Cue to sell gas asset to PNG LNG project

Business, Normal

NEGOTIATIONS are in progress for Cue Energy Ltd to sell its Southeast Gobe field (petroleum development licence 3) to the PNG liquefied natural gas (LNG) project.
And Cue Energy has completed the acquisition of 60km 2D seismic survey over the Barrikewa gas field in the Papua basin.
The energy company revealed this yesterday when it released its fourth quarter report ending Dec 31.
It posted a fourth quarter revenue of A$12.1 million (K30 million) on sales of 153,281 barrels of oil and 160 million cubic feet of gas.
Revenue in line with last quarter and attained quarter end was A$18.1 million (K44.8 million).
“At the end of the quarter, the SE Gobe field was producing an average of 4,500 barrels a day for the calendar year 2009,” Cue said.
The company said it had shared about 150 barrels of oil per day.
“Cue’s oil production revenue received during the quarter from the field was A$0.92 million (K2.3 million) equivalent to 11,179 barrels.
“Cue did not have any hedging arrangements in place during the quarter,” it said in a statement.
Cue’s oil production revenue realised during the quarter from its Sampang PSC field in Indonesia was A$3.4 million (K2.5 million) equivalent to 42,485 barrels of oil.
The average production rate for the quarter was 3,800 barrels a day.