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Taranaki Basin Well Hits 7800 BBL/day For Cue Energy

|Includes: Cue Energy Resources Ltd. (CUEYF)

(source: Rigzone)

Australia's Cue Energy Resources Ltd. announced Tuesday that production from the Maari MR6A development well in the Taranaki Basin, offshore New Zealand has been brought on stream, with an initial production rate of approximately 7,800 barrels of oil per day (bopd).

The optimal production rate will be determined after several weeks of production history, taking into account reservoir management considerations. The Maari Field is currently producing approximately 14,000 bopd.

Production commenced March 21 from the previously undeveloped Mangahewa Formation reservoir unit in the Maari Field. The well was drilled horizontally to a total depth of 15,016 feet (4,577 meters) of which approximately 4,265 feet (1,300 meters) was completed in very high net-to-gross, good quality reservoir section, as indicated by well log data.

Based on initial production and currently available information the well is anticipated to meet or exceed pre-drill expectations and materially contribute to field production. The Maari Growth Project offshore Taranaki in New Zealand is being conducted to increase reserves, production, and recovery from the Maari field.

Significant undeveloped reserves remain at Maari and Manaia and the additional development will enable extraction of these reserves.

The Ensco 107 (400' ILC) jackup is now drilling the MR7A well to provide an additional in-fill producer in the Moki formation.

Participants in the PMP 38160 Joint Venture are: Cue Taranaki Pty Ltd. - 5 percent Horizon Oil International Ltd. - 10 percent (a subsidiary of Horizon Oil Ltd.) Todd Maari Ltd. - 16 percent OMV New Zealand Ltd. (Operator) - 69 percent - See more at: