Cue Energy Resources Limited (AU:CUE) has released an update.
Cue Energy Resources (ASX:CUE) has received approval from SKKMigas to further develop the Mahato PSC’s PB oil production field in Indonesia, which entails drilling 14 new oil wells and constructing additional facilities. The project, which has begun with the first well, aims to boost the field’s production beyond its current output of over 6,000 barrels per day. The development costs will be recovered from the field’s production revenue, ensuring attractive economics for the joint venture.
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