Cue Energy Resources Limited
(ASX:CUE) says it has spudded the Naga Selatan-2 well in the Kutai Basin of Indonesia.
The well is part of an anticipated 100km long oil and gas field.
If oil is detected Cue says production could start almost immediately with nearby oil and gas processing facilities.
This latest spud follows another recent spud in New Zealand’s Taranaki Basin, also close to an existing pipeline.
Cue Energy reported a net profit of $40.05 million for the 2015 financial year.
