24 Feb 2006drilling progress report● Neutral
Jeruk-3 was drilling at 3,322 m of a planned 5,512 m; SE Gobe-12 was at 957 m after setting casing. No new results.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
6 Feb 2006drilling spud● Neutral
SE Gobe-12 development well began drilling 4 February 2006 in Papua New Guinea, a follow-up to SEG-11, planned to reach 2,400 m in about 29 days. Cue holds 3.29% of the unit.
24 Jan 2006drilling spud● NeutralMajor
Jeruk-3 appraisal well began drilling 24 January 2006, targeting the Kujung carbonate at about 5,500 m, taking about 90 days. Cue's economic interest in the well is 7.36%, following the Medco restructuring.
5 Jan 2006farm in farm out agreement▲ GoodMajor
Cue transferred 6.818182% of its 15% Jeruk interest to Medco, which cancels 90.9% of the in-kind premium Cue owed (about US$50m of first production) and pays about US$6m of past costs. Cue's Jeruk interest becomes 8.181818%; Sampang stays 15%.