Past year: ▼ 5%(9.90c – 14.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 Mar 2015business combination● Neutral
Chairman's letter says only 0.44% of shares, apart from Todd's remaining 7%, had accepted, leaving NZOG near 27.4%. It suggests the bid's real aim was Todd's stake (an inference by the board). It keeps the reject advice and flags coming announcements on onshore and producing-asset acquisitions.
18 Mar 2015business combination● Neutral
Cue's third supplementary Target's Statement answers NZOG's second supplementary bidder's statement, repeating that Grant Samuel's A$0.117–0.152 range is above the A$0.10 offer. Directors continue to unanimously recommend rejection. No new information.
13 Mar 2015business combination● Neutral
Cue's second supplementary Target's Statement rejects NZOG's claim that Grant Samuel's report errs on head-office cost savings. Grant Samuel defends its method, and Cue restates the A$0.117–0.152 control-basis value against the A$0.10 offer.
10 Mar 2015asset acquisition disposition▲ GoodMajor
Cue completed buying SPC Mahakam Hilir Pte Ltd, taking the Mahakam Hilir PSC in Kalimantan from 40% to 100%. It estimates the Naga Selatan-2 oil prospect could hold 25 million barrels recoverable, with a well planned for Q3 2015, Cue's first as drilling operator.
2 Mar 2015business combination▲ GoodMajor
Cue's first supplementary Target's Statement cites the A$13.8m half-year profit against the A$69.8m equity value implied by the bid. It attaches Grant Samuel's report, which finds the offer neither fair nor reasonable, valuing a share at A$0.117–0.152 on a control basis.
26 Feb 2015half year report▲ Good
Half-year to 31 December 2014: production income A$18.64m (up 26% on A$14.78m) and profit after tax A$13.75m versus a A$1.14m loss. The profit includes a A$5.83m gain on the PNG sale and a A$5.02m foreign exchange gain. Maari uptime drove higher revenue.
24 Feb 2015business combination● Neutral
Cue's formal Target's Statement, with directors unanimously recommending shareholders reject NZOG's A$0.10 offer as too low. It formalises the board's 12 February position; the visible text does not give the detailed reasons beyond that.
23 Feb 2015business combination● Neutral
NZOG's formal Bidder's Statement for its A$0.10 cash on-market offer, unconditional and open until 27 March 2015. It says the price will not be raised without a competing proposal and the offer is unlikely to be extended. Shareholders accept by selling on the ASX.
12 Feb 2015business combination▼ BadMajor
Cue's board recommends shareholders reject NZOG's A$0.10 on-market bid, calling it a premium of only 11.1% to the A$0.09 prior close. It notes cash of A$37m (A$0.053 a share), no debt, and says NZOG may change Cue's strategy. Grant Samuel is preparing an expert report.
12 Feb 2015business combination● NeutralMajor
NZOG, already holding 19.99%, launched an unconditional on-market cash takeover offer for Cue at A$0.10 per share, open until 27 March 2015. It follows the December stake purchase from Todd at the same price. Shareholders can sell on the ASX at that price.
23 Jan 2015investor presentation● Neutral
Chairman's letter on the oil price fall (Brent from about US$100 to under US$50) and NZOG's 19.99% stake. Says roughly 70% of December-quarter revenue is gas, commitments are funded from cash, and four onshore wells are planned for 2015. Unclear on NZOG's intentions.
24 Dec 2014asset acquisition disposition▲ GoodMajor
Cue sold its PNG portfolio (PDL3, SE Gobe, PRL9, PRL14) to National Petroleum Company of PNG for US$7m cash, effective 20 November. Completes the sale process and removes a potential well commitment of up to US$10m. Proceeds are said to well exceed book value.
22 Dec 2014other● NeutralMajor
New Zealand Oil & Gas (NZOG) bought 19.99% of Cue from Todd at 10 cents a share, A$13.96m total. NZOG cites Cue's 5% Maari interest as a good fit. Todd's stake, previously 27.1%, is the one sold, so Cue gains a new large holder.
2 Dec 2014production update▲ GoodMajor
First Maari Growth Project well, MR8A, began producing on 28 November at about 2,000 bopd gross (100 bopd to Cue's 5%), ramping toward 4,500 bopd. Five wells are expected by mid-2015. Delivers the first output from the development drilling.
26 Nov 2014director officer appointment● Neutral
Dugald Morrison, Zeta's nominee, withdrew his consent to stand as a director a day before the AGM. This ends Zeta's attempt to get a board seat, so the four-person board stays unchanged.
21 Nov 2014farm in farm out agreement▲ GoodMajor
Cue farmed into the Mahato PSC, onshore Central Sumatra, taking a 12.5% interest from Bukit, subject to government approval. Two wells are planned for 2015 with Cue's cost share capped; terms are confidential. Adds to the Indonesian onshore push after Mahakam Hilir.
19 Nov 2014other● Neutral
Chairman's pre-AGM letter restates growth strategy and defends the board against Zeta's nominee. Discloses a conditional PNG sale that would remove a $10m well obligation, and says Manaia-2 results are still under review while Naga Utara-2 and Whio were unsuccessful.
21 Oct 2014asset acquisition disposition● NeutralMajor
Cue agreed to buy SPC's 60% of Mahakam Hilir PSC, lifting its interest from 40% to 100% and becoming operator, subject to government approval. Resolves the farmout thread by going the other way: it will drill the Naga Selatan-2 oil prospect in 2015, and may farm down later.
20 Oct 2014other● Neutral
Zeta withdrew its own nomination over the conflict concern raised by Cue; Cue awaits more information on how a Zeta nominee would add value. Chairman restates acquisition strategy and flexible funding, and offers to meet Zeta on 5 November.
10 Oct 2014other● Neutral
Chairman rejects Zeta Energy's request for two board seats, citing its roughly 9% holding held under two weeks and a possible conflict of interest. Says the board is well advanced on confidential acquisition opportunities. Board open to revisiting in 12 months.
10 Oct 2014annual report● Neutral
Full 2013/14 annual report, re-lodged 10 October with the already-released results: A$34.0m production revenue, A$40.6m cash, no debt, 698m shares. Notes the Ensco 107 rig drilling Maari wells. Text is truncated, so no new substance is visible.
26 Sept 2014annual report● Neutral
2013/14 annual report with full accounts, repeating the already released results: A$34.0m production revenue, A$2.2m net loss, A$40.6m cash and no debt. Text provided is truncated, so no new substance is visible.
10 Sept 2014investor presentation● Neutral
RIU Good Oil presentation restates known facts: cash A$40.6m, no debt, 698m shares, and seeking new production and onshore exploration. Says Maari drilling should add 12 mmbbl gross and double daily production in 2015.
26 Aug 2014drilling result▼ BadMajor
Whio-1 reached 2,824m total depth and is being abandoned. It found sandstones in all objectives but could not confirm commercial hydrocarbons. A disappointing exploration result, though Cue (14%) was free-carried by OMV.
26 Aug 2014annual report▼ Bad
Preliminary results for year to June 2014: production revenue A$34.0m (A$49.8m), net loss after tax A$2.2m versus A$6.4m profit, because Maari was shut five months. Cash A$40.6m, no debt, no dividend.
22 Aug 2014drilling progress report● Neutral
Whio-1 at 2,670m, nearing planned depth of 2,879m. Preliminary indications suggest reservoir-quality sandstones in the targeted formations, to be assessed by wireline logs at total depth. No hydrocarbons reported.
18 Aug 2014director officer appointment● Neutral
Jeff Schrull appointed Exploration Manager, with 25 years' experience including Addax Petroleum and Chevron. He replaces David Whittam in that role on Cue's listed management.
15 Aug 2014drilling progress report▼ Bad
Whio-1 at 1,582m. The upper targets (Whio A, M2A, Upper Moki) are water-bearing, a negative sign; the deeper Mangahewa, Kaimiro and Farewell targets remain to be tested.
8 Aug 2014drilling progress report● Neutral
Whio-1 reached 1,235m, ran and cemented 13⅜-inch casing, and is preparing to drill the next section. No new geological result.
1 Aug 2014drilling progress report● Neutral
Whio-1 was drilling ahead at 1,049m in 16-inch hole on 1 August. Routine first weekly update with no new result; Cue remains free-carried.
