Cue Energy Announces Exploration Drilling in Mahato PSC

Source: 1/27/2023, Location: Asia

- BA-01 exploration well in the Mahato PSC, Indonesia is preparing for drilling
- Prospective Oil in Place Resource Estimate of 93mmbbl (Gross Best case)
- Drilling expected to commence this quarter, subject to final environmental clearances
- Mahato PSC has seen little recent exploration and is located in a very oil rich region, with multiple future drilling targets identified

Cue Energy Limited (CUE) is pleased to announce that the high impact exploration well BA-01 is preparing for drilling in the Mahato PSC (Production Sharing Contract). Spudding of the well is expected to commence this quarter, subject to final environmental clearances.

The well aims to test the presence of hydrocarbons in the BA prospect, with a primary target of the Miocene-age Telisa Formation sandstone reservoir at a depth of 900ft. A secondary target is the Menggala Formation, expected at approximately 2500ft. Both targets are producing reservoirs in the Central Sumatra Basin.

BA-01 is planned as a vertical well approximately 2800ft in depth and will be suspended if successful.

The Operator of the Mahato joint venture, Texcal Mahato, has assessed the following Prospective Resource estimates for the BA prospect. Combined primary and secondary target estimates are shown.

BA Prospect: Prospective Oil in Place Resource Estimate*
Low : 67 million barrels
Best : 93 million barrels
High : 172 million barrels
barrels172 million barrels

The geological chance of success of the BA-01 well has been assessed by the Operator as 38%.

CEO Matthew Boyall commented; “We are pleased to be exploring again in the Mahato PSC. The Central Sumatra Basin is a very oil rich area and contains the largest onshore oilfields in Indonesia. The Mahato PSC, in which Cue has a 12.5% interest, has had little recent exploration and is close to the large, producing oil fields to our East. The PB field+ is a good example of the success that is possible in the Mahato PSC and we hope to replicate this with the BA-01 well.”

The BA prospect is one of a number of prospects and leads identified in the Mahato PSC, which could be suitable candidates for future drilling.

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