CUE ENERGY RESOURCES LIMITED Cue Energy Resources Limited announced that oil production well PB-20 in the Mahato Production Sharing Contract (PSC), Indonesia, has been successfully drilled and completed and is producing approximately 800 barrels of oil per day. Current field production of 6,300 bopd is 33% higher than the start of fiscal year23. Five further production wells to be drilled this year.
Cue has a 12.5% interest in the Mahato PSC. The well is contributing to production of the PB field, which has now increased by 33% since the start of fiscal year23 to approximately 6,300 bopd currently. PB-20 is the eighth well to be drilled in the current drilling campaign announced by Cue on 14 June 2022.
As part of the ongoing drilling program, five production wells and two water injection wells are yet to be completed. The next planned well, PB-14, has commenced drilling. Oil produced from the PB field is sold on a Dated Brent price basis, with an approximate discount of A$1- $2 per barrel.
