Past year: ▼ 5%(9.90c – 14.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 July 2020regulatory community update▲ GoodMajor
NOPSEMA approved the Ironbark-1 Environment Plan, clearing the main permit hurdle. Drilling to about 5,500m is expected from October 2020, depending on the Ocean Apex rig's current job. Cue (21.5%) is fully funded, using partner carries and about US$8m escrowed.
21 Apr 2020drilling result▲ GoodMajor
Indonesian authorities announced a 61.8 million barrel oil discovery from Mahato PB-2, where Cue holds 12.5%. Cue reads this as a P50 oil-in-place estimate, not recoverable oil. It still has no operator data, and the exclusion dispute continues.
27 Mar 2020other● Neutral
CEO letter on COVID-19 and the oil price fall: cash A$29.1m (31 Dec), no debt, Sampang gas flowing normally under fixed-price contracts. Two Maari wells (MR6A, MR2) are shut in. Ironbark-1 timing depends on the Ocean Apex rig finishing another operator's campaign.
25 Feb 2020joint venture update▼ Bad
Operator Texcal has tendered for rental of production facilities (5,000 bfpd) at Mahato, suggesting it is preparing for oil production. Cue's 12.5% dispute continues: the operator and partners claim Cue was excluded from the wells, which Cue rejects, and it is still not receiving full information.
20 Feb 2020half year report● Neutral
Media release for the half-year result: A$1.5m profit, A$3.7m operating cashflow, cash up 11% to A$29.1m. Restates Paus Biru approval targeted for Q3 2020 and Ironbark-1 for late 2020. No new information beyond the Appendix 4D.
20 Feb 2020half year report● Neutral
Half-year to 31 December 2019: profit fell 67.9% to A$1.49m on revenue up 3.9% to A$13.92m, with production costs and exploration spending higher. Cash A$29.12m, of which A$11.72m is escrowed for Ironbark. No dividend. Auditor now listed as KPMG.
15 Jan 2020director officer appointment● Neutral
Marco Argentieri joins the board as a non-executive director from 14 January 2020. He is already a director of Cue's largest shareholder NZOG (50.04%) and General Counsel of O.G. Energy. The board returns to seven directors after Rebecca DeLaet's December exit.
10 Jan 2020drilling progress report▼ Bad
Cue was told by Texcal that the Mahato PB-2 well has been drilled. It still receives no information required under the operating agreement, and no results for PB-1 or PB-2 are given. The dispute with the operator continues.
23 Dec 2019director officer appointment● Neutral
Director and Audit Committee Chair Rebecca DeLaet resigned from the board effective 20 December 2019 for personal reasons. Samuel Kellner becomes Audit Committee Chair. The board is now six directors.
17 Dec 2019joint venture update▼ Bad
Cue has paid the disputed Mahato cash call, which settles the default notice. It still says Texcal is not providing information required under the operating agreement, and is evaluating options. The PB-1 result is still not disclosed.
10 Dec 2019joint venture update▼ BadMajor
PB-1 has been drilled and cased to total depth, results pending. Operator Texcal issued a default notice over an unpaid cash call, which Cue disputes, and Cue says it is not receiving required well information. Dispute opens in the Mahato venture.
10 Dec 2019investor presentation● Neutral
AGM operations presentation restating FY19 results and Paus Biru. Adds that PB-1 spudded in November and OMV is selling its Maari interest to Jadestone. Market capitalisation A$83.7m at 12.0c. No new results.
21 Nov 2019drilling spud● NeutralMajor
Mahato PB-1 exploration well began drilling on 19 November 2019, planned to 1,750m and about a week to the Bekasap target. Cue holds 12.5%. This is the first drilling in the permit, long delayed by partner issues.
19 Nov 2019asset acquisition disposition● NeutralMajor
Horizon Oil notes that Jadestone has agreed to buy OMV's 69% of Maari, with completion expected in H2 2020. Cue's 5% is not sold, but the operator would change from OMV to Jadestone, subject to partner acceptance and approvals.
8 Nov 2019annual report● Neutral
Published 2019 annual report, covering results already released in August. The chairman says Ironbark-1 is fully funded, with about A$11.5m escrowed, and Cue will be prudent until the well is drilled. Mentions director Koh Ban Heng's resignation. No new information.
11 Sept 2019investor presentation● Neutral
Good Oil Conference presentation restating FY19 results, the Ironbark farm-outs, the Paus Biru discovery and the Mahato PB-1 well planned for November. Market capitalisation A$68m at 9.7c. No new information.
22 Aug 2019annual report▲ Good
Full-year to 30 June 2019: profit A$8.55m, up 10.5%, on revenue of A$25.73m. Production costs fell to A$12.08m. Cash A$26.19m, including A$11.52m escrowed for Ironbark, with no debt and no dividend. Auditor's opinion unqualified.
22 Aug 2019annual report▲ Good
Media release on the FY19 result: profit A$8.5m, operating cashflow A$12.8m, cash up 54% to A$26.2m. Says Mahato PB-1 drilling is expected in November 2019 and a further Sampang exploration well is under review. Repeats the annual report figures.
22 Aug 2019other● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, pointing to the statement on Cue's website. Administrative, with no business or financial information.
7 June 2019farm in farm out completion▲ GoodMajor
Ironbark agreements complete: BP is now operator of WA-359-P, with Cue 21.5%, Beach 21% and NZOG 15%. Cue received about A$1.8m and is carried for about US$11m of well costs, with US$8m escrowed. Ironbark-1 is planned for late 2020.
23 May 2019farm in farm out completion▲ Good
NOPTA approves WA-359-P title transfers to BP, Beach and NZOG, satisfying the final conditions of the Ironbark agreements. Completion is expected shortly, with A$1.54m of past-cost reimbursement to Cue. Ironbark-1 is still planned for late 2020.
10 Apr 2019regulatory community update▲ GoodMajor
NOPTA grants a 24-month suspension and extension of WA-359-P to 25 April 2021, which was the last material condition of the Ironbark agreements. Title transfers remain. This resolves the permit-expiry risk; Ironbark-1 is expected late 2020.
2 Apr 2019investor presentation● Neutral
Presentation at a Singapore farm-out forum seeking partners for Mahakam Hilir. Cue 100% holds Naga Utara, with up to 50 bcf prospective resource and a low-cost Naga Utara-4 appraisal well. Continues the partner search; no deal yet.
2 Apr 2019other● Neutral
Cue lodges a revised Securities Trading Policy with ASX under the listing rules. It sets rules and closed periods for directors and staff dealing in shares. Administrative, with no business or financial impact stated.
20 Feb 2019half year report▲ Good
Half-year to 31 December 2018: profit A$4.63m, up 34.6%, on revenue of A$13.4m. Cash rose to A$20.99m with no debt. No dividend. Production costs fell to A$7.43m from A$9.08m.
20 Feb 2019half year report▲ Good
Media release on the half-year result: A$4.63m profit, up 35%, A$6.34m operating cashflow and A$20.99m cash. Restates the Ironbark funding, rig contract and Paus Biru discovery. Repeats the Appendix 4D figures.
13 Feb 2019contract award▲ GoodMajor
BP, as operator for Cue, signs the Ocean Apex rig to drill Ironbark-1, now expected late 2020. Cue has escrowed US$8.08m and shareholder approval is done. Only NOPTA's permit extension remains. Continues the October 2018 funding agreements.
8 Jan 2019investor presentation● Neutral
Presentation for the 8 January 2019 general meeting, where shareholders other than NZOG vote on selling 15% of WA-359-P and a 5.36% WA-409-P option to NZOG. Restates the 26 October 2018 terms and the 15 Tcf Ironbark estimate. No new information.
7 Dec 2018drilling result▲ GoodMajor
Gas discovery at Paus Biru-1: 13.8 MMscfd maximum flow rate and about 29 metres of net gas pay in the Mundu reservoir. A Plan of Development tied into Oyong facilities will be prepared. Resolves the drill; Cue holds 15%.
4 Dec 2018drilling progress report● Neutral
Drill stem tests at Paus Biru-1 are complete and the well is being plugged and abandoned as planned. Preliminary results await operator and Indonesian government approval for release. Outcome unknown at this point.
