🕐18.10.12 - 09:00 Uhr

CUE ENERGY [ASX: CUE] - CUE: HORIZON OIL ISSUES RESERVES UPDATE FOR PMP 38160



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Cue: Horizon Oil issues reserves update for PMP 38160

Cue Energy Resources (ASX: CUE) is pleased to report the following updates from Horizon Oil Ltd., (ASX HZN) for the Maari and Manaia fields (PMP 38160) in offshore New Zealand.

The participants in PMP 38160 (Maari and Manaia fields) are: 

  • Horizon Oil International Limited (a wholly owned subsidiary of Horizon Oil Limited) - 10% 
  • OMV New Zealand Limited (Operator) - 69% 
  • Todd Maari Limited - 16% 
  • Cue Taranaki Pty Ltd (a wholly owned subsidiary of Cue Energy Resources Limited) - 5%
Horizon Oil advises the following revision, as a consequence of an independent reserves audit, of the reserves estimates for the Maari and Manaia fields located in PMP 38160, offshore New Zealand, in which the Company holds a 10% interest.

The audit has been carried out by RISC, a leading independent petroleum advisory firm.
 
RISC estimates total P90 and P50 developed plus undeveloped gross oil reserves (as at 1 August 2012) of 40.8 million barrels (mmbo) and 88.4 mmbo respectively from the Maari Moki, Maari M2A and Manaia Mangahewa reservoirs.

 Additional resources exist for the Maari Mangahewa, Manaia Moki and Manaia ‘F sand’ reservoirs but are not classified as reserves at this time since the Maari joint venture data to support these opportunities is not yet mature.

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For further information, please contact: 

 
Cue Energy Resources Ltd
T: +61 3 9670 8668
E:
 
Media/investor enquiries:
 
Peter-John Lewis
Fortbridge
E:
P: +61 2 9003 0481
M: +61 416 290 604





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