Past year: ▼ 5%(9.90c – 14.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Dec 2007drilling scheduled● Neutral
Cobra-1 in PPL 190, PNG, is expected to spud around the second week of January 2008, taking about 60 days. It tests a prospect with unrisked 30-40 million barrels, Cue share 3.3-4.4 million, in which Cue holds 10.947%.
30 Nov 2007farm in farm out completion● Neutral
Moby Oil & Gas repeats the Vic/P53 approval of Stuart's farmin. It notes Cue Petroleum's 25% is subject to 15% back-in rights held by ACOC. Third-party release.
30 Nov 2007farm in farm out completion● Neutral
Stuart Petroleum's farmin to Vic P53 in the Gippsland Basin was approved and Stuart will drill Bazzard-1 next September. Cue Petroleum, apparently a related entity (inference), is listed at 25%. Third-party release; Cue's interest not previously in the context.
25 Oct 2007farm in farm out agreement▲ GoodMajor
Cue farmed out its 50% in Northwest Shelf permits WA-359/360/361-P to MEO, which becomes operator and earns 60% by funding seismic, up to 70% by funding the first well in each. Cue falls to 20-15%. Subject to government approval.
25 Oct 2007farm in farm out agreement● Neutral
MEO Australia's release says it has farmed into Cue-operated WA-359/360/361-P on the Northwest Shelf, securing 60% and becoming operator. It will fund seismic and could reach 70% by funding a well, likely 2009. Counterparty's version of Cue's farmout.
9 Oct 2007drilling scheduled● Neutral
A 320km Wortel 2D seismic survey has begun in Sampang to help site the Wortel-3 appraisal well, expected in Q1 2008. Wortel is the 2006 gas discovery 7km from Oyong. Cue holds 15%.
21 Aug 2007farm in farm out agreement● Neutral
Beach Petroleum announced farm-ins to three exploration projects, including earning 80% of a defined portion of T/38P by funding the Spikey Beach-1 well in 2H 2008. This is the counterparty's release of Cue's farmout, with Cue as a joint venture partner.
21 Aug 2007farm in farm out agreement▲ GoodMajor
Cue farmed out part of T/38P in the Bass Basin to Beach, which will earn 80% of a defined portion by paying for the Spikey Beach-1 well in 2H 2008. Cue and Exoil keep 10% each there; Cue stays operator. Subject to documentation and approval.
24 Nov 2006resource reserve update▼ Bad
Cue relays Santos's Jeruk update: upside recoverable oil most likely under 50 million barrels, with appraisal drilling on hold. Cue's Jeruk interest is 7.36%. Duplicates the Santos release of the same day.
24 Nov 2006resource reserve update▼ BadMajor
Santos says Jeruk's upside recoverable oil is most likely under 50 million barrels, down from the earlier under-170 mmbbl view. Further appraisal drilling is on hold pending review of development scenarios and commercial and technical issues.
9 Oct 2006drilling result▼ BadMajor
Wortel-2 is being plugged and abandoned at 1,421 m after finding no reservoir or significant hydrocarbons, a dry appraisal well. Cue says more appraisal drilling is needed and could come before year end, depending on rig availability.
26 Sept 2006drilling spud● NeutralMajor
Wortel-2 appraisal well began drilling 26 September 2006, about 1 km south-east of the Wortel-1 gas discovery. A vertical well to about 1,400 m, expected to take 18 days. Cue holds 13.5%.
29 Aug 2006drilling result▲ GoodMajor
Wortel-1 reached 1,464 m with an initial gross gas column of 141 m in good quality reservoir, above a gas-water contact at 1,383 m. Flow testing is next. A gas discovery 7 km from Oyong; Cue holds 13.5%.
24 Aug 2006drilling progress report● Neutral
Wortel-1 reached 1,247 m and penetrated the top Mundu limestone reservoir at 1,242 m, 56 m deeper than predicted, with gas and fluorescence shows in the mud. The significance of the shows is yet to be determined.
16 Aug 2006drilling spud● NeutralMajor
Wortel-1 began drilling 16 August 2006, about 7 km west of the Oyong field in 42 m of water. It is a vertical well testing the Oyong-equivalent limestone, planned to about 1,500 m in 20 days. Cue holds 13.5% of the PSC.
14 July 2006resource reserve update▼ BadMajor
Santos says Jeruk-3 found an oil/water contact at about 4,760 m, cutting the known oil column to about 145 m from 379 m. Most likely contingent resource is now below the 170 mmbbl estimate from January 2005. Cue holds 7.36%.
3 July 2006drilling scheduled● Neutral
Cue expects to join Jeruk-3, Wortel-1, Jeruk-4, SE Gobe-14 and Masalai-1 (PPL 190, 10.947%, 50 mmbbl potential) wells in the second half of 2006. Wortel-1 is listed with 4 mmbbl or 150+ bcf potential.
30 June 2006drilling spud▲ Good
SE Gobe-14 development well began drilling 29 June 2006, planned to 2,715 m, as an oil producer or water injector, adding an expected 1-2 million barrels gross. The unit boundary is extended south-east with participation factors unchanged. Cue holds 3.29%.
23 June 2006drilling progress report● Neutral
Jeruk-3 sidetrack has a 7 inch liner cemented at 5,085 m measured depth. Drilling continues in 6 inch hole to evaluate the reservoir, with flow testing and coring as required. No new result yet.
21 June 2006drilling result▼ BadMajor
Herbras-1 is being plugged and abandoned at 2,515 m after reaching its main target without significant hydrocarbons, a dry hole. It is Cue's second dry exploration well in weeks after Dukuh-1. Cue holds 13.5% of the Sampang PSC.
19 June 2006drilling result▲ Good
The SE Gobe-13 sidetrack was completed as a water injector, expected to add about 1.75 million barrels of recoverable oil to the field. The rig now moves to SE Gobe-14. Cue holds 3.29% of the unit.
19 June 2006drilling progress report● Neutral
Jeruk-3 sidetrack reached 5,086 m after a second core had oil shows over the recovered portions, then lost returns while drilling ahead. Herbras-1 was at 2,428 m. No final results yet.
26 May 2006drilling progress report● Neutral
Jeruk-3 testing had to restart after a control line pressure loss; Herbras-1 was running casing at 574 m, planned to reach 2,700 m in 30 days. No new result.
24 May 2006drilling spud● Neutral
Herbras-1 exploration well began drilling 24 May 2006, about 70 km east of Jeruk in 24 m of water, a vertical well testing a four-way dip closure. Cue holds 13.5% of the PSC.
18 May 2006drilling result▼ BadMajor
Dukuh-1 is being plugged and abandoned after failing to find significant hydrocarbons, a dry hole. The rig moves to the Herbras-1 exploration well. Cue holds 13.5% of the PSC.
12 May 2006drilling progress report● Neutral
Jeruk-3 was about to cut core at the top of the Kujung; Dukuh-1 was at 2,685 m. SE Gobe-13 is being sidetracked east after hitting thrust faults and missing the target reservoir.
6 Apr 2006drilling spud● NeutralMajor
Dukuh-1 exploration well began drilling 5 April 2006 in the Sampang PSC, about 10 km south of Jeruk, to test a four-way dip closure to 3,200 m. Cue holds 13.5% of the PSC.
4 Apr 2006drilling spud● Neutral
SE Gobe-13 began drilling 30 March 2006 as a follow-up to the SEG-11 and SEG-12 wells, planned to reach 2,200 m in about 35 days. Cue holds 3.29% of the unit.
22 Mar 2006drilling result▲ GoodMajor
SE Gobe-12 found a 25.8 m net oil column under a 25.4 m gas column, and is being completed as a producer. Oil is expected mid-April 2006 at 1,500-2,000 barrels a day, a good follow-up to the earlier SEG-11 success.
17 Mar 2006drilling progress report● Neutral
Jeruk-3 reached what is interpreted as the top of the Kujung objective at 4,960 m and is pulling out to run logs before casing and continuing evaluation. No result yet.
