Dec 17 (Reuters) - Cue Energy Resources Ltd CUE.AX :
* Says preparation for the upgrade is underway and it is expected the works will commence in February 2016
* Says costs of the upgrade is estimated to be NZ$3M net to Cue
* Says expected that some of the costs will be covered by insurance
* Says Maari joint venture is to undertake a full upgrade on the mooring system f field's floating production station, the raroa
* Says total investment in system upgrade, including engineering, equipment and construction is estimated to be about NZ$60 million
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