Cue Energy sees oil output of 2.8 million barrels over next 5 years

CUE Energy Resource Ltd is anticipating oil production of approximately 19 billion cubic feet (BCF) and up to 2.8 million barrels of oil over the next five years to 2012.
The announcement made last Friday during the company’s 26th annual general meeting of Cue shareholders in Australia drew highlight to Indonesia’s valuable contribution to the company with its Oyong oil field.
Richard Tweedie, Cue’s chairman, said the company in the last six years under his chairmanship recovered from poor financial condition to turn the company around.
“Our current budget projections are for Cue to have revenue to A$15.4 million (K40.3 million) in 2008 and A$48.8 million (K127 million) in 2009.”
The projections were based on an oil price of US$55 (K155) per barrel in which these targets will depend on timely completion of Maari, achievement of production targets, and oil prices remaining buoyant, the chairman said.
He said already there was small production in Papua New Guinea with plans for wells to further appraise the Gobe field as well as the Barikewa and Kimu discoveries.