4 Feb 2022drilling result▲ Good
NZOG relays Cue's news that Mahato PB-08 is online at about 600 bopd, completing phase 1, with PB field output about 5,600 bopd. Repeats the Cue release; no new information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
4 Feb 2022drilling result▲ GoodMajor
Mahato PB-08 is online at about 600 bopd from a new horizon, Bekasap A, completing phase 1. PB field output is about 5,600 bopd. The operator plans 5 more northern wells, the first possibly starting in early February. Cue holds 12.5%. Resolves the PB-08 thread.
28 Jan 2022quarterly activities report● Neutral
December quarter cash receipts were A$11.2m, double a year earlier. Cash fell to A$11.0m after the A$8.9m Amadeus payment, and exploration spending will draw it down further. Mahato receipts were A$3.8m; Paus Biru commercial steps are expected by mid-2022, with FID to follow.
27 Jan 2022drilling scheduled▼ Bad
NZOG relays the roughly one-month delay to the Ensign 963 rig: mobilisation to Palm Valley late February 2022, Palm Valley-12 spud a couple of weeks later. Repeats Central and Cue news.
27 Jan 2022drilling scheduled▼ Bad
Cue confirms the Ensign 963 rig is delayed about a month, due to another operator's drilling. Rig now mobilises late February 2022, with Palm Valley-12 starting in March; Dingo-5 follows back-to-back. Pushes back the earlier mid-February spud.
25 Jan 2022drilling scheduled▼ Bad
Central says rig mobilisation for Palm Valley and Dingo exploration is delayed about a month to late February 2022, with spud in March, due to the rig's earlier job running over. Range 9 and 10 drilling is expected early February.
20 Dec 2021drilling scheduled▲ Good
Cue confirms the Ensign 963 rig is contracted for Palm Valley-12/12A and Dingo-5, with spud expected mid-February 2022. Mereenie coil tubing aims to lift sales capacity from about 35 to about 37 TJ/d. Palm Valley-13 is outperforming. Firms up the earlier-planned exploration.
20 Dec 2021drilling scheduled● Neutral
NZOG relays Central's update: rig contracted for Palm Valley-12 and Dingo-5, spud expected mid-February 2022. Coil tubing at Mereenie aims to lift capacity from about 35 TJ/d. Repeats the Central release with a CEO comment.
20 Dec 2021drilling scheduled● Neutral
Central says Ensign Rig 963 is contracted for Palm Valley Deep and Dingo exploration, with spud targeted first half of February 2022. Mereenie sales capacity is about 35 TJ/d, expected to reach about 37 TJ/d after coil tubing work. Reserve update due Q1 2022.
13 Dec 2021drilling result▲ Good
NZOG relays Cue's news that Mahato PB-07 is online at about 650 bopd. Repeats the Cue release; no new information.
13 Dec 2021drilling result▲ Good
Mahato PB-07, the seventh PB field production well, is online at about 650 bopd from the Bekasap B sand. Field output is about 5,000 bopd. PB-08 is planned next to complete phase 1; further development is under review. Cue holds 12.5%.
29 Nov 2021material agreement▲ Good
Central, the Amadeus operator, relays the new Northern Territory gas deal: up to 3.15 PJ firm supply, fixed price with CPI escalation, take-or-pay, four years from 1 January 2022. It is aggregated with Mereenie owners' gas to supply 12.6 PJ in total. Repeats the earlier NZOG news.
29 Nov 2021material agreement▲ GoodMajor
Cue signs its first gas supply agreement since the Amadeus acquisition: up to 0.95 PJ of firm gas to NT Power and Water over four years from 1 January 2022, take-or-pay, fixed price with CPI escalation. Part of the 12.6 PJ aggregate; more sales are being marketed.
29 Nov 2021material agreement▲ GoodMajor
NZOG confirms a new gas supply agreement with the Northern Territory's Power and Water Corporation. Gas from NZOG, Macquarie Mereenie, Cue and Central totals 12.6 PJ over 4 years from 1 January 2022. It sells part of the extra Mereenie capacity from the new wells.
28 Oct 2021other● Neutral
Chairman's AGM address says Cue fared reasonably well despite Covid and the Ironbark result, helped by its diverse assets. It notes the Amadeus investment alongside NZOG. Hands over to the CEO. No new figures.
28 Oct 2021investor presentation● Neutral
CEO AGM presentation restates known facts: 4,400 bopd at Mahato, with two more wells this calendar year, and the Amadeus assets now producing. Palm Valley Deep exploration is planned for December and Dingo Deep early 2022. Mostly repeats earlier announcements.
26 Oct 2021quarterly activities report● Neutral
September quarter revenue was A$10.2m, up 33%, including A$2.0m credited as a working capital adjustment on Amadeus completion. Cash was A$18.9m. Mahato oil rose 65%. Paus Biru FID is now not expected before late 2022, later than the earlier FY22 target.
14 Oct 2021drilling result▲ Good
NZOG relays Cue's announcement that Mahato PB-06 is producing about 800 bopd, lifting PB field output to about 4,400 bopd. Repeats the Cue release; the cover note calls it an exploration well, but the attached text describes a production well.
13 Oct 2021drilling result▲ GoodMajor
Mahato PB-06, the sixth PB field production well, is online at about 800 bopd. Field output is now about 4,400 bopd, up from 3,600. Two more wells, PB-07 and PB-08, are planned to complete phase 1. Cue holds 12.5%.
1 Oct 2021asset acquisition disposition▲ GoodMajor
Cue completed its Amadeus Basin purchase on 1 October: 7.5% of Mereenie and 15% each of Palm Valley and Dingo, ending the deal announced in May. It paid A$8.9m and will fund Central's costs up to A$12m. Fields carry 4.1 mmboe 2P reserves.
1 Oct 2021asset acquisition disposition● Neutral
NZOG says the Amadeus Basin acquisition completed 1 October. NZOG took 70% and Cue 30% of the interests sold by Central. NZOG and Cue fund Central's costs up to a A$40m cap. Repeats the completion news from Central and Cue.
1 Oct 2021asset acquisition disposition● Neutral
Central reports completing the sale of 50% of its Amadeus Basin interests to NZOG and Cue on 1 October. Cue now holds 7.5% of Mereenie and 15% each of Palm Valley and Dingo. Central stays operator and has repaid A$30m of debt.
27 Sept 2021drilling result▲ Good
Cue relays Central's news that Mereenie WM28 is online from Pacoota-1 and -3, and WM27 (single-zone Pacoota-1) is expected shortly. Programme adds about 10 TJ/d wellhead capacity (100% JV). Resolves the WM27 completion thread; Amadeus completion confirmed for 1 October.
27 Sept 2021annual report● Neutral
Cue's 2021 Annual Report repeats the FY21 results already announced: A$22.4m revenue, 2P reserves of 6 mmboe, first Mahato oil, and the Amadeus acquisition pending. The PB field is producing 3,600 bopd. No new figures seen in the readable text.
27 Sept 2021drilling result▲ Good
NZOG relays Central's news that Mereenie WM27 and WM28 are complete and the rig released 23 Sept. WM28 is producing from two zones; WM27 is a single-zone Pacoota-1 producer awaiting regulatory approvals. Programme adds about 10 TJ/d capacity. Repeats the Central release.
20 Sept 2021asset acquisition disposition▲ GoodMajor
Cue confirms the last third-party approvals are in and all conditions are met for buying 7.5% of Mereenie and 15% each of Palm Valley and Dingo. Completion is set for 1 October 2021, ending the approvals phase announced in May.
20 Sept 2021asset acquisition disposition▲ Good
Central confirms the Amadeus Basin sale is now unconditional, with completion scheduled for 1 October 2021. Repeats the news in the NZOG and Cue releases.
20 Sept 2021asset acquisition disposition▲ Good
NZOG says the remaining third-party approvals are received and all conditions for the Amadeus Basin deal are satisfied. Completion is set for 1 October 2021.
10 Sept 2021regulatory community update▲ Good
NZOG says the Northern Territory Government gave regulatory approval for its Amadeus Basin purchase, satisfying a key condition. Other third-party approvals remain.
10 Sept 2021regulatory community update▲ Good
Northern Territory Government gave Cue regulatory approval for the Amadeus Basin purchase, satisfying a key condition. Only third-party approvals remain before completion.