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March 24, 2015

Production starts from Maari MR6A development well in New Zealand

Cue Energy Resources has started production from the Maari MR6A development well in the Taranaki Basin, offshore New Zealand.

Cue Energy Resources has started production from the Maari MR6A development well in the Taranaki Basin, offshore New Zealand.

The initial rate is approximately 7,800 barrels of oil per day (bpd). The company will determine the optimal rate after several weeks of production.

The Maari field is currently producing around 14,000bpd. The latest well is in the Mangahewa formation reservoir unit.

"Analysis to date suggests the well could exceed pre-drill expectations, and materially contribute to field production."

It was drilled horizontally to a total depth of 4,577m, of which approximately 1,300m was completed in a high net-to-gross, good-quality reservoir section, based on well log data.

Analysis to date suggests the well could exceed pre-drill expectations, and materially contribute to field production.

The Maari Growth Project is targeting remaining undeveloped reserves from the Maari and Manaia accumulations.

The Ensco 107 rig is drilling the MR7A well to provide an additional in-fill producer in the Moki formation.

The Maari and Manaia fields are situated in PMP 38160, approximately 80km offshore Taranaki.

Production started in February 2009 from three producing reservoirs to a single wellhead platform adjacent to the Maari field, before connecting to the floating production storage and offloading vessel, moored around 1.5km from the wellhead platform.

OMV New Zealand operates and holds a 69% stake in PMP 38160. Cue Taranaki, Horizon Oil International and Todd Maari own 5%, 10% and 16% interests respectively.

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