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Cue Energy update: offshore New Zealand

Oilfield Technology,

Cue Energy Resources (Cue) has been advised by OMV New Zealand, that the Whio-1 well has reached a depth of 1235 m MDRT.

Since the last update, the 16-in. hole was drilled to the section TD of 1235 m MDRT, and the casing was run and cemented.

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

The well has a planned total depth of 2879 m MDRT and the well path will be deviated northwards from the surface location to avoid possible shallow drilling hazards above the subsurface targets.

The primary reservoir objectives at Whio are the M2A Sandstone and Mangahewa Formation which are oil bearing in the Maari Field. Secondary reservoir objectives are the Moki, Kaimiro and Farewell formations.

Cue’s assessment of Whio indicates mean unrisked prospective resources of 18 million barrels of oil (100% basis). The close proximity of Whio to existing production infrastructure at the Maari Field provides potential opportunities for early development of any discovered petroleum. A successful well at Whio will open additional exploration potential along the Tasman Ridge to the south of Maari, including the Matariki prospect.

Cue will be free-carried by OMV in the drilling and completion of Whio-1 under the terms of a farm-out agreement signed in December 2012.

Adapted from press release by Katie Woodward

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