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Cue Energy Resources reported on 28 October that Palm Valley 14 had been connected to the gas field gathering system and started flowing on 23 October. The Australian well was producing approximately 0.5 terajoules per day at the time of the update. The disclosure provides an initial operating rate, rather than a long-term production forecast.
The joint venture is evaluating a data acquisition programme to investigate well performance. Cue said the work would examine the extent to which wellbore conditions or reservoir pressure could be influencing the present flow rate. The announcement does not resolve the relative contribution of those factors, so the rate alone cannot establish the cause of the well’s performance.
At Palm Valley 15, drilling was continuing in the 12¼-inch hole section at 947 metres measured depth. The company described progress as in line with expectations and anticipated reaching total depth around mid-December. That timetable remains an expectation for the ongoing operation; it does not mean the planned final depth has already been reached.
Cue holds a 15% participating interest in permit OL3. Central Petroleum (NT), the operator, holds 50%, and Echelon Palm Valley holds 35%. The reported PV14 rate is a well operating figure and should not be read as Cue’s equity production. Further performance data and drilling updates will be needed to assess the two-well programme.