Cue Energy Announces Indonesian Oil Field Expansion

Cue Energy Resources Limited (AU:CUE) posted an update.

Cue Energy Resources (ASX:CUE) has received approval from SKKMigas to continue the development of the Mahato PSC PB oil production field in Indonesia, involving the drilling of 14 new oil wells and the construction of additional facilities . The project, which began with the first well, aims to increase the field’s production beyond its current output of more than 6,000 barrels per day. Development costs will be recovered from production revenues from the field, thus ensuring attractive economic conditions for the joint venture.

For more news on AU:CUE stock, check out TipRanks. Inventory Analysis page.