15.08.14 - 06:54 Uhr
 

Fortbridge Media Release

Cue Energy [ASX:CUE] - Whio-1 Progress Report # 3 Offshore Taranaki Basin, New Zealand

Cue Energy Resources Ltd (Cue) has been advised by OMV New Zealand Ltd (OMV), the Operator of permit PEP 51313, that at 07:30 hours (local time) on Friday 15th August 2014, the Whio 1 well was at a depth of 1,582m MDRT in 12.25 hole, and is drilling ahead towards the planned total depth of 2,879m MDRT (2,754m TVDRT) map as attached.

Whio 1 is being drilled from the semi-submersible drilling rig Kan Tan IV at a surface location 110 km south-west of New Plymouth, Taranaki, New Zealand and 4.5 km south-east of the Maari well-head platform.

Cue has been advised by the Operator that the upper reservoir objectives (Whio A, M2A, and Upper Moki) at Whio are water-bearing. Whio-1 is currently being drilled towards the deeper reservoir objectives, of which the Mangahewa Formation is the primary target, and which is oil bearing in the Maari Field.

The secondary lower reservoir objectives are the Kaimiro and Farewell formations. Success in the remaining objectives at Whio will open additional exploration potential along the Tasman Ridge to the south of Maari, including the Matariki prospect.

To view the full announcement please refer to the attachment.

For further information please contact:

David A.J. Biggs
Chief Executive Officer
T: (03) 8610 4000 or
E:

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