Why the Cue Energy (ASX:CUE) share price is soaring 9% today

Cue Energy Resources Limited (ASX:CUE) shares have accelerated upwards today. This comes after the company announced it has started oil production from Mahato PSC in Indonesia.

At the time of writing, the oil and gas company’s shares are up 9.21% to close at 8.3 cents.

What did Cue announce?

Cue Energy advised that it has now begun extracting oil from its PB field in the Mahato PSC.

Located in Indonesia, Mahato PSC is a 5,600sq km basin that is close to several producing oil fields. Multiple surveys and exploration results have mapped the area to contain a highly lucrative resource opportunity.

According to Cue’s release, the start of operations follows the settled dispute between the company and its joint venture partners. The…