Cue Energy Limited announce oil production well PB-19 in the Mahato Production Sharing Contract, Indonesia, has been successfully drilled and completed and is producing approximately 800 barrels of oil per day (bopd). Cue has a 12.5% interest in the Mahato PSC. PB-19 is the sixth well drilled in the PB field in the current drilling campaign announced by Cue on 14 June 2022.

The well was completed in the Bekasap C sand, which is the main production reservoir in the field. Total current production from the PB field is approximately 5500 bopd. The PB-10 development well was successfully drilled prior to PB-19.

Production from the well has not performed as expected and a workover is underway planned at improving oil production levels. There are seven production and two water injection wells remain in the current drilling program. The drilling rig is currently moving to the next planned well, PB-11, which is expected to start shortly.

Oil from the PB field is sold on a Dated Brent price basis with approximately a AUD 1- AUD 2 per barrel discount.