Past year: ▼ 5%(9.90c – 14.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
29 Jan 2019quarterly activities report● Neutral
December 2018 quarter: cash A$20.99m, no debt, A$7.11m received from sales. Shareholders approved the NZOG farm-in on 8 January. Paus Biru-1 plan of development studies are underway. A Grati compressor failure will lower March quarter Sampang output.
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.
13 Nov 2018drilling progress report▲ Good
Wireline logs at Paus Biru-1 show increased confidence in hydrocarbons in several Mundu zones. Three drill stem tests, expected to take about two weeks, will assess whether they can flow. No test results yet.
5 Nov 2018drilling result▲ Good
Paus Biru-1 reached 710m, deeper than the planned 650m, with elevated gas readings and positive reservoir signs on logs through the Mundu Formation. Wireline testing has begun. Encouraging, but flow rates are not yet known.
30 Oct 2018director officer appointment● Neutral
Non-executive director Koh Ban Heng resigns with immediate effect. He held no Cue securities. No reason is given in the announcement.
30 Oct 2018director officer appointment● Neutral
CEO Matthew Boyall's fixed pay rises to A$360,000 plus super from 1 October 2018, with a 30% target bonus and a long-term equity incentive of 50% of salary. The board cites benchmarking, performance and retention.
30 Oct 2018investor presentation● Neutral
AGM presentation by the CEO restating FY18 results and the 26 October Ironbark agreements with NZOG, BP and Beach. Says Paus Biru drilling is ongoing. No new information.
26 Oct 2018farm in farm out agreement▲ GoodMajor
Cue agrees to sell 15% of WA-359-P to majority holder NZOG, which also carries 2.85% of Cue's well costs and pays A$642,600 of past costs. NZOG gets a 5.36% option in WA-409-P. Ironbark-1 is now fully funded for early 2020, subject to a vote by shareholders other than NZOG.
26 Oct 2018farm in farm out agreement▲ Good
BP's option over 42.5% of WA-359-P is extended from 25 October 2018 to 25 April 2019. Funding for 75% of the Ironbark-1 well remains conditionally secured, with talks continuing on the rest. This resolves the option expiring that day.
26 Oct 2018joint venture update▲ GoodMajor
Cue, BP, Beach and NZOG sign a conditional agreement to form a joint venture to drill Ironbark-1, with BP as operator. Cue would keep 21.5% with US$11.3m of carried funding, paying the rest from escrowed cash. Completion is targeted for Q2 2019.
23 Oct 2018quarterly activities report● Neutral
September 2018 quarter: cash up to A$20.86m, no debt, with A$6.86m received from sales. Santos's Asian assets sale to Ophir has completed. Maari wells were worked over and Naga Selatan-2 was plugged and abandoned. Mahato extension is still pending.
19 Oct 2018drilling spud● NeutralMajor
Paus Biru-1 operations began 18 October 2018 with the conductor installed; drilling expected within 24 hours. The Sampang PSC well targets Mundu reservoirs and should reach 650m in about two weeks. Cue holds 15%; the well will be plugged and abandoned in all outcomes.
17 Oct 2018annual report● Neutral
2017/18 annual report: A$7.74m profit and cash of A$16.98m, already reported. Chairman McGregor calls Ironbark central to strategy and says funding options for Cue's share of the well are being explored. Paus Biru-1 due later this year.
13 Sept 2018investor presentation● Neutral
Good Oil Conference presentation repeating known facts: FY18 profit A$7.7m, cash up 37% to A$17m, no debt, Ironbark 15 Tcf prospect. Paus Biru-1 is now stated as due to spud by November 2018.
24 Aug 2018annual report▲ Good
Results release repeating the annual report: A$7.74m profit, revenue A$24.55m, cash up 37% to A$16.98m, no debt. Ironbark-1 still needs funding for 25% of the well cost if BP and Beach complete. Paus Biru-1 due to spud in late October.
24 Aug 2018annual report▲ Good
FY18 profit A$7.74m against a A$17.3m loss the year before, though revenue fell 29.9% to A$24.55m after Oyong oil ended. Cash rose to A$16.98m with no debt. Paus Biru-1 is expected to spud in late October 2018.
24 Aug 2018annual report● Neutral
Appendix 4G confirming the FY18 corporate governance statement is on Cue's website and approved by the board. Administrative filing with no new operational or financial information.
9 Aug 2018regulatory community update▲ GoodMajor
Regulator approves a 12-month suspension and extension of WA-359-P to 25 April 2019, clearing the permit expiry risk. Ironbark-1 is targeted for 2019. BP's option and the Beach deal remain unexercised; 25% of well cost is still unfunded.
26 July 2018quarterly activities report● Neutral
June 2018 quarter: cash up to A$16.98m, no debt. Maari's Manaia Moki appraisal is deferred, and Horizon bought Todd's 16%, lifting it to 26%. Santos is selling its Asian assets including Sampang to Ophir. Paus Biru-1 targets Q4 2018.
27 Apr 2018quarterly activities report▲ Good
March 2018 quarter: revenue A$6.71m (up 22%) on higher oil price and liftings, cash A$13.4m, no debt. Maari multiphase pumps installed. Mahato exploration period ends July 2018, with penalty exposure up to US$8m if it lapses. WA-359-P decision still pending.
24 Apr 2018director officer appointment● NeutralMajor
Grant Worner retires as chairman and director after two years. Alastair McGregor, a New Zealand Oil & Gas director and O.G. Oil & Gas chief executive, becomes chairman, with Peter Hood as lead independent director. Leadership now sits with Cue's majority holder.
17 Apr 2018farm in farm out agreement● Neutral
BP's option over 42.5% of WA-359-P is extended six months to 25 October 2018. Cue has applied to suspend and extend the permit, which expires 25 April 2018. 75% of Ironbark-1 funding remains conditionally secured; the rest is still unfunded.
12 Apr 2018director officer appointment● Neutral
Rebecca DeLaet, a long-time Ofer Global Group finance executive, joins the board as a non-executive director, proposed by NZOG, and takes no fees. Adds to the board changes made in February.
23 Feb 2018director officer appointment● NeutralMajor
Six new non-executive directors join the board, proposed by 50.04% holder New Zealand Oil & Gas, four of them its own directors who take no fees. Melanie Leydin steps off the board but stays CFO and company secretary. NZOG's board control is now stronger.
20 Feb 2018half year report▲ Good
Media release repeating the half-year result: A$3.4m profit, administration costs down 63% to A$1.3m, A$11.34m cash and no debt. Notes 75% of Ironbark-1 funding is conditionally secured. No new information.
20 Feb 2018half year report● Neutral
Full interim financial report behind the half-year result: A$3.44m profit, A$11.34m cash. Mahakam Hilir work-program deferral talks continue and Mahato's permit is due to expire July 2018. Oyong-9 upper-zone test was successful. Auditor review attached.
20 Feb 2018half year report▲ Good
Half-year to December 2017: profit A$3.44m versus a A$12.44m loss a year earlier, though revenue fell 29.6% to A$12.75m. Administration costs fell 63% to A$1.3m. Cash A$11.34m, no debt, no dividend.
