Past year: ▼ 5%(9.90c – 14.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
22 Sept 2008farm in farm out completion● NeutralMajor
Cue and Gascorp each declined to fund 5% of Zeus-1, so their combined 10% reverts to operator MEO, lifting MEO to 35%. This resolves the 10 September option: Cue's WA-361-P interest falls from 20% to 15%, still carried free.
22 Sept 2008drilling spud● NeutralMajor
Stuart Petroleum spudded Bazzard-1 in Vic P53 (Gippsland Basin) on 20 September; it is at 154m, targeting 3,500m. Mean potential is 100 million barrels. Cue Petroleum holds 25%. This is the well flagged for September.
12 Sept 2008drilling result▲ Good
Cue repeats Oil Search's 11 September result: Cobra-1A ST3 is being suspended as a gas condensate discovery with a 34m hydrocarbon zone. This is Cue's final drilling report. Further evaluation will decide the next steps.
11 Sept 2008drilling result▲ GoodMajor
Cobra 1A ST3 is being suspended as a gas condensate discovery after a drill stem test recovered gas with condensate. A 34m hydrocarbon zone was found in the upper Hedinia, the first success for the sub-thrust play in PNG. Cue holds 10.947%.
5 Sept 2008drilling progress report● Neutral
Cue repeats Oil Search's 4 September report: the first Cobra-1A ST3 drill stem test failed mechanically and a second test is being prepared. No new information.
4 Sept 2008drilling progress report● Neutral
A first drill stem test of the upper Hedinia in Cobra 1A ST3 failed for mechanical reasons. Tools were serviced and re-run for a second test to confirm fluid type and reservoir quality.
29 Aug 2008farm in farm out agreement▲ GoodMajor
Cue acquired a 20% interest in New Zealand permit PEP 38494 by farming in with operator Todd Exploration, funding 30% of the Matariki-1 well. Matariki could hold about 100 MMstb recoverable oil, with drilling planned in the second half of 2009.
26 Aug 2008drilling progress report▲ Good
A formation fluid sample from the top of the Hedinia in Cobra 1A ST3 contained a significant proportion of oil. Pressure gradients were not defined, so a drill stem test is planned to confirm fluid type and reservoir quality.
22 Aug 2008drilling scheduled▲ Good
Acquisition began on 22 August of the Rose 3D seismic survey, covering about 350 sq km of Cue's 100% WA-389-P. Mapping shows leads that may hold multiple TCF of gas. Cue says data could mature drilling opportunities in 2009/2010.
22 Aug 2008drilling progress report● Neutral
Cue repeats Oil Search's 21 August report: Cobra-1A ST3 at 2,836m, logging under way, Hedinia thicker and better quality with elevated gas readings. No new information.
21 Aug 2008drilling progress report▲ Good
Cobra 1A ST3 reached 2,836m and is being logged. The Hedinia is similar to ST2 and thicker and better quality than the earlier holes, with elevated gas readings. Fluid type is still to be determined.
15 Aug 2008drilling progress report● Neutral
Cue repeats Oil Search's 14 August report: Cobra-1A ST3 at 2,766m, liner to be cemented, then upper Hedinia drilling and fluid evaluation. No new information.
14 Aug 2008drilling progress report● Neutral
Cobra 1A ST3 is at 2,766m and preparing to cement a 5½-inch liner. It will then drill the upper Hedinia and evaluate fluid type. No result yet.
5 Aug 2008drilling progress report● Neutral
ST2 reached 2,894m. Logs show a thicker, better-quality Hedinia with elevated gas readings, but the pipe stuck and no pressure data was obtained. A third sidetrack (ST3) will be drilled, possibly with a liner. Fluid type still unconfirmed.
1 Aug 2008drilling progress report● Neutral
Cue repeats Oil Search's 31 July report: the Cobra-1A ST2 sidetrack was at 2,826m, drilling ahead, with logging to follow. No new information.
31 July 2008drilling progress report● Neutral
Cobra 1A ST2 was drilling ahead at 2,826m in 6-inch hole. The plan is to drill below the upper Hedinia lobe and log the sidetrack. No result yet.
28 July 2008drilling progress report● Neutral
ST1 logs show the Hedinia has an upper lobe, thinner than expected but interpreted to hold hydrocarbons, and a water-bearing lower lobe. Pressure data was again unreliable, so a second sidetrack (ST2) is being drilled to find a thicker section.
25 July 2008drilling progress report● Neutral
Cobra-1A ST1 reached a total depth of 2,914m and was pulling out of hole. Logs will be run over the sidetrack section. No result yet.
18 July 2008drilling progress report● Neutral
Cue repeats Oil Search's 17 July report: Cobra-1A ST1 at 2,701m, Iagifu water-bearing, Hedinia hydrocarbon column indicated, sidetrack planned to 2,903m for pressure sampling. No new information.
17 July 2008drilling progress report● Neutral
Oil Search reports Cobra 1A ST1 drilling at 2,701m. Wireline logs show the Iagifu is water-bearing but a hydrocarbon column is indicated in the Hedinia. A roughly 300m sidetrack to 2,903m will take pressure readings and samples. No result yet.
14 July 2008drilling result▼ BadMajor
Logging of Cobra-1A to 3,202m found the deeper Iagifu sandstone water-bearing, ending the primary target. The shallower Hedinia may hold a significant hydrocarbon column, but pressure readings were unreliable, so a short sidetrack (Cobra-1A ST1) began. Cue holds 10.947%.
11 July 2008drilling progress report● Neutral
Cue repeats that Cobra-1A is at 3,202m; the wireline tool was recovered by 11 July and logging has resumed. A decision on the forward program follows. No result yet.
10 July 2008drilling progress report● Neutral
Cobra-1A is at 3,202m total depth, recovering a stuck wireline logging tool. Final logging should finish in days, then a decision on the forward program. No result yet.
4 July 2008drilling progress report● Neutral
Cue repeats that Cobra-1A reached its 3,202m final depth, having drilled through the Iagifu sandstone, with open hole logging next. No result yet.
4 July 2008farm in farm out agreement▲ GoodMajor
MEO has irrevocably committed to drill the multi-TCF-potential Zeus-1 gas well in WA-361-P in October 2008. Cue is carried free for a 15% interest and may contribute up to 5% of the well cost to keep its 20%.
3 July 2008drilling progress report● Neutral
Cobra-1A reached its final depth of 3,202m after drilling through the Iagifu sandstone in 6-inch hole. Open hole logging to evaluate the Hedinia and Iagifu is being prepared. No result yet.
3 July 2008farm in farm out agreement▲ GoodMajor
Third-party release: MEO formed an alliance with Resource Development International, which will fund most of the Zeus-1 well in WA-361-P and leave MEO 25%. Cue (20%) may fund up to part of the well. Zeus-1 is planned for October 2008.
27 June 2008drilling progress report● Neutral
Cue repeats that Cobra-1A is cementing a 7⅝-inch liner at 2,670m, with 6-inch drilling below the Iagifu and logging planned next. No result yet.
26 June 2008drilling progress report● Neutral
Cobra-1A was cementing a 7⅝-inch liner at 2,670m. Next, drill ahead in 6-inch hole below the Iagifu and finish logging the Hedinia and Iagifu. No result yet.
20 June 2008drilling progress report● Neutral
Cue repeats Oil Search's report: poor hole conditions at Cobra-1A, possible Hedinia hydrocarbons, a wiper trip to 2,458m, casing to be set, and further data about two weeks later.
