The announcement was made by Dwi Soetjipto, Head of the Special Oil and Gas Working Unit of the Ministry of Energy and Mineral Resources (SKK Migas) during a press conference on 16 April 2020.
As previously disclosed, two wells have been drilled in the Mahato PSC. The operator, Texcal Mahato EP Ltd (Texcal) and other joint venture (JV) parties are claiming to have excluded Cue from participation in these operations. These claims are disputed by Cue as having no basis under the Joint Operating Agreement (JOA). Cue is evaluating all available options and is asserting all its legal rights under the JOA.
Cue is not receiving information from the operator as required under the JOA to enable full assessment of the SKK Migas announcement but interprets the 61.8 million barrels reference as an oil in place P50 resource estimate.
The company will keep the market informed of any material developments on this matter, subject to any Indonesian regulatory requirements.
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/22042020/indonesia-announces-size-of-mahato-oil-discovery/