Cue Energy Resources (ASX:CUE) decided to plug and abandon the PC-01 exploration well within the Mahato production sharing contract in Indonesia after testing failed to yield hydrocarbons, according to a Tuesday filing with the Australian bourse.
Hydrocarbons form the basis of crude oil, natural gas, coal, and other energy sources.
The well was drilled to a depth of 5,800 feet, with the company identifying zones of interest within the Bekasap formation through wireline logging, the filing said.
Shares rose more than 1% in afternoon trade Wednesday.
Price (AUD): $0.09, Change: $+0.001, Percent Change: +1.14%
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