Past year: ▼ 5%(9.90c – 14.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
30 Jan 2020quarterly activities report● Neutral
December 2019 quarter: cash A$29.1m, no debt, A$6.8m production revenue, plus a A$650,000 Indonesian tax refund won. Two Mahato wells were drilled, with Cue still disputing the operator's actions. Ironbark-1 Environment Plan public comment closed; drilling still late 2020.
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.
21 Oct 2019quarterly activities report● Neutral
September 2019 quarter: cash A$28.47m, no debt, A$5.2m received from sales. Ironbark-1 site survey is complete. NOPTA deferred the WA-409-P well commitment to October 2022, and BP's cost carry for Cue ended. The Mahato PB-1 rig is mobilising.
23 Sept 2019agm notice● Neutral
ASIC grants an extension to hold the 2019 AGM until 10 December 2019. Cue says this aligns with major shareholder NZOG's meeting and saves travel costs. Administrative.
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.
19 July 2019quarterly activities report▲ Good
June 2019 quarter: cash up 27% to A$26.19m, no debt, A$9.41m received from sales plus A$1.8m Ironbark completion payments. Maari ended at about 7,500 bopd. Ophir, Sampang operator, was acquired by Medco on 21 May 2019. Ironbark-1 is still planned for late 2020.
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.
29 Apr 2019quarterly activities report● Neutral
March 2019 quarter: cash A$20.66m, no debt, A$4.78m received from sales. Maari oil production rose 16%. A final A$0.6m water injection insurance payment arrived, with a A$1.1m Sampang tax payment made. About A$11m is escrowed for Ironbark.
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.
