24 Feb 2021half year report▼ Bad
Media release on the half-year result: A$14.8m loss, mainly Ironbark-1 expense and A$2.9m unrealised currency losses, on A$9.4m revenue. Cash A$25.6m, no debt. Repeats the Appendix 4D; no new information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
15 Jan 2021production update▲ GoodMajor
Commercial oil production started at the PB field in Mahato PSC (Cue 12.5%), with PB-1 at about 600 bopd, and the dispute with partners was settled. Cue pays about US$380,000 plus a roughly US$300,000 cash call. Three more development wells are planned.
15 Jan 2021production update▲ Good
NZOG re-releases Cue's 15 January announcement of first Mahato PB oil production and settlement of the partner dispute. No new information.
13 Jan 2021drilling result▼ Bad
NZOG's final Ironbark-1 update repeats that the rig left the well on 11 January 2021 and calls the well unsuccessful. Duplicates Cue's own announcement; no new information.
13 Jan 2021drilling result▼ BadMajor
Ironbark-1 in WA-359-P (Cue 21.5%) has been plugged and abandoned and the rig left on 11 January 2021. The CEO called the result disappointing. This ends the Deep Mungaroo test the company had funded; cash remains and Cue is seeking new opportunities.
8 Jan 2021drilling progress report● Neutral
NZOG (Cue's 50.04% shareholder) reports plug and abandonment of Ironbark-1 in WA-359-P continuing, with the rig due to leave within a week. Cue holds 21.5%. Wording of the update is neutral; it does not state the result.
29 Dec 2020drilling result▼ Bad
Partner Beach Energy's release of the same Ironbark-1 result: total depth 5,618m, Mungaroo target at 5,275m, no significant hydrocarbon shows, well to be plugged. Repeats Cue's own announcement.
29 Dec 2020drilling result▼ Bad
Partner NZ Oil & Gas's release of the same Ironbark-1 result: target intersected at 5,275m, no significant shows, well to be plugged. Its CEO calls it 'very disappointing'. No new data beyond Cue's own announcement.
29 Dec 2020drilling result▼ BadMajor
Ironbark-1 is a dry hole. It reached 5,618m, intersecting the primary Mungaroo target at 5,275m with no significant hydrocarbon shows in any target sand. The well will be plugged. This ends the 21.5% 'company-changing' exploration bet; implications for the play need further analysis.
23 Dec 2020drilling progress report● Neutral
Weekly update: Ironbark-1 at 5,202m with the 12¼-inch hole finished, preparing to case and cement. Total depth now expected by end of December. The primary target is still below.
18 Dec 2020drilling progress report● Neutral
Weekly update: Ironbark-1 at 4,380m after casing and cementing and a blowout preventer test; now drilling the 12¼-inch hole. No result yet.
11 Dec 2020drilling progress report● Neutral
Weekly update: Ironbark-1 at 4,362m, 16½-inch hole complete and casing about to be run. No result yet.
4 Dec 2020drilling progress report● Neutral
Weekly update: Ironbark-1 at 3,801m, drilling the 16½-inch hole. No result yet.
27 Nov 2020drilling progress report● Neutral
Weekly update: Ironbark-1 at 3,040m. The 17½-inch section is finished, with liner run and cemented.
20 Nov 2020drilling progress report● Neutral
Weekly update: Ironbark-1 at 2,410m, still drilling the same hole section. No result yet.
13 Nov 2020drilling progress report● Neutral
Weekly update: Ironbark-1 at 1,811m, blowout preventer installed and tested, next hole section started. Still on the roughly 85-day plan.
6 Nov 2020drilling progress report● Neutral
Partner NZOG weekly update: Ironbark-1 reached 1,583m, with the 26-inch section drilled. About 85 days total expected. No result yet.
2 Nov 2020drilling spud▲ GoodMajor
Ironbark-1 began drilling on 31 October 2020, targeting the Ironbark gas prospect (best estimate 15 Tcf prospective) at about 5,335m. Expected to take 70-90 days. Cue holds 21.5% and calls it potentially company-changing. It is a pure exploration well, to be plugged afterwards.
30 Oct 2020other● Neutral
Chairman's address to the AGM. It covers COVID-19 and says the next 12 months could be 'potentially transformational', with Ironbark and Paus Biru the focus. No new facts.
30 Oct 2020investor presentation● Neutral
CEO AGM presentation repeating known facts: Ironbark-1 (Cue 21.5%, 15 Tcf best case, 70-90 days drilling), Paus Biru and Mahato. Shows 698.1m shares, an 18c share price and cash of A$27.4m. NZ Oil & Gas holds 50.04%.
30 Oct 2020other● Neutral
Lodgement of Cue's company constitution. It is an administrative document with no new business information in the readable text.
12 Oct 2020drilling scheduled▲ Good
The Ocean Apex rig was handed over to operator BP on 9 October and is moving to the Ironbark-1 location. Mobilisation is expected to take about 10 days, bringing the Ironbark-1 drilling (Cue 21.5%) closer.
28 Sept 2020annual report● Neutral
The 2020 Annual Report repeats the FY20 results already released: A$23.9m revenue, cash A$31.9m, no debt. It restates Ironbark-1 drilling in Q2 FY21 (Cue 21.5%) and a Paus Biru final investment decision during the fiscal year. No new information.
25 Sept 2020admin correction● Neutral
Corrected re-release of the Pine Mills litigation settlement. It fixes Cue's contribution to US$350,000 and is otherwise unchanged. The case is fully concluded.
25 Sept 2020other● Neutral
The Texas Pine Mills oilfield lawsuit, naming Cue as a defendant since June 2018, is settled and dismissed. Cue's payment is printed as 'US$350,0000', a typo corrected in the amended release.
22 Sept 2020regulatory community update▲ Good
The last regulatory approvals for Ironbark-1 (well plan and rig safety case) are done. Drilling is expected to start by late October 2020, to about 5,500m. Cue's 21.5% share is funded by partner carries and about US$8m in escrow.
20 Aug 2020annual report▼ Bad
Full-year to 30 June 2020: profit fell 84.6% to A$1.31m on revenue down 7.1% to A$23.92m, after a A$2.7m Maari impairment. Cash A$31.94m including A$12.01m escrowed for Ironbark, no debt, no dividend. Auditor's opinion unqualified.
20 Aug 2020other● Neutral
Appendix 4G for the year to 30 June 2020. It points to the corporate governance statement on Cue's website, approved by the board and current at 20 August 2020. Administrative lodgement with no new business information.
20 Aug 2020half year report● Neutral
Media release on FY20 results: A$23.9m revenue, A$1.3m profit, cash A$31.9m. Says Ironbark-1 is due in Q2 FY21 and Paus Biru FID in H2 FY21, and that Cue continues to assert its rights over Mahato. Repeats the annual report.
19 Aug 2020resource reserve update▲ GoodMajor
The Paus Biru development plan was approved by SKK Migas, with a certified 44.9 Bcf gross 2C contingent resource (6.7 Bcf net to Cue's 15%). A final investment decision is expected mid-2021 and first gas late 2022. This follows the December 2018 discovery.