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%
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.