New Zealand Oil & Gas, Cue Energy Joint Venture Project Development Approved by Indonesian Regulator

MT Newswires Live06-18

Further development at New Zealand Oil & Gas (NZE:NZO) and Cue Energy Resources' (ASX:CUE) PB oil field in the Mahato PSC has been approved by the Indonesian regulator, SKKMigas, according to a Tuesday Australian bourse filing.

The approval includes drilling 14 new development wells, converting an existing production well to a water injection well and constructing three new drilling locations, the filing states.

The first well in the program has begun and full development is expected to take 12 to 18 months, according to the filing.

Price (AUD): $0.39, Change: $-0.01, Percent Change: -1.28%

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