Past year: ▼ 5%(9.90c – 14.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
6 Sept 2021drilling result▲ Good
Cue relays Central's news that Mereenie WM28 was completed as a dual-zone producer with good flow tests. Cue's 7.5% Mereenie interest is still being acquired, with conditions still being satisfied. Repeats the Central release.
6 Sept 2021drilling result▲ GoodMajor
Central reports Mereenie WM28 completed as a dual-zone gas producer with good flow tests, tie-in due mid-September. The JV dropped the WM27 Pacoota-3 sidetrack because of hole instability, resolving that open thread. Stairway sandstone flows could eventually double Mereenie 2P reserves. Cue's interest is not yet completed.
18 Aug 2021annual report● Neutral
Appendix 4G corporate governance checklist lodged with the annual report. Administrative filing with no new business information.
18 Aug 2021investor presentation● Neutral
Results release repeating the FY21 figures: A$22.4m revenue, A$12.7m loss, A$17.6m cash. Outlook: Amadeus completion in Q2 FY22, four more Mahato wells in H1 FY22 (now ~3,600 bopd), Paus Biru FID in FY22, first gas 2023. Mostly restates the annual report.
18 Aug 2021annual report▼ Bad
FY21 revenue was A$22.4m (down 6.1%) and net loss A$12.74m, driven by A$12.32m of Ironbark-1 well costs and A$2.55m of currency losses. Cash is A$17.64m with no debt. Excluding those items, operating profit was A$2.13m.
30 July 2021quarterly activities report▲ GoodMajor
June quarter revenue was A$5.7m, with cash of A$17.6m. Oil output rose 46%, and Mahato's PB field was certified at 5.8 mmstb gross 2P (0.72 net to Cue at 12.5%), settling the pending reserves assessment. Shareholders approved the NZOG cross-security; Amadeus completion expected this quarter.
28 July 2021investor presentation● Neutral
CEO presentation to the 28 July general meeting, restating the Amadeus Basin deal: A$8.7m upfront plus carry capped at A$12m, funded from cash and cash flow, and a >350% rise in 2P reserves. Seeks approval for cross-security to NZOG. No new figures.
22 July 2021agm notice● Neutral
Cue's general meeting on 28 July 2021 will be held online only because of Victorian COVID-19 restrictions. Administrative change only. The meeting relates to shareholder approval needed for the Amadeus deal.
21 July 2021drilling spud● Neutral
Central spudded WM28, the second Mereenie development well, on 21 July 2021. WM27 had been drilled and cased across the upper reservoir, then drilled to 1,367m and temporarily suspended pending equipment for a sidetrack to better assess the lower Pacoota-3 reservoir.
21 July 2021drilling spud● Neutral
Cue relays Central's news that Mereenie WM28 spudded on 21 July 2021, with WM27 suspended pending a sidetrack. Cue's 7.5% Mereenie interest is still being acquired, with completion conditions still being satisfied.
2 July 2021asset acquisition disposition▲ Good
NZOG re-releases the news that FIRB gave a no objection notice for the Amadeus Basin deal, and that NZOG shareholders voted 99.99% in favour. Regulatory and third-party approvals still remain.
2 July 2021asset acquisition disposition▲ Good
Cue and NZOG received FIRB no objection for the Amadeus Basin purchase from Central, and NZOG shareholders voted 99.99% in favour. Two key conditions are now met. Regulatory and other third-party approvals remain before completion.
4 June 2021drilling spud● Neutral
Operator Central spudded the WM27 development well at Mereenie on 3 June 2021, the first well of the program, after four existing wells were recompleted. Cue's 7.5% interest is still to be acquired; completion is subject to FIRB and NZOG shareholder approval.
4 June 2021drilling spud● Neutral
Duplicate of the earlier 4 June announcement that Central spudded the Mereenie WM27 development well on 3 June 2021. No new information; Cue's Amadeus acquisition is still conditional.
25 May 2021asset acquisition disposition● NeutralMajor
Central Petroleum agreed to sell 50% of its Amadeus Basin producing assets (Mereenie, Palm Valley, Dingo) to NZOG entities for about A$85m total value. Cue's subsidiaries would hold 30% of that 50% interest, NZOG's 70%. Completion is expected in Q3 2021, subject to conditions including approvals; Cue's own cost is not stated in the excerpt.
25 May 2021investor presentation● Neutral
Central Petroleum's presentation on selling 50% of its Amadeus Basin producing assets to the NZOG entities (Cue 30%, NZOG 70%). Consideration is A$29m cash, a A$40m development carry and about A$23m of gas obligations, valued at A$85m. Repeats the 25 May deal; completion expected Q3 2021.
25 May 2021asset acquisition disposition▲ GoodMajor
Cue signs a deal to buy 7.5% of Mereenie and 15% each of Palm Valley and Dingo from Central Petroleum. It pays A$8.7m cash plus up to A$12m of carried costs, from existing cash and cash flow. It adds 4.4 mmboe of 2P reserves, over 350% more, and a fourth revenue stream. Conditions include FIRB and NZOG shareholder approval.
25 May 2021agm notice● Neutral
NZOG notice of a special meeting on 24 June 2021 to vote on the Amadeus Basin acquisition, in which Cue takes 30%. NZOG's board recommends voting in favour, and the 69.9% holder O.G. Oil and Gas has said it will vote in favour.
25 May 2021asset acquisition disposition▲ Good
NZOG announces its side of the Amadeus Basin purchase: NZOG takes 70% and Cue 30%. Cash is A$29m (NZOG A$20.3m, Cue A$8.7m), with a development carry capped at A$40m. It lifts NZOG's 2P reserves by 14.5 mmboe, and NZOG shareholders vote in June.
19 May 2021production update▲ GoodMajor
Cue received its first Mahato oil revenue, about US$397,000 for its share to March 2021. Field output is now about 2,500 bopd from three wells, with two more wells planned. Mahato becomes Cue's third revenue source alongside Sampang and Maari.
19 May 2021production update▲ Good
NZOG re-releases Cue's 19 May announcement of first Mahato oil revenue. No new information.
29 Apr 2021quarterly activities report● Neutral
March 2021 quarter closing cash was A$17.4m, down from A$25.63m after Ironbark-1 payments. Cue will not renew WA-359-P, the Paus Biru FID target is early 2022 because the gas sales agreement is delayed, the Maari MR6a repair is due to restart production in May, and the Jadestone longstop date moved to 30 June 2021.
28 Apr 2021drilling result▲ Good
Development well PB-5 in Mahato PSC (Cue 12.5%) tested about 1,000 bopd and is producing, on top of about 1,500 bopd from PB-1 and PB-2. PB-4 was drilled but not yet completed. PB-3 is still to come.
28 Apr 2021drilling result▲ Good
NZOG re-releases Cue's 28 April announcement of the PB-5 well test at about 1,000 bopd in Mahato PSC. No new information.
24 Feb 2021half year report▼ Bad
Half-year to 31 December 2020: loss of A$14.8m against a A$1.49m profit a year earlier, on revenue down 32.4% to A$9.41m. The loss is mainly A$9.83m of Ironbark-1 exploration expense. Cash A$25.63m, no dividend.
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.
28 Jan 2021quarterly activities report● Neutral
December 2020 quarter: cash A$25.6m, no debt, A$5.5m revenue. Ironbark-1 reached 5618m with no significant hydrocarbon shows. Mahato oil started. Paus Biru FID is expected to be delayed, and Jadestone's Maari purchase deadline moved to 30 April 2021.
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.
