Cue Energy acquires remaining interest in SPC Mahakam Hilir PSC

THE ROADHOUSE BOWSER: Cue Energy Resources (ASX: CUE) has completed the acquisition of 100 per cent of SPC Mahakam Hilir Pte Ltd, which holds 60 per cent of the Mahakam Hilir PSC in the Kutei basin, onshore Kalimantan, Indonesia.

The deal means Cue now holds a 100 per cent interest in the PSC.

Cue recently completed an internal review of permit data, which has identified a robust drill-ready oil prospect, Naga Selatan -2 (Southern Dragon).

It was this identification that encouraged the company to move to a 100 per cent interest in the permit.

Cue has estimated the oil prospect, which lies along trend from the large Sei Nangka and South Pelarang oil fields, could contain 25 million barrels of recoverable oil and.

The company advised it has commenced drilling program preparations with a well planned for the third quarter of 2015.

In its ASX announcement Cue said the acquisition complements the continuing expansion of the company’s Indonesian acreage portfolio, while also marking its first entry as a drilling operator.

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