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Gold/Mining/Energy : MWXI - Mountains West Exploration, Inc.

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To: jmhollen who wrote (10)4/19/1998 10:02:00 AM
From: jmhollen  Read Replies (1) of 15
 
Crude output starts at Papua New Guinea's SE Gobe

PERTH, April 17 (Reuters) - Crude oil production has started at the South East Gobe oil field in Papua New
Guinea and should reach an initial production rate of 10,000 barrels a day by mid-May, one of the partners
said on Friday.

By July, daily output is expected to reach maximum production of 25,000 barrels, the partner, Cue Energy
Resources NL <CUE.AX, which holds a 2.44 percent stake, said.

The SE Gobe oil field lies some 80 km southeast of the existing Kutubu oil fields and straddles two licences,
PDL 3 and PDL 4 in PNG's first unitised development.

The proved and probable reserves for field are 63 million barrels or about 1.54 million barrels net to Cue
Energy, Cue said.

Cue said its share at the peak production rate will be more than 600 bopd

South East Gobe is being developed by Chevron Corp's (CHV - news) Chevron Niugini Pty Ltd in
conjunction with the Gobe Main field, which commenced production on March 9, 1998.

Production from both fields is earmarked to flow to a common production facility for stabilisation prior to
export through the Kutubu pipeline system.

The two fields, Gobe Main and SE Gobe, are five km apart.

The unitised holdings in SE Gobe are:

Chevron 10.66 percent, the Ampolex (Highlands) Pty Ltd unit of Mobil Corp (MOB - news) 9.05 percent,
The Broken Hill Pty Co Ltd (BHP.AX) 5.33 percent, Oil Search Ltd (OSH.AX) 21.9 percent, Merlin
Petroleum Co 2.66 percent, Orogen Minerals Ltd (OML.AX) 20.50 percent, the PNG government two
percent, Santos Ltd (STO.AX) unit Barracuda Pty Ltd 6.98 percent, Cue 2.44 percent, Mountain West
Exploration Inc (MWEX - news) 0.87 percent and Japanese consortium Southern Highlands Petroleum Co
Ltd 17.61 percent.

The holdings in PDL 4 are:

Oil Search 27.14 percent, Orogen 20.5 percent, Chevron 19.38 percent, Mobil 16.45 percent, BHP 9.69
percent, Merlin 4.84 percent and the PNG government two percent.
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