Past year: ▼ 5%(9.90c – 14.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
24 Jan 2018quarterly activities report● Neutral
December 2017 quarter: revenue A$5.5m (down from A$6.29m), cash A$11.3m, no debt. Sampang gas-only conversion completed on time and budget; Paus Biru-1 approved for Q4 2018; MN1 workover lifted that well's output about 200%. Beach farm-in signed.
27 Dec 2017drilling scheduled▲ GoodMajor
The Sampang joint venture approves the Paus Biru-1 exploration well, planned for Q4 2018 to 650 metres, with Santos operating. Cue holds 15%. The well follows earlier 2018 and 2019 timing hints. If successful, it would add reserves and extend field life.
14 Dec 2017director officer appointment● Neutral
Director Duncan Saville resigns after approval of O.G. Oil & Gas's partial takeover offer for New Zealand Oil & Gas, Cue's majority shareholder. CFO Melanie Leydin is appointed director until a permanent replacement is found.
13 Dec 2017farm in farm out agreement● Neutral
BP's option over 42.5% of WA-359-P is extended again, to 25 April 2018, with a possible further six months. Cue plans to apply to suspend and extend the permit, which expires 25 April 2018. Cue retains 36.5% uncommitted equity.
29 Nov 2017farm in farm out agreement▲ GoodMajor
Beach Energy agrees to take 21% of WA-359-P, free-carry Cue for 4% of the Ironbark-1 well and reimburse A$900,000 of past costs. It also gets an option over 7.5% of WA-409-P. With BP's option, 75% of well funding is conditionally secured.
29 Nov 2017farm in farm out agreement▲ Good
Beach Energy's own release confirms the binding WA-359-P farm-in (21%, A$900,000 plus 4% of Cue's well cost) and the WA-409-P call option to 31 July 2019. Conditions include BP exercising its option and a permit extension beyond 25 April 2018. Repeats Cue's announcement.
27 Nov 2017investor presentation● Neutral
AGM operations update largely repeating known points: Maari at 8,500-9,000 bopd, Sampang gas-only conversion due December, Paus Biru-1 in final approval. Says Cue estimates a 25% chance of success at Ironbark, and the April 2018 drilling commitment will need an extension.
25 Oct 2017quarterly activities report● Neutral
September 2017 quarter: cash A$11.7m (A$12.4m prior), no debt; receipts A$6.3m, down 19%. Maari permanent platform repairs were completed; Sampang gas-only conversion is 87% complete. BP option extended to December; Mahakam Hilir farm-out talks continue.
12 Oct 2017regulatory community update▲ Good
Regulator approved a 24-month suspension of WA-389-P's Year 4 work commitment, to October 2019, and extended the permit to October 2020. This delivers the suspension Cue said it would seek in August; a Year 5 well decision is not needed until October 2019.
4 Oct 2017farm in farm out agreement● Neutral
BP's option over 42.5% of WA-359-P, due to expire 25 October, is extended to 11 December 2017. Exercise would fund 50% of the Ironbark well; Cue is still seeking more partners for a 2018 well. This is a further extension of the earlier deadline.
28 Sept 2017other● Neutral
Corporate governance checklist (Appendix 4G) lodged with the annual report, pointing to the governance statement on the website. Administrative only; no new business information.
28 Sept 2017annual report● Neutral
2016/17 annual report repeating the preliminary results: A$100m-plus losses over two years, cash down from A$27m (June 2015) to about A$12m, overheads cut to about A$2m a year. Chairman expects production cashflow to exceed operating costs.
13 Sept 2017investor presentation● Neutral
Conference presentation repeating known facts: A$35m FY17 revenue, ~1,600 boepd, A$12.4m cash, no debt, market cap about A$44m. New detail: Maari platform permanent repairs completed August 2017; Paus decision targeted early 2018, drilling 2019.
29 Aug 2017annual report● Neutral
FY17 loss was A$17.3m, down 80.1% from A$86.8m in FY16, on revenue of A$35.0m (down 22.9%). Cash ended at A$12.4m with no debt. Management says admin costs are about A$2m a year and operations should be cashflow positive in FY18.
11 Aug 2017asset acquisition disposition● NeutralMajor
Cue becomes operator and 100% holder of WA-389-P as BHP Billiton withdraws, lifting its interest from 40%. Cue sees Triassic gas leads similar to Ironbark and plans to seek suspension of the permit year before deciding on a Year 5 well commitment.
25 July 2017quarterly activities report● Neutral
June 2017 quarter: cash fell A$8.9m to A$12.4m, mainly from the US$6.8m Jeruk payment; no debt. Oyong oil production ceased in June under the Sampang project, and a Mahakam Hilir farm-out was started. Maari permanent repair is scheduled for the third quarter.
16 June 2017director officer appointment● NeutralMajor
From 1 July 2017 Matthew Boyall, Commercial Manager since 2013, becomes permanent CEO on A$300,000 base. Worner reverts to non-executive chairman. CFO Andrew Knox leaves after 22 years; Melanie Leydin becomes CFO/Company Secretary. Resolves the interim CEO question.
26 May 2017farm in farm out agreement● Neutral
Cue extends BP's option over 42.5% of WA-359-P from May to 25 October 2017. International companies are in the data room, and the extra time lets reprocessed 3D seismic be included. Exercise would fund 50% of the Ironbark well; the partner search is still unresolved.
23 May 2017other▼ BadMajor
Cue paid US$6.8m to settle a Sampang Jeruk project reimbursement dispute, active since late 2011 and decided by arbitration. US$4.6m had been accrued; the remaining US$2.2m is expensed. A cash outflow for shareholders.
21 Apr 2017quarterly activities report● Neutral
March 2017 quarter: cash A$21.4m, no debt; the A$1.5m fall is attributed partly to a one-off A$1.5m payment for Ironbark seismic data. Maari ran about 10,000 bopd at quarter end. A gas appraisal well opportunity identified in north Mahakam Hilir; Cue seeks a partner.
24 Feb 2017half year report▼ Bad
Half to December 2016: loss of A$12.44m, including a A$6.39m Maari impairment and A$2.31m loss from discontinued US operations. Production income fell 29% to A$18.1m, though gross profit rose 12% to A$6.5m. Cash A$22.9m.
24 Jan 2017quarterly activities report● Neutral
December 2016 quarter: cash rose to A$22.9m with no debt; receipts A$9.0m. Maari was shut in 24 Nov to 12 Jan and restarted at 9,500 bopd gross. Pine Mills sale completed and BP's WA-409-P approval recapped; WA-359-P partner search continues.
12 Jan 2017production update▲ GoodMajor
Operator OMV says Maari restarts this week after the platform strut crack was clamped and the water injection flowline replaced. A permanent repair is likely by mid-2017. Ends the shut-in that began 23 November 2016.
20 Dec 2016farm in farm out completion▲ GoodMajor
The regulator approved BP taking 80% and operatorship of WA-409-P, completing the 13 October 2016 deal. BP funds Cue's 20% share of the work for 3 years. Cue is still seeking partners for WA-359-P to drill Ironbark in 2018.
8 Dec 2016other● Neutral
Updated securities trading policy covering insider trading rules, closed periods and approval for trades. Administrative only; no new business information.
25 Nov 2016other● Neutral
Chairman says Cue was not sustainable before the June strategy reset and low oil prices still hurt profit. Further overhead cuts are planned, from A$4.4m to about A$2.5m a year by end of FY2017, with restructuring costs expected to be funded by savings.
24 Nov 2016production update▼ BadMajor
Operator OMV shut in Maari and began de-manning the platform after a 1.4 m fatigue crack was found in a wellhead platform strut. OMV says there is no risk to people or the environment. The shutdown was due 5 December anyway for the water injection repair; restart date not given.
24 Nov 2016agm notice● Neutral
AGM chairman's address: Worner and Saville stand for election, and Brian Smith retires from the board. Recaps FY16 and the three-part strategy, saying the BP farm-out was the outcome of the Ironbark process. Cash has fallen from A$59m in FY13 to A$20.5m.
24 Nov 2016investor presentation● Neutral
AGM presentation repeats the three-part strategy: overheads cut from A$7.2m to A$4.4m, Sampang project in 2H 2017, Ironbark estimated at 15 Tcf with BP farm-in. Notes a Bormindo rig 3 contracted for Naga Selatan-2 and a possible Mahakam Hilir farm-out in 1H 2017.
10 Nov 2016asset acquisition disposition● NeutralMajor
Cue sells its 80% interest in the Pine Mills field in Texas, plus its operating subsidiary, land and a workover rig, to Mosman Oil and Gas for US$975k. Partners have a 20-day pre-emption option; completion expected by end-2016. Delivers the planned US exit.
