Past year: ▼ 5%(9.90c – 14.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
22 Oct 2015quarterly activities report● Neutral
September 2015 quarter: receipts A$10.57m (oil at US$51 a barrel), cash A$26.61m, no debt. Naga Selatan-2 spud slipped from November to early January 2016. Maari is at ~16,000 bopd, with the workovers started in August. Ironbark farm-out data room planned for Q4.
7 Oct 2015annual report● Neutral
Re-lodgement of the 2014/15 annual report, now 105 pages and adding a shareholder information section. Content matches the version lodged on 29 September, with the same A$40.05m profit and A$27.6m cash.
29 Sept 2015annual report● Neutral
Full 2014/15 annual report lodged, repeating the previously announced results: net profit A$40.05m, cash A$27.6m, no debt, and 698,119,720 shares. Naga Selatan-2 is still planned for Q4 2015. No new figures.
29 Sept 2015admin correction● Neutral
Appendix 4G, the corporate governance checklist, lodged with the annual report. It says the governance statement is on pages 22-31 and is current at 29 September 2015. Administrative only, with no new business information.
2 Sept 2015investor presentation● Neutral
Good Oil Conference presentation repeating known facts: A$38m FY15 production revenue, A$27m cash, no debt, and the Ironbark farm-out (15 Tcf best estimate, Ironbark-1 well est. US$50-60m). NZOG holds 48.11%, Singapore Petroleum 16.19%. Naga Selatan-2 due Q4 2015.
25 Aug 2015regulatory community update▲ GoodMajor
The regulator approved a 12-month suspension of the WA-359-P Year 3 well commitment, now due by October 2016. Cue estimates its Ironbark prospect holds more than 15 Tcf of unrisked gas (Cue's own estimate). A farm-out has started, and a review of other Carnarvon permits is planned.
17 Aug 2015annual report▲ Good
FY2015 net profit after tax A$40.05m (versus a A$2.17m loss), driven by a A$36.02m non-cash gain on acquiring Mahakam Hilir, partly offset by an A$18.01m Maari impairment. Production revenue was A$37.67m, cash A$27.60m, no debt, no dividend. Naga Selatan-2 is planned to spud in November 2015.
29 July 2015director officer appointment● NeutralMajor
After King and Young were removed, the board elected Paul Foley chairman. Koh Ban Heng, former CEO of Singapore Petroleum Co, joined as a director. The board is now five non-executives, with CEO David Biggs continuing in management.
29 July 2015agm notice▼ BadMajor
At the 29 July extraordinary general meeting, shareholders voted to remove chairman Geoffrey King, director Andrew Young, and any directors appointed since 28 May 2015. All three resolutions passed, with about 341-344 million votes for and 21-25 million against. This resolves NZOG's requisition.
24 July 2015quarterly activities report● Neutral
June 2015 quarter: revenue receipts A$11.67m, oil sales at US$72 a barrel, and cash A$27.55m with no debt. Maari growth drilling is finished, and the Pine Mills purchase is finalised. Naga Selatan-2 is now planned for Q4 2015, and a farm-out of the WA permits has begun.
7 July 2015production update▲ GoodMajor
Maari Growth Project completed, with the fourth well, MR10, flowing about 2,000 bopd and lifting field output to about 16,500 bopd. A workover campaign planned from August 2015 aims to reach 20,000 bopd. Cue holds 5%. Completes the programme begun with MR8A.
5 June 2015asset acquisition disposition▲ GoodMajor
Cue is buying an 80% operated stake in the Pine Mills oil field in Texas from Gale Force Petroleum for US$2m cash plus carrying US$1m of costs over four years. It produces about 90 bopd and adds roughly 300,000 barrels of 2P reserves. It is Cue's first operated production and first US asset.
29 May 2015other▼ BadMajor
Cue received a requisition from NZOG for a general meeting to vote on removing chairman Geoffrey King, director Andrew Young, and any directors appointed from 28 May 2015. This escalates NZOG's push for board control after the takeover bid.
22 May 2015production update▲ Good
Maari well MR7A began producing on 18 May at a provisional 1,500-2,000 bopd. Field output is now about 15,000 bopd, with Cue holding 5%. Rig now drilling MR10, continuing the Maari growth programme.
29 Apr 2015quarterly activities report● Neutral
March 2015 quarter: revenue receipts A$7.07m and cash A$30.09m (from A$37.10m), with no debt. MR6A is producing about 7,000 bopd and MR7A is drilling. Ironbark prospect identified in Cue's 100%-owned WA permits, with a farm-out sought.
13 Apr 2015director officer appointment● NeutralMajor
After NZOG reached 48.11% in its takeover bid, three of its nominees (Paul Foley, Peter Hazledine, Brian Smith) joined Cue's board on 13 April. Rowena Sylvester resigned, citing other commitments. The board now has six directors, with Geoffrey King still chairman.
27 Mar 2015business combination● Neutral
Cue's fifth supplementary Target's Statement calls NZOG's suggestion that it could cause Cue to seek ASX delisting highly misleading, saying that decision would rest with Cue's board acting for all shareholders. Directors continue to unanimously recommend rejecting the A$0.10 offer, which closes today.
26 Mar 2015business combination▼ Bad
NZOG says it now holds or has acceptances for 45.46% of Cue, all at A$0.10. It says only one other holder has over 5%, and that it may review Cue's ASX listing and seek board seats in proportion to its stake.
26 Mar 2015farm in farm out completion▲ GoodMajor
Indonesian government approval received for Cue's farm-in to the Mahato PSC from Bukit, giving Cue a 12.5% interest. Two wells are planned for 2H 2015, with Cue's share of costs for the wells and seismic capped. This resolves the pending-approval thread.
25 Mar 2015business combination▼ BadMajor
Cue's fourth supplementary Target's Statement says it understands NZOG's rise to 41.55% reflects Zeta accepting with about 12.7%. Todd and Zeta supply about 40 of NZOG's 41.95%, with only 1.95% from others. PetroChina's subsidiary (~16%) has not accepted.
24 Mar 2015production update▲ GoodMajor
Maari growth well MR6A began producing on 21 March at about 7,800 bopd gross, from a 4,577m horizontal well. Field output is about 14,000 bopd, with Cue holding 5%. MR7A is now drilling, continuing the programme begun with MR8A.
23 Mar 2015business combination▼ BadMajor
NZOG says it holds or has acceptances for 41.55% of Cue, all at A$0.10, and urges shareholders to accept. It warns the share price may fall back toward 8.5 cents after the offer ends on 27 March. The stake has jumped from about 27%.
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.
