New Zealand Oil & Gas Limited (NZEOF) has released an update.
New Zealand Oil & Gas subsidiary, Cue Energy Resources, has received approval from Indonesian regulator SKKMigas to expand the PB oil production field in the Mahato PSC with 14 additional development wells. The expansion, which has already begun with the first well, is projected to significantly increase production beyond the current 6,000 barrels per day from the existing 22 wells. The development costs will be recuperated from field production revenue under the terms of the Production Sharing Contract with the Indonesian Government.
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