Cue Energy Resources Limited (AU:CUE) has released an update.
Cue Energy Resources advances its natural gas production capabilities with the approval of two new development wells in the Mereenie oil and gas field, Northern Territory. The company has secured the Ventia 101 rig for drilling, expected to begin between late 2024 and early 2025, with a target gas production to support the Northern Territory’s energy needs under a new government contract. This move is a strategic part of Cue Energy’s growth and cashflow reinforcement, with the company’s share of the costs at $2.4 million, funded from existing cash reserves.
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