$397,000. The revenue reflects sales from the first two production wells, PB-1 and PB-2, which reached a combined production of 1500 barrels of oil per day (bopd). Currently, post the recent completion of the PB-5 well, production has increased to approximately 2500 bopd.

Field operations at the PB-4 well are ongoing and the drilling of PB-3, the final well in the current program, is expected to commence shortly.

“The PB field is an excellent asset which is producing approximately 2500 barrels of oil per day from three wells and has two remaining wells to be developed in the current program.” said Cue Energy Chief Executive Matthew Boyall.

“Revenue has been received from Mahato PSC oil production only 18 months after the first discovery well, PB-1, was drilled and we congratulate the operator, Texcal, on developing the PB field in the timelines achieved.”

“Cue now has three revenue producing assets in its portfolio, with the Mahato PSC adding to the ongoing production revenue from Sampang and Maari”

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