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MENAFN - ProactiveInvestors - Australia - 04/02/2013

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(MENAFN - ProactiveInvestors - Australia) Cue Energy Resources (ASX: CUE) and its partners in the Maari Joint Venture have contracted a jack-up drilling rig to complete a multi well drilling program at the offshore Taranaki New Zealand field.

The additional drilling and enhancement of the water injection system will provide for extraction of undeveloped reserves at the Maari and Manaia fields while increasing production rates.

Cus said the Ensco 107 is expected to arrive on site in the fourth quarter of this year for a nine month drilling program.

It joins the Kan Tan IV semi-submersible drilling rig that is drilling a Manaia appraisal well and the Whio exploration well.

Operator OMV is fully carrying Cue through the drilling, evaluation and completion of the Whio well.

Cue holds a 5% stake in PMP 38160 while OMV holds 69%. Other partners are Horizon Oil (ASX: HZN) with 10% and Todd Maari with 16%.

 






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