Past year: ▼ 5%(9.90c – 14.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
27 Aug 2009drilling scheduled● Neutral
Beach expects the Ocean Patriot rig around 30 August for Spikey Beach-1 in T/38P, targeting mean 16 million barrels recoverable oil. Galveston (Cue) holds 10%, carried. Resolves the earlier uncertain return to the well.
21 Aug 2009drilling progress report● Neutral
Manaia-1 reached 4,292 m measured depth, with cement being run to cure lost circulation. Target depth is about 6,500 m. No result yet.
14 Aug 2009resource reserve update▲ GoodMajor
MEO raised pre-drill estimates for East Artemis in WA-360-P: mean gas-in-place of 10.8 Tcf (Calypso) and 9.5 Tcf (Legendre), with 32% chance of success. Offers due 31 August, farm-out targeted by 30 September. Cue holds 15%.
14 Aug 2009drilling progress report● Neutral
Manaia-1 reached 1,658 m, with 13 3/8-inch casing run and cemented. Drilling continues. No new result.
4 Aug 2009drilling spud▲ GoodMajor
Manaia-1 appraisal began drilling on 1 August 2009 from the Maari platform, about 45 days, targeting mean 57.8 MMstb oil in place. Maari development drilling finished ahead of schedule. Cue holds 5%.
10 July 2009drilling scheduled▲ GoodMajor
The Maari joint venture approved the M2A production well, targeting a separate oil accumulation with P50 oil in place of 43 MMSTB, 27 days to drill from late September 2009 after Manaia-1. Cue holds 5%.
19 May 2009drilling scheduled▲ GoodMajor
The Maari joint venture approved the Manaia-1 appraisal well, due to start mid August 2009 after Maari development drilling. It is an extended-reach well from the Maari platform, 47 days, targeting a field with mean 58 million barrels oil in place. Cue holds 5%.
19 Feb 2009drilling progress report● Neutral
The Songa Venus rig was released on 18 February and handed to the next consortium member, after 33 days on the Zeus-1 location. Administrative follow-up to the dry hole.
13 Feb 2009drilling result▼ BadMajor
Pressure tests confirmed the Zeus-1 target sands are water bearing, and MEO calls the result disappointing. The well is being plugged and abandoned. This is a dry hole for the 15% Cue-held permit, whose cost was carried by RDI. MEO plans a WA-360-P farm-out from Q2.
13 Feb 2009drilling result▼ Bad
Cue relays MEO's confirmation that pressure tests show the Zeus-1 primary sands are water bearing and the well is being plugged and abandoned. Cue holds 15%, free carried.
12 Feb 2009drilling result▼ Bad
Wireline logs show two good-quality sands over 143m in Zeus-1, but both appear largely water bearing. Pressure testing and sampling will check the tops, and the well will then be plugged as planned.
11 Feb 2009drilling result● Neutral
Cue relays MEO's 11 February update: Zeus-1 is at 3,642m with elevated gas readings over about 44m of Legendre, the secondary Forestier target is not prospective, and more logging is to follow.
11 Feb 2009drilling result● Neutral
Zeus-1 reached total depth of 3,642m. About 44m of possible reservoir in the Legendre showed elevated gas readings, though resistivity was inconclusive. The shallower Forestier target lacked reservoir. Further logging will decide whether movable gas is present.
10 Feb 2009drilling progress report● Neutral
Zeus-1 reached 3,290m after about 6 days lost to weather, with the main Legendre target and total depth expected within 24 hours. No result yet.
4 Feb 2009drilling progress report● Neutral
Cue's weekly Zeus-1 report repeats that the well reached 2,380m, 5.5 days were lost to weather and a seal failure, and the rig is de-manned for another tropical low. No new result.
3 Feb 2009drilling progress report● Neutral
Zeus-1 reached 2,380m. About 5.5 days were lost to Cyclone Dominic and a blowout preventer seal failure. The rig is being secured again ahead of another tropical low.
28 Jan 2009drilling progress report● Neutral
Cue's weekly Zeus-1 report repeats that casing is set at 1,874m and the rig is being re-manned after Tropical Cyclone Dominic. No new result.
27 Jan 2009drilling progress report● Neutral
Casing was set at 1,874m on Zeus-1. The rig was moved off location on 25 January to avoid Tropical Cyclone Dominic and was being re-manned. No new result.
21 Jan 2009drilling progress report● Neutral
Cue's weekly Zeus-1 report: the well was at 1,480m and drilling ahead on 21 January, planning to set casing at 1,885m. No new result.
20 Jan 2009drilling progress report● Neutral
MEO reports Zeus-1 drilling ahead at 1,020m on 20 January, heading for a planned total depth of about 3,630m. No new result.
19 Jan 2009drilling spud▲ GoodMajor
Zeus-1 spudded on 17 January 2009 in WA-361-P, with the 30-inch casing cemented at 271m. Cue holds 15%, free carried. This is the long-awaited multi-Tcf exploration well, now underway.
16 Jan 2009drilling progress report● Neutral
The Songa Venus rig arrived at the Zeus-1 location on 16 January and began running anchors, with drilling expected over the weekend. RDI pays 80% of well costs up to US$31.25m. Cue holds 15%.
8 Jan 2009drilling scheduled● Neutral
MEO expects to take over the Songa Venus rig on 8 January, with Zeus-1 spudding about 17 January. Pre-drill potential is put at about 15 Tcf gas-in-place in the main target plus 3.7 Tcf in a shallower one. Cue holds 15%.
23 Dec 2008farm in farm out agreement● NeutralMajor
MEO secured a 12-month extension to its drill-or-drop options on WA-359-P and WA-360-P, from 1 January 2009, in return for more seismic. It is seeking farm-in partners for 2010 wells. Cue holds 20%. Zeus-1 rig handover slipped to about 5 January.
16 Dec 2008drilling scheduled▼ Bad
MEO says the Songa Venus rig is delayed about a week by a tropical low near its current well, now expected to be released around 29 December. Zeus-1, in which Cue holds 15%, was due to spud in December and will now start later.
11 Dec 2008drilling progress report▼ Bad
The West Triton rig could not jack up at the Spikey Beach-1 location in T/38P, so Beach moved it to Fermat-1. The partners are considering a return to Spikey Beach-1 afterwards. Cue's subsidiary holds a carried 10%.
5 Dec 2008drilling progress report● Neutral
Horizon Oil reports conductor installation at Maari is complete and Ensco 107 is preparing to drill the first three production wells. First oil is still expected around mid-February 2009. Cue holds 5%. No change to the schedule.
2 Dec 2008farm in farm out agreement▼ BadMajor
RDI's options to farm into WA-359-P and WA-360-P lapsed after its IPO was deferred. This undoes part of the MEO farmout, though MEO expects replacement partners. RDI still funds 80% of Zeus-1, now due to spud in December; Cue stays at 15%.
15 Oct 2008drilling scheduled● Neutral
Beach began a three-well Bass Strait and Otway campaign. Spikey Beach-1 in T/38P is second, after PeeJay-1, targeting a P10 of 33 million barrels. Beach earns 80%; Cue's subsidiary holds 10%, carried. Cue is not a party to the other two wells.
2 Oct 2008drilling scheduled▲ Good
The Rose 3D seismic survey finished on 30 September, covering about 1,500 sq km, of which about 450 sq km is in Cue's 100% WA-389-P (earlier stated as 350). Leads may hold multiple TCF of gas; drilling candidates possible 2009/2010.
