Maari

Maari/ Manaia Oilfields (PMP 38160)

Cue holds a 5% interest Petroleum Mining Permit (PMP) 38160 which contains the Maari and Manaia producing oilfields, and is located in the Taranaki Basin, approximately 80 km offshore New Zealand.

Production

Current production from the fields is approximately 4500 barrels of oil per day (bopd) from 6 production wells. 2 wells (Mr8 and Mr6) are currently shut in for repairs which are likely to occur during October and December 2021.

3 wells are being used for water injection to support field production.

Oil is produced through a wellhead platform adjacent to the Maari field and connected to the Floating Production Storage and Offtake (FPSO) vessel Raroa, approximately 1.5km from the wellhead platform.

Oil is sold from the field through tanker offtake to regional refineries.

The Joint Venture partners in the PMP 38160 are:

OMV (opertor) 69%
Horizon Oil  26%
Cue 5%


On 18 November 2019, Jadestone Energy Inc. (AIM:JSE, TSXV:JSE), announced that it had executed a sales and purchase agreement with OMV to acquire OMV’s 69% operated interest in the PMP 38160 Permit. Conditions for completion of the acquisition include acceptance of Jadestone as operator by the Joint Venture partners, and achieving regulatory approvals. New Zealand regulatory approval remains pending. Jadestone and OMV have amended the longstop date for the acquistion to 31 Dec 2021.