Cue Energy
(ASX:CUE) has announced that the operator of the Maari oil-field, OMV New Zealand, has ceased oil production and is de-manning the Maari wellhead platform until it completes certain repairs.
The company says this is a precautionary measure to deal with a 1.4 metre crack, four metres below the water line, which was found on one of the platform’s 12 horizontal struts.
OMV operates this oil field on behalf of the Maari joint venture, of which Cue Taranaki Pty Ltd has a 5% stake.
In addition, Cue Energy says these precautions are being taken due to impending bad weather in New Zealand, and the heightened earthquake risk.
The company says that it sought external advice which confirms there is no risk to people or the environment.
Cue posted a net loss of $87.5 million at 30 June 2016.
