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Cue Energy Resources Limited ( (AU:CUE) ) has provided an update.
Cue Energy Resources Limited announced that the West Mereenie 29 well has commenced gas sales to the Northern Territory, achieving a flow rate of 6 TJ/d, which is double the pre-drill expectations. This development enhances the Mereenie field’s production capacity, aligning with the 30 TJ/d field production target, and reinforces the field’s contribution to Northern Territory’s energy requirements. With the ongoing drilling of the West Mereenie 30 well, Cue Energy is poised for further growth, backed by its strategic partnerships within the Mereenie Joint Venture.
More about Cue Energy Resources Limited
Cue Energy Resources Limited is an Australian Securities Exchange (ASX:CUE) listed oil and gas production and exploration company based in Melbourne. Cue’s FY2024 revenue was $49.7 million, derived from gas and oil production from various fields, including Mahato and Sampang PSCs in Indonesia, Mereenie, Palm Valley, and Dingo fields onshore Australia, and the Maari field offshore New Zealand.
YTD Price Performance: -2.00%
Average Trading Volume: 247,420
Technical Sentiment Consensus Rating: Sell
Current Market Cap: A$68.47M
See more insights into CUE stock on TipRanks’ Stock Analysis page.
