Sampang PSC Joint Venture approves drilling of Paus Biru - 1 Exploration Well
Site surveys underway with w ell planned for Q 4 2018
Melbourne, Australia; Cue Energy Resources L imited (ASX:CUE) is pleased to announce that the Sampang PSC Joint Venture has approved the drilling of the Paus Biru - 1 exploration well.
The Paus Biru prospect is located in the Sampang PSC, Indonesia, 27km east from the producing Oyong gas f ield .
Paus Biru - 1 will test a four way dip struc tural closure targeting the Pliocene Mundu Formation analogous to the hydrocarbon producing zone in Oyong and Wortel g as fields.
Paus Biru - 1 will fully evaluate the Paus Biru prospect and a comprehensive evaluation suite will be run on the well. Post drilling, the well will be plugged and abandoned in all outcomes. If successful, a horizontal development well would be drilled at a later date and tied into Oyong and the Grati onshore gas processing facility.
Paus Biru Prospect
Santos, as Operator of the PSC, will operat e the drilling of the well. Santos have significant experience safely operating well drilling in the Sampang PSC and the adjoining Madura Offshore PSC, including 2 wells in 2016.
The Paus Biru - 1 well aligns with Cue's strategy of disciplined growth and realising value from existing assets. If successful, the Paus Biru prospect will not only directly add reserves to the Sampang PSC but also further extend the life of the Oyong and Wortel fields by supporting the field economics.
Participants in the Sampang PSC are:
Singapore Petroleum Company 40%