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Cue Energy Encouraged by Progress at Mahakam Hilir PSC, Indonesia

Cue Energy Resources Ltd is pleased to provide the following update on the drilling status of Naga Utara-1. The well is located within the Mahakam Hilir PSC in the Kutei Basin, Indonesia. The well operator is SPC Mahakam Hilir PTE Ltd (SPC).

As of 23rd February 2012 the well has successfully sidetracked from 3291 ft MD and is making progress at 3535 ft MD. The 8½ inch section of the sidetrack will re-drill the gas zones encountered in the original hole to a depth of 4650 ft. The sidetrack well will then be evaluated using wire-line logs.

The participants and their respective interests in the PSC are:

SPC Mahakam Hilir Pte Ltd (Operator) 60%
Cue Mahakam Hilir Pty Ltd 40%

Cue will continue to release reports of well progress on a weekly basis.

To read the full release click on the pdf file above. Or visit Cue Energy’s Website for more information.

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