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CUE: Oil Production Begins

Cue is pleased to announce that oil production has begun from the Manaia field in the offshore Taranaki Basin of New Zealand. The oil is flowing at an initial rate of approximately 4000 barrels of oil per day and is being produced via an approximately 8 kilometre longreach well from the Maari platform. The Manaia field is located in PMP 38160 which also contains the Maari field. Participants in PMP 38160 are :- Cue Taranaki Pty Ltd 5% OMV NZ Ltd (Operator) 69% Todd Maari Limited 16% Horizon Oil International Limited 10%