Cue Energy Acquires 100% Stake in Indonesian PSC

Cue Energy Resources has agreed to acquire a 100% interest in the Mahakam Hilir PSC in the Kutei Basin onshore Kalimantan, Indonesia. 

The company will purchase SPC Mahakam Hilir Pte Ltd, which holds the remaining 60% interest in the Mahakam Hilir PSC. Cue will assume operatorship with a 100% interest in the PSC and drill the remaining commitment well.  

“The onshore Mahakam Hilir PSC aligns with Cue’s objectives to acquire high quality exploration and appraisal opportunities within our SE Asian focus area, and marks Cue’s first entry as a drilling operator.  This acquisition adds to and compliments our continuing expansion of our Indonesian acreage portfolio,” the company said.  

Upon completion of the acquisition the participants and their respective interests will be: SPC Mahakam Hilir Pte Ltd (Operator) (Cue subsidiary) 60%; Cue Mahakam Hilir Pty Ltd (Cue subsidiary) 40%.