Cue Energy Acquires 100 Percent Interest in Mahakam Hilir PSC

Cue Energy Resources Ltd. (ASX:CUE) announced that it has acquired SPC Mahakam Hilir Pte Ltd. and now holds 100 percent interest of the Mahakam Hilir PSC in the prolific Kutei basin, offshore in Kalimantan, Indonesia.

As quoted in the press release:

As part of an internal review of permit data, Cue has identified a robust drill-ready oil prospect, Naga Selatan -2 (Southern Dragon) which has encouraged Cue to move to a 100% interest in the permit. In Cue’s estimate, this oil prospect could contain 25 million barrels of recoverable oil and lies along trend from the large Sei Nangka and South Pelarang oil fields. The multiple targets are shallow, located at approximately 1000’-3000’ TVD.

Click here to read the full Cue Energy Resources Ltd. (ASX:CUE) press release.