Past year: ▼ 5%(9.90c – 14.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 June 2008drilling progress report● Neutral
Poor hole conditions stopped logging tools reaching the reservoir at Cobra-1A. Logging-while-drilling indicated possible hydrocarbons in the Hedinia. The hole is being reamed and casing set, with more data expected in about two weeks.
12 June 2008drilling progress report▲ Good
Cobra-1A reached 3,100m; the primary Iagifu sandstone was encountered with elevated gas readings. Logging will decide fluid content and quality. NW Paua 1 (not Cue's) is being abandoned.
12 June 2008drilling progress report● Neutral
Cue repeats that Cobra-1A reached 3,100m, encountering the primary Iagifu sandstone with elevated gas readings. Wireline logging will assess fluid content; no result yet.
6 June 2008drilling progress report▲ Good
Cue repeats that Cobra-1A is at 2,946m, with the secondary Hedinia target penetrated and elevated gas readings. No evaluation yet.
5 June 2008drilling progress report▲ Good
Cobra-1A reached 2,946m. The secondary Hedinia target was penetrated with elevated gas readings. Not yet evaluated, but an early encouraging sign. The NW Paua 1 well reported is not Cue's.
30 May 2008drilling progress report● Neutral
Cobra-1A was at 2,388m, changing the bit, after 262m in the week. Target depth 3,100m. No result yet.
23 May 2008drilling progress report● Neutral
Cobra-1A was at 2,126m, preparing to drill ahead in an 8½-inch hole, after 45m in the week. Target depth 3,100m. No result yet.
16 May 2008drilling progress report● Neutral
Cue repeats Oil Search's report that Cobra-1A is at 2,081m, drilling ahead, after 380m in the week. No result yet.
15 May 2008drilling progress report● Neutral
Oil Search reports Cobra-1A drilling ahead at 2,081m after 380m in the week; target 3,100m. The NW Paua 1 well reported is not Cue's.
9 May 2008drilling progress report● Neutral
Cobra-1A was at 1,701m and setting 9⅝-inch casing after 95m in the week. Target depth remains 3,100m. No result yet.
2 May 2008drilling progress report● Neutral
Cobra-1A was at 1,606m, drilling ahead, after 336m in the week. Planned depth remains 3,100m. No geological result yet.
18 Apr 2008drilling progress report● Neutral
Cobra-1A top-drive repairs were completed and drilling restarted. The well was at 1,155m completing 11¾-inch casing. Target depth is 3,100m. No geological result yet.
11 Apr 2008drilling progress report● Neutral
Cue repeats that Cobra-1A awaits top-drive repair parts, with drilling expected to restart within days. No geological result.
10 Apr 2008drilling progress report▼ Bad
Oil Search reports Cobra-1A still waiting for top-drive repair parts, with drilling expected to restart in a few days. Other wells are not Cue's.
8 Apr 2008farm in farm out agreement▲ Good
Third-party release: MEO secured the Songa Venus rig to drill the Zeus prospect in WA-361-P late 2008 and reports positive AVO responses. Cue holds 20% before drilling; MEO plans to farm out for funding. Cue's cost share is not stated.
4 Apr 2008drilling progress report▼ Bad
Cue repeats that Cobra-1A is at 1,039m awaiting parts to repair the top-drive system, after 506m progress in the week.
3 Apr 2008drilling progress report▼ Bad
Oil Search reports Cobra-1A at 1,039m, waiting for parts to repair the rig's top-drive system after 506m of progress in the week. Other wells reported are not Cue's.
28 Mar 2008drilling progress report● Neutral
Cobra-1A was at 533m, drilling ahead in a 14¾-inch hole, having made 510m in the week. Target depth is 3,100m. No geological result yet.
20 Mar 2008drilling progress report● Neutral
Cue repeats that Cobra-1A started drilling on 19 March from the new cellar and was at 23m, in a 20-inch hole. Planned depth remains 3,100m.
20 Mar 2008drilling progress report● Neutral
Oil Search reports Cobra-1A began drilling on 19 March from a new cellar and was at 23m on 20 March. Other wells are not Cue's. Replacement well is under way.
14 Mar 2008drilling progress report▼ Bad
Cue repeats the operator's report that Cobra-1 is abandoned after continued drilling difficulties, with Cobra-1A to start from a new cellar next week. Duplicate of the Oil Search release.
13 Mar 2008drilling progress report▼ Bad
Because of continued drilling difficulties, the operator decided to abandon Cobra-1 and restart from a new cellar as Cobra-1A, due to start next week. Rig move is under way. A setback to the well Cue holds 10.947% in.
7 Mar 2008drilling progress report● Neutral
Cobra-1 casing obstruction was cleared and the hole is being deviated around deeper obstacles while a pilot hole is enlarged. The plan is to drill ahead; target depth is unchanged at 3,100m.
29 Feb 2008drilling progress report▼ Bad
Cobra-1 top hole was re-drilled and casing run to 166m. At 28 February the well was at 168m retrieving cementing equipment. Still very shallow against the 3,100m target.
22 Feb 2008drilling progress report● Neutral
Cobra-1 lost tubing has now been fully recovered after the hole collapsed at 167m during cementing. Planned depth is still 3,100m. Still no geological result.
21 Feb 2008drilling progress report▼ Bad
Oil Search's weekly report: Cobra-1 hole collapsed during cementing at 167m and lost tubing was over half recovered. Other wells (NW Paua, Dahgah-1) are not Cue assets. Cobra-1 setbacks continue.
15 Feb 2008drilling progress report● Neutral
Cobra-1 was re-spudded on 12 February and by 14 February was at 65m, re-accessing the original hole drilled to 167m. Planned depth stays 3,100m. No geological result yet; continues the site-subsidence delay.
8 Feb 2008drilling progress report● Neutral
Investigations into Cobra-1 site subsidence are complete and remedial works are done. The rig is being moved back, with drilling expected to resume in about a week. No new geological result.
1 Feb 2008drilling progress report▼ Bad
Cobra-1 reached only 167 metres in its first week. Subsidence at the well site has stopped drilling while the operator investigates. Planned depth is now 3,100m.
25 Jan 2008drilling spud● NeutralMajor
Cobra-1 began drilling on 25 January 2008, later than the mid-January plan. It targets 30-40 million barrels unrisked (Cue 10.947%, 3.3-4.4 million barrels) to 3,071m, taking about 60 days. This is the long-flagged Murray Deep well.
