Mahato Production Sharing Contract (PSC)
Cue holds a 12.5% interest in the Mahato PSC located in Central Sumatra, Indonesia. Oil production from the PB field within the PSC has been ongoing since early 2021, following the drilling of discovery wells in late 2019. The Central Sumatra Basin hosts some of Indonesia's largest oil fields, including the Minas and Duri fields.
Production and Development
Following successful exploration in late 2019, the PB field within the Mahato Production Sharing Contract (PSC) saw the initiation of commercial oil production in early 2021, beginning with the first well, PB-1. The Government of Indonesia has granted approval for a Plan of Development (POD), encompassing a total of eight wells.
Under the current development plans, twenty production wells and three injection wells are approved for the PB field. Including the recently completed wells, there are currently eighteen oil production wells and one water injection well in the field. The remaining wells are expected to be drilled during this calendar year. Production performance and field analysis will then be undertaken, with the potential for more development wells to be proposed.
Field production reached 6,400 barrels of oil per day (bopd) as of June 30, 2023, marking an increase from the beginning of FY23 when it stood at 4,700 bopd, representing a growth of 36%.
The FY24 outlook includes several key developments. First, PB-23 and PB-13 have been completed. Additionally, PB-12 has been drilled and is currently in the testing phase. Furthermore, the plan involves drilling one development well and two water injector wells. We aim to continue to identify and assess further exploration opportunities. We will also assess further development drilling.
The Mahato PSC Joint Venture partners are:
|Texcal Energy Mahato (Operator)
|Central Sumatra Energy