Cue Energy Intersects Oil, Gas in New Zealand Well

Cue Energy Resources and its partners have intersected oil and gas shows throughout the target Moki Formation at their Manaia-2 appraisal well in the offshore Taranaki Basin, New Zealand, reports Proactive Investors.

Operator OMV is running wireline logs to fully evaluate the significance of the shows.

Manaia-2 is located 1.2 kilometres north of Maui-4, which discovered the Manaia field, and 6 kilometres to the southwest of the Maari wellhead platform.

According to Proactive Investors, the well was drilled to appraise the undeveloped Moki and Farewell Formation reservoirs that could add up to 11 million barrels of gross oil reserves to the Manaia field.

Cue has a 5% stake in PMP 38160 while Horizon Oil has a 10% interest. Operator OMV has a 69% stake.

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