Monday, July 27, 2009

CUE: Oyong gas production will be on target

Cue Energy Ltd, owner of 15% participating interest in Sampang PSC operated by Santos, was optimistic that first gas production from Oyong field will be on target this quarter.
Cue Energy told Australia Stock Exchange (ASX) this morning that construction of the Oyong Gas phase development has progressed as scheduled ahead of anticipated first gas in late third quarter 2009.
Meanwhile, no oil production revenue was received by CUE from Oyong field during the second quarter 2009 due to timing of oil cargoes. The average production rate for the field for Q2 was approximately 3500 barrels of oil per day. Production was shut in for five days while modifications were made to the production barge for phase two gas production. 
Regarding the Wortel Field, CUE said a plan of development for the field was submitted to Upstream Oil and Gas Regulatory Body (BPMigas) for approval.

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