Past year: ▼ 5%(9.90c – 14.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
27 Oct 2016quarterly activities report▲ Good
September 2016 quarter: receipts A$9.94m (oil US$44/bbl), cash up to A$21.54m, no debt. Maari averaged 10,494 bopd gross; Cue's BP farm-out, WA-409-P renewal and the Sampang life extension are all recapped. Water injection line repair shutdown planned for December.
20 Oct 2016annual report● Neutral
Annual Report 2015/16 repeats the previously released results: net loss A$87.46m, cash A$20.5m, no debt, average production ~2,285 boe/day. Gives a 12-month share price range of 4.8-8.1 cents.
20 Oct 2016other● Neutral
Annual corporate governance statement for FY16 describing board practices. Notes a four-director board and the Executive Chairman acting as interim CEO. No new commercial information.
13 Oct 2016farm in farm out agreement▲ GoodMajor
BP agrees, subject to government approval and due diligence, to take 80% and operatorship of WA-409-P, funding Cue's remaining 20% through three years of work. BP has an option to May 2017 for 42.5% of WA-359-P with 50% of a well funded. Resolves the long Ironbark farm-out search.
12 Oct 2016regulatory community update▲ GoodMajor
WA-409-P renewed for 5 years by the regulator, resolving the open renewal. First three years require 325 km² of seismic reprocessing and studies (about A$2m); a A$50m exploration well falls in year 4. Covers the giant Ironbark prospect.
30 Sept 2016annual report● Neutral
Statutory 2015/16 accounts, expanding on the earlier preliminary result. Notes Naga Selatan-2 appraisal planned for 2017, with a possible farm-down from 100%, Mahato terms still being negotiated, and Ironbark farm-out talks continuing. Pine Mills sale planned for 2H 2016.
30 Sept 2016other● Neutral
Appendix 4G (corporate governance disclosure checklist) cover note only; no new business information in the text provided.
22 Sept 2016material agreement▲ GoodMajor
Sampang joint venture (Cue 15%) approved, subject to government approvals, a project switching Oyong and Wortel to gas-only, extending field life by at least 2 years to 2020 or beyond. It lifts 2P reserves ~17 bcf (37%) and cuts annual production costs from about US$50m (2016) to about US$22m by 2018.
22 Aug 2016annual report▼ BadMajor
Year to June 2016: net loss A$87.46m after impairments (Mahakam Hilir A$40.71m, Mahato A$5.33m, Maari A$25.10m) and a switch to successful-efforts accounting, despite production up 24% to 0.82m boe and revenue up 23% to A$45.41m. Cash fell to A$20.49m; no debt, no dividend.
18 Aug 2016director officer appointment● Neutral
Andrew Knight resigns as a non-executive director and is replaced by Duncan Saville, a director of NZOG, the largest shareholder. Board stays at four, with NZOG-linked representation unchanged.
27 July 2016quarterly activities report● Neutral
June 2016 quarter: receipts A$9.63m (oil US$40/bbl), cash A$20.49m, no debt. Maari mooring upgrade finished on budget; water injection repair deferred to December. Pine Mills divestment to start in the September quarter, and WA-409-P renewal application lodged.
14 June 2016security holder rights change● Neutral
Cue sets up a sale facility for holdings of 7,716 shares or less (under A$500 at 6.48 cents); 1,639 of 4,305 holders qualify. Shares are sold at no less than 5.5 cents unless holders opt out by 1 August 2016. Part of the overhead-cutting plan.
8 June 2016other● NeutralMajor
New board sets strategy: a sustainable business, disciplined growth and step-change opportunities (Ironbark). Overheads to be cut 40% to about A$4.4m a year. Cue will exit US onshore assets and New Zealand exploration acreage, and limit Mahato spending until its legal rights are protected.
4 May 2016regulatory community update▲ GoodMajor
SKK Migas approved a four-year extension of the 100%-owned Mahakam Hilir exploration period to May 2020, with two contingent wells Cue can drill or withdraw from. Cue expects to announce an internal volume estimate for Naga Selatan-2 in the second half of 2016.
22 Apr 2016quarterly activities report● Neutral
March 2016 quarter: receipts A$11.04m (oil US$36/bbl), cash A$22.40m, no debt. Maari ran ~9,000-13,000 bopd during the mooring upgrade and workovers. WA-409-P extended three months to 20 July 2016. Naga Selatan-2 appraisal studies could lead to drilling in 2017.
14 Apr 2016regulatory community update▲ GoodMajor
Regulator approved suspension of the WA-359-P Year 3 well commitment and extended the permit term, both to April 2018, instead of October 2016. Cue holds 100% of the permit containing the 15 Tcf Ironbark prospect; the farm-out continues, giving more time to find a partner.
29 Mar 2016director officer appointment● NeutralMajor
Grant Worner becomes interim Executive Chairman (and CEO) for six months at A$35,000 a month from 23 March 2016. Board cut from five to four directors, with annualised board costs down about 40%. Priorities: producing assets, recent exploration successes, lower overheads.
18 Mar 2016director officer appointment● NeutralMajor
CEO David Biggs, in the role for three years, resigns effective 15 April 2016. A replacement will be announced in due course. Follows the board overhaul two weeks earlier.
4 Mar 2016director officer appointment● NeutralMajor
At NZOG's (48.1%) request, Grant Worner and Andrew Knight (NZOG's CEO) join the board and chairman Foley, Hazledine and Brown resign, without a shareholder vote. Continues NZOG's growing control of the board; the board says it seeks a 'step change' in company size.
26 Feb 2016half year report▼ Bad
Half-year to December 2015: statutory loss A$21.72m after A$27.77m impairments, including A$25.1m on the 5% Maari interest, against underlying profit of A$6.05m. Production income rose 39.6% to A$26.03m; cash A$29.61m. Auditor flags an emphasis of matter on the Mahakam Hilir acquisition accounting.
4 Feb 2016other● Neutral
NZOG (48.1% holder) release pointing to Cue's Naga Selatan-2 announcement. No new information.
3 Feb 2016drilling result▲ GoodMajor
Naga Selatan-2, Cue's first operated well, found 32° API oil in the 100%-owned Mahakam Hilir PSC. It stopped at 1,170 ft, short of the planned 2,240 ft, due to high pressure, and is suspended for production testing. Commercial volumes remain unproven.
22 Jan 2016quarterly activities report● Neutral
December 2015 quarter: receipts A$13.92m (oil US$44/bbl), cash A$29.61m, no debt. Maari fell to ~13,500 bopd from ~16,000. Cue will withdraw from WA-360-P and WA-361-P with no further commitments. Te Kiri North-1 had uncommercial oil shows.
19 Jan 2016drilling result▼ BadMajor
Te Kiri North-1 reached 4,629 m and is being plugged and abandoned. Mt Messenger had shows but low reservoir quality, and the Eocene target came in lower than predicted. It fulfils Cue's remaining permit obligations. Resolves the 20%-interest exploration thread as a disappointment.
19 Jan 2016other● Neutral
NZOG's own release repeating Cue's Te Kiri North-1 update: total depth of 4,626 m and plug and abandon operations begun. No new information beyond the Cue announcement of the same day.
8 Jan 2016drilling spud▲ GoodMajor
Naga Selatan-2 spudded on 7 January 2016 in the Mahakam Hilir PSC, which Cue holds 100% and operates. It is Cue's first operated exploration well, planned to take 15 days to 2,240 ft. This follows the delay from the earlier November 2015 plan.
18 Dec 2015material agreement▼ Bad
The Maari joint venture will upgrade the mooring lines on the Raroa production vessel from February 2016. Cue's share is estimated at NZ$3m (5% interest), with some costs possibly covered by insurance. Cost to Cue is modest, but it adds to Maari spending.
17 Dec 2015drilling spud▲ GoodMajor
Te Kiri North-1 spudded on 16 December 2015 in PEP 51149, onshore Taranaki, with Cue holding 20% and Todd operating. The operator's best-case estimates are 10 mmbbl of oil and ~75 bcf of gas, plus 35 bcf more. About 50 days to reach target depth.
19 Nov 2015agm notice● Neutral
AGM address by chairman Paul Foley recapping the board changes after NZOG's 48.11% stake, FY15 profit of A$40.05m, and that about half of production is gas. The text shown contains no new operating results. The strategy review is cut off in this excerpt.
16 Nov 2015drilling scheduled▲ Good
Rig contracted for Naga Selatan-2 in the 100%-owned Mahakam Hilir PSC, with spud planned early January 2016 to 2,240 ft in 15 days. Cue estimates 37.8 mmstb mean prospective oil at 35% chance of success (earlier context cited 25 mmbbl).
