Cue Energy has reached a significant milestone, producing 50 million barrels of oil from its Maari field in New Zealand.
In its latest quarterly report, Cue reported an overall production rate of 1630 barrels of oil equivalent per day, with cash receipts of $11.1 million.
Despite the milestone at Maari, production was lower for the quarter as two wells were offline due to downhole faults. One well has now been successfully restored to production, with the second expected to follow shortly.
“Once current workover activities are complete, we expect production to return to over 5000 barrels of oil per day and remain optimistic about securing a 10-year permit extension to support continued production,” Cue said.
At Mahato, an asset in Indonesia, oil production increased to 52,182 barrels for the current quarter. At Sampang, Cue’s other Indonesia asset, overall production and receipts were temporarily impacted by natural field decline and a technical issue following a scheduled maintenance shutdown in May. This issue temporarily halted gas production during part of the quarter. Remedial work is planned for the current quarter to restore production level.
Cash receipts from Cue’s onshore Australian assets increased by 29 per cent to $4.1 million. This was driven by a full quarter of production from the WM29 and WM30 wells, higher-priced gas contracts and one-off payments from the sale of the Brewer Estate terminal property and prior-year contractual adjustments.
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