Past year: ▼ 5%(9.90c – 14.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 Oct 2013annual report▲ Good
2012/13 annual report: production revenue A$49.8m, profit after tax A$6.4m (from A$5.7m), cash A$58.8m, no debt, production 0.93 million boe. Repeats the strategy of 20-40% stakes and flags eight to eleven wells expected over the next 12 months.
11 Oct 2013drilling spud● NeutralMajor
Naga Utara-2 spudded 5 October in Mahakam Hilir (Cue 40%), appraising gas shows at Naga Utara-1 that were not fully evaluated due to mechanical problems. Planned depth is 2,068m over about 62 days. It follows the earlier planned Naga Merah-1 follow-up.
11 Oct 2013drilling progress report● Neutral
Manaia-2 appraisal well (Cue 5%) reached 2005m and is logging. Elevated gas readings and oil fluorescence were seen in the Moki Formation. The programme is now 58 days due to weather and rig repairs. Pre-drill potential is 11 million barrels gross.
8 Oct 2013investor presentation● Neutral
Roadshow deck restates FY13 results: revenue A$49.8m, profit A$6.4m, cash A$58.8m, no debt. It sets a growth target of 5 mmboe of reserve additions by end 2018 through 3-5 wells a year. Targets 20-40% onshore equity.
7 Oct 2013drilling spud● NeutralMajor
Naga Utara-2 spudded on 5 October 2013 in the Mahakam Hilir PSC (Cue 40%). It will appraise gas shows missed at Naga Utara-1 due to mechanical problems, to about 2,068m over roughly 62 days.
4 Oct 2013drilling progress report▼ Bad
Manaia-2 is at 811m after rig problems were resolved. The programme is now expected to take 58 days in total, up from about 30, because of weather and rig repairs.
27 Sept 2013annual report● Neutral
The 2013 annual report repeats the FY13 results: revenue A$49.8m, profit A$6.4m, cash A$58.8m, no debt. It notes departures of Musca and Tweedie from the board, Koroknay's death, and SE Gobe gas sale negotiations near completion.
27 Sept 2013drilling progress report▼ Bad
Manaia-2 is still at 754m. Rig equipment problems and adverse weather have delayed drilling since the last report.
20 Sept 2013drilling progress report● Neutral
Manaia-2 remains at 754m after the 13⅜" casing was run and cemented. It is preparing to drill ahead; no new result.
13 Sept 2013drilling progress report▼ Bad
Manaia-2 is at 754m, preparing to cement 13⅜" casing. Adverse weather suspended operations for a significant period, delaying the 16" hole section.
6 Sept 2013drilling progress report● Neutral
Manaia-2 is at 189m after the 30" conductor was run and cemented without incident. No new result.
3 Sept 2013investor presentation● Neutral
Good Oil Conference deck repeats known facts: market cap A$101.2m at 14.5c, 698,119,720 shares, cash A$58.83m, no debt, and the existing-assets growth strategy. It confirms Maari facility upgrades before Ensco 107 arrives. No new commitments.
2 Sept 2013drilling spud● Neutral
Manaia-2 spudded on 1 September 2013 in PMP 38160, with Cue at 5%. Planned depth is 2,850m over about 30 days, appraising reservoirs that could add 11 million barrels gross to the Manaia field.
2 Sept 2013other● Neutral
Partner Horizon Oil's release of the Manaia-2 spud repeats Cue's announcement. It adds that Horizon holds 21% of PEP 51313, where Whio-1 follows in early 2014.
30 Aug 2013annual report▲ Good
FY13 preliminary results: production revenue A$49.8m (A$41.2m prior), net profit after tax A$6.4m (A$5.7m), cash A$58.8m, no debt. It was the first full year of Wortel gas; eight wells are expected over the next 12 months.
29 Aug 2013production update▼ BadMajor
Maari production remains shut: the FPSO Raroa's swivel bearing failed, so the vessel must go to port, with production resuming around late December 2013. Cue's deferred output is estimated at 50,000 boe, 5.3% of its FY13 production; insurance may cover some costs.
23 Aug 2013drilling scheduled▲ Good
Kan Tan IV arrived in New Zealand and is being towed to Manaia-2, with spud expected within days. The well targets reservoirs that could add 11 million barrels gross; the Maari-Manaia programme is expected to add about 15 million barrels gross.
1 Aug 2013drilling scheduled● Neutral
The Kan Tan IV rig is on a heavy lift vessel to New Zealand. Manaia-2 (Cue 5%) is due to spud in late August; Whio (PEP 51313) follows in Q1 2014, with Cue carried by OMV.
5 July 2013asset acquisition disposition● NeutralMajor
Cue agreed to lift its WA-389-P interest from 35% to 40%, subject to approvals, as BHP Billiton rises to 60% and takes over as operator. A permit renewal application is due by end of July.
1 July 2013drilling scheduled▲ Good
A rig is contracted for Naga Utara-2 in the Mahakam Hilir PSC, where Cue holds 40% (operator SPC 60%). Spud is expected by end September, appraising the 2012 Naga Utara-1 gas discovery, which flowed gas for seven days.
7 June 2013director officer appointment▼ Bad
Non-executive director Steven Koroknay, on the board since November 2008, died suddenly on 6 June 2013. The board is reduced by one; no replacement is mentioned in the text.
31 May 2013director officer appointment● Neutral
Pauline Moffatt, with Cue over 10 years, was appointed Co-Company Secretary with immediate effect. Administrative appointment only; no change to the board or strategy.
18 Apr 2013director officer appointment▲ GoodMajor
David Biggs, formerly 18 years at BHP Billiton Petroleum, was appointed CEO from 22 April 2013 on a A$450,000 base salary. Andrew Young returns to non-executive director after about 5 months as interim CEO, ending the leadership gap since Paton's resignation.
5 Mar 2013investor presentation● Neutral
Interim CEO Young's conference deck repeats known figures: market cap A$91m at 13c, cash A$44.4m, no debt. It sets out a strategy of converting resources to reserves, reviewing exploration and expanding acreage, with a focus on onshore. No new announcements.
26 Feb 2013director officer appointment● Neutral
Richard Tweedie formally resigned as a director effective 25 February 2013. He joined the board in 1997 and was chairman from August 2001 to November 2012. Geoffrey King is chairman.
26 Feb 2013half year report● Neutral
Half-year to December 2012: production income rose to A$28.39m from A$19.98m, helped by Wortel gas, but profit after tax fell to A$3.22m from A$3.93m. Cash is A$44.39m, no debt, no dividend.
4 Feb 2013contract award▲ GoodMajor
OMV, for the Maari partners, contracted the jack-up rig ENSCO 107 for a nine-month multi-well Maari campaign expected to start in Q4 2013. Cue holds 5% of Maari, and is fully carried by OMV on the Whio well. This firms up the previously uncertain Maari appraisal drilling.
12 Dec 2012asset acquisition disposition▲ GoodMajor
Cue won a 20% interest in a new Taranaki Basin permit, PEP 54865, next to PEP 51313 and the Maari field; Todd holds 80% and operates. The 5-year permit covers 2,475 sq km and includes 285 sq km of 3D seismic in the first 30 months.
29 Nov 2012farm in farm out agreement▲ GoodMajor
Cue and partners farmed out 30% of PEP 51313 to OMV, which funds 100% of the first well on the Whio prospect, about 4 km from Maari. Cue's interest falls from 20% to 14%, subject to approval. Drilling is expected from Q4 2013.
15 Nov 2012investor presentation● Neutral
AGM presentation repeats known figures: market cap A$94.3m at 13.5c, 698,119,720 shares, cash about A$38m, no debt, 2P oil 2.3 mmbbl and gas 114.5 Bcf. Maari appraisal drilling is now planned for Q4 2013. No new commitments.
