Acquisition of Maari 3D Seismic Survey Offshore New Zealand Begins

Cue Energy Resources Limited announces that acquisition of the Maari 3D seismic survey has commenced in permits PMP 38160 and PEP 51313 in the offshore Taranaki Basin of New Zealand.

The survey comprises 254 sq km of seismic data and is being recorded with the survey vessel Polarcus Alima. The survey will provide new data coverage over the Maari and Manaia fields and the Pike and Paua prospects to the south.

The data will be used to mature drilling opportunities for the Maari appraisal campaign planned for the 2012/2013 summer period. The survey is expected to take approximately 20 days to record subject to weather.

Participants in PMP 38160 are:

Cue Taranaki Pty Ltd – 5%

OMV NZ Ltd (Operator) – 69%

Todd Maari Limited  – 16%

Horizon Oil International Limited – 10%

Participants in PEP 51313 are:

Cue Taranaki Pty Ltd – 20%

Todd Exploration Pty Ltd (Operator) – 50%

Horizon Oil (New Zealand) Limited – 30%

Subsea World News Staff , April 04, 2012;  Image: Polarcus