Past year: ▼ 5%(9.90c – 14.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 July 2014listing compliance notice● Neutral
Cue will delist from the NZX and Port Moresby exchanges after trading on 26 August 2014, citing minimal trading there. Shareholders can still trade through the ASX listing. Future dividends would be in Australian dollars.
25 July 2014director officer appointment● Neutral
Stuart Brown, a geologist with Woodside and Shell experience, joined the board from 24 July 2014. The board is now four non-executive directors. Completes the two replacements promised after Moore's exit.
25 July 2014admin correction● Neutral
Revised release of the Stuart Brown appointment, correcting details of his career history (e.g. Woodside to 2012, Shell UK from 1993). No change to the appointment itself.
24 July 2014drilling spud● NeutralMajor
Whio-1 spudded 23 July 2014 in PEP 51313, 4.5 km from the Maari platform, planned depth 2,879m. Mean unrisked prospective resource is 18 million barrels (100%). Cue (14%) is free-carried by OMV. Matches the expected ~May spud, slightly later.
30 May 2014director officer appointment● Neutral
Rowena Sylvester appointed a director from 30 May 2014. She has earlier senior Treasury roles at Ampolex and Optus Vision. First of the two replacement directors Cue said it was recruiting.
16 May 2014director officer appointment● Neutral
Director Paul Moore resigned effective 15 May 2014, citing his workload as Chief Executive of Todd Energy, Cue's largest holder (27.1%). The board falls to two directors, and Cue says it is recruiting two new directors.
29 Apr 2014quarterly activities report● NeutralMajor
March quarter: revenue A$8.89m, cash A$43.32m, no debt. Maari development drilling has begun with Ensco 107, expected to add 550 bopd net to Cue. Cue is starting a sale process for its PNG assets and testing farmout of Mahakam Hilir with the operator.
31 Mar 2014investor presentation● Neutral
March/April 2014 presentation: cash A$50.1m, no debt, market cap A$90.76m at 13c. Cue says it is assessing acquisitions of production or near-development projects and farm-downs or exits of existing acreage. Largely repeats known strategy.
12 Mar 2014investor presentation● Neutral
March 2014 presentation restates the plan: Ensco 107 on location April 2014 for Maari development (4 producers, 1 injector), Whio-1 around May, Te Kiri North-1 in Q4. Cue says development is expected to double production by 2015. Farm-outs of WA-359-P and Mahakam Hilir under way.
7 Mar 2014other● Neutral
S&P Dow Jones index rebalance notice for the S&P/ASX indices. No substance specific to Cue in the text provided.
21 Feb 2014director officer appointment● Neutral
Director Timothy Dibb resigned effective 20 February 2014 to take a senior role overseas. He joined in November 2011; the board falls to three directors, with no replacement mentioned.
20 Feb 2014half year report▼ Bad
Half-year to December 2013: loss of A$1.14m against a A$3.22m profit a year earlier; production income fell 48% to A$14.78m because Maari was shut for repairs. Cash over A$50m, no debt, no dividend. Manaia-2 described as an oil discovery.
3 Jan 2014drilling result▼ BadMajor
Naga Utara-2 sidetrack reached 1,847m and is being plugged and abandoned. Hydrocarbon indications were judged insufficient to justify testing, and hole condition prevented pressure and fluid sampling. Disappointing result for Cue's 40%; future exploration decision pending.
20 Dec 2013drilling progress report● Neutral
Naga Utara-2 was successfully sidetracked around the stuck pipe and is drilling at 1,676m toward a revised total depth of 2,078m. Next report due 3 January 2014.
19 Dec 2013production update▲ GoodMajor
Maari field restarted after a 145-day shut-in, with all wells back online by 17 December at about 11,600 barrels a day. Cue's share of repair cost is about US$4m, much expected from insurance; about 42,000 barrels net deferred. Resolves the Maari restart thread.
13 Dec 2013drilling progress report▼ Bad
Attempts to free the stuck drill string failed and it was cut at 1,482m. The operator is preparing to sidetrack around the obstruction. Second mechanical problem after the Naga Utara-1 difficulties.
6 Dec 2013drilling progress report▼ Bad
Naga Utara-2 drill string became stuck at 1,817m because of the formation; recovery operations are under way. A setback for the Mahakam Hilir well in which Cue holds 40%.
28 Nov 2013drilling progress report● Neutral
Naga Utara-2 is at 1,559m, drilling ahead in the final 8½ inch section toward a proposed total depth of 2,065m after casing was set at 1,497m. No results yet.
22 Nov 2013drilling progress report● Neutral
Naga Utara-2 reached 1,500m, the end of this hole section, and logs were run; 9⅝ inch casing is being set. No results yet.
15 Nov 2013drilling result● NeutralMajor
Manaia-2/2A is being plugged and abandoned as planned. Mangahewa results were in line with expectations; Moki oil samples were taken, but fluid analysis is ongoing, so no oil volume is yet confirmed. Last weekly report.
15 Nov 2013drilling progress report● Neutral
Naga Utara-2 is at 1,340m, drilling ahead after 13⅜ inch casing was set at 1,019m. Cue holds 40%. No results yet.
8 Nov 2013drilling progress report● Neutral
Naga Utara-2 reached 1,019m (section depth), logs run, preparing to run 13⅜ inch casing. No results yet.
8 Nov 2013drilling progress report● Neutral
Manaia-2/2A reached total depth of 2891m on 4 November and is being logged. Elevated gas readings and oil fluorescence were seen in the Mangahewa Formation. Significance to be evaluated.
8 Nov 2013drilling progress report● Neutral
Partner Horizon Oil (10%) says Manaia-2/2A met its drilling objectives, with oil indications in Moki samples and cores. Mangahewa data will help optimise a planned additional development well. Mostly repeats Cue's own reports; analysis continues.
1 Nov 2013drilling progress report● Neutral
Naga Utara-2 is at 879m, drilling ahead; 478m progress for the week. No results yet.
1 Nov 2013drilling progress report● Neutral
Manaia-2 was sidetracked at 2005m after a cement plug and renamed Manaia-2A. It is drilling toward a deeper planned depth of 2886m. Potential is stated as at least 11 million barrels gross.
25 Oct 2013drilling progress report● Neutral
Naga Utara-2 stands at 398m after casing and blowout preventer tests; preparing to drill ahead. No results.
25 Oct 2013drilling progress report● Neutral
Manaia-2 casing was cemented, but debris at the bottom halted drilling at 2008m; the debris has been cleared and drilling ahead toward 2,850m is being prepared. Minor setback.
18 Oct 2013drilling progress report▲ Good
Manaia-2 logging finished; oil-indicating fluid samples and oil-stained cores were recovered from the Moki Formation, with analysis ongoing. Operator is preparing to run 9 5/8 inch casing. Early encouraging signs, not yet a confirmed result.
18 Oct 2013drilling progress report● Neutral
Naga Utara-2 is at 398m, opening the hole ahead of running casing. Routine early-stage drilling with no results yet.
