Past year: ▼ 5%(9.90c – 14.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 Nov 2012director officer appointment▼ BadMajor
CEO Mark Paton resigned. The CEO he succeeded, who set the A$1bn market cap vision, leaves after about 20 months (per the later quarterly), ending that growth-strategy thread's leadership. Text here is only a cover page, with no further detail.
18 Oct 2012resource reserve update▲ Good
Partner Horizon Oil's independent audit puts Maari and Manaia remaining gross 2P-type (P50) oil reserves at 88.4 mmbo as at 1 August 2012. Cue holds 5% of PMP 38160. This is Horizon's release, not Cue's; Cue's own booking is not stated.
12 Oct 2012annual report● Neutral
A second lodgement of the 2011/12 annual report (83 pages versus 96 earlier) repeating the same results: revenue A$44.27m, net profit A$5.7m, cash A$33.7m. Its text states an aim of a market cap above A$1bn and stakes of 30-50%. No new information.
1 Oct 2012annual report● Neutral
2011/12 annual report: revenue A$44.27m, net profit after tax A$5.7m, cash A$33.7m, debt free. Oil output fell to 279,107 barrels from 500,923. Chairman says cash flow funds the plan for five years at current oil prices; SE Gobe gas sale talks near completion.
6 Sept 2012investor presentation● Neutral
September deck updates figures: cash A$33.7m at 30 June, no debt, 698,119,720 shares, market cap A$118m at 16c. 2P oil reserves fall to 2.3 mmbbl from 2.7 and gas to 114.5 Bcf from 118 Bcf. Maari production ~12,000 bopd gross.
31 Aug 2012annual report▼ Bad
FY2012 preliminary results: production income A$41.2m (2011: A$52.5m), net profit after tax A$5.7m (2011: A$19.1m), cash A$33.7m, debt free. Oil volumes fell from 0.5m to 0.3m barrels on reservoir decline and Maari pump problems; Wortel gas began. Mahakam Hilir appraisal drilling planned Q1 2013.
9 Aug 2012investor presentation● Neutral
Cue released an OMV presentation on Phase 2 development of Maari and Manaia in 2013, where Cue holds 5%. It shows planned wells and water injection work, subject to final investment decision and rig availability. No new commitment.
19 July 2012investor presentation● Neutral
Noosa conference presentation repeats known figures: cash A$42.3m at 31 March, no debt, 2.7 mmbbl oil and 118 Bcf gas. Market cap is A$118m at 17c, down from A$153m at 22c in May. Repeats the >A$1bn vision.
29 June 2012drilling result▼ BadMajor
Naga Selatan-1 found gas shows and possible hydrocarbons in several sandstones, but poor hole conditions stopped fluid evaluation and it will be plugged and abandoned. No commercial discovery proven; the 40%-Cue JV will study data and plan 12 months of work.
28 June 2012drilling result▼ BadMajor
Banambu Deep-1 reached 4,696m and hit its primary and secondary sandstone targets as predicted, but both were water-bearing. The well will be plugged and abandoned. A dry hole for the free-carried 35% interest, ending the up-to-1.5 Tcf hope.
27 June 2012drilling progress report● Neutral
Naga Selatan-1 reached TD of 8,300 ft on 20 June and wireline logging is under way. Cue will report once results are evaluated. No results yet, continuing the earlier hydrocarbon indications.
26 June 2012drilling progress report● Neutral
Banambu Deep-1 was drilling ahead at 4,560m on 26 June in the 8½-inch hole toward the primary Intra Mungaroo target, planned TD about 4,712m. Routine progress; no results yet.
20 June 2012drilling progress report● Neutral
Banambu Deep-1 was at 4,134m on 20 June and the drill assembly was being pulled to run casing. The 8½-inch hole to the primary target comes next. Routine progress; no results yet.
20 June 2012drilling progress report▲ Good
Naga Selatan-1 reached TD of 8,300 ft, deeper than the planned 6,500 ft, because of hydrocarbon indications between 6,000 and 8,000 ft. Wireline logging will evaluate it. A hopeful sign, not yet a discovery.
13 June 2012drilling progress report● Neutral
Banambu Deep-1 was at 2,573m on 13 June after 13 3/8-inch casing was cemented at 2,563.6m. Drilling continues toward 4,155m, then the target section. Routine; no results.
13 June 2012drilling progress report● Neutral
Naga Selatan-1 was at 7,741 ft on 12 June, drilling toward a planned 8,000 ft TD. Routine progress; no results. The contact list now names David Whittam as exploration manager in place of Terry White.
6 June 2012drilling progress report● Neutral
Naga Selatan-1 was drilling at 6,984 ft MD on 5 June, heading for a planned TD of 8,000 ft. Routine progress; no results.
6 June 2012drilling progress report● Neutral
Banambu Deep-1 was drilling at 2,527m on 6 June, with surface casings set. Planned depth is about 4,712m. Routine progress; no results yet.
31 May 2012drilling progress report● Neutral
Naga Selatan-1 was at 6,852 ft on 30 May, with intermediate logs being acquired. Planned TD has been raised to 8,000 ft from 6,500 ft. No results stated.
30 May 2012drilling spud▲ GoodMajor
Banambu Deep-1 spudded on 29 May in WA-389-P, with Cue free carried at 35% (Woodside 25%, BHP Billiton 40%). Cue estimates up to 1.5 Tcf of recoverable gas. Drilling takes about 50 days. A significant exploration well; a gas discovery would be material.
23 May 2012drilling progress report● Neutral
Naga Selatan-1 had 9⅝-inch casing set at 5,000 ft and was drilling at 5,475 ft on 22 May, heading for 6,500 ft. Routine progress; no results.
22 May 2012investor presentation● Neutral
ASX Small to Mid Caps Conference presentation repeats known reserves, cash A$42.3m and no debt. Market cap is A$153m at 22c, down from A$188m at 27c in the earlier May deck. No new announcements.
16 May 2012drilling progress report● Neutral
Naga Selatan-1 reached 5,000 ft MD on 15 May and wireline logs were run and are being evaluated. Casing is next, then drilling to 6,500 ft. No results given.
9 May 2012drilling progress report● Neutral
Naga Selatan-1 was drilling at 2,776 ft MD on 8 May in the 12¼-inch section. Routine progress; no results.
9 May 2012investor presentation● Neutral
May presentation repeats known figures: 2.7 mmbbl oil and 118 Bcf gas, A$42.3m cash, no debt, 698.1m shares. Market cap is A$188m at 27c. Shows the Maari appraisal well now Q4 2012 rather than Q1 2013.
7 May 2012farm in farm out agreement▲ GoodMajor
Woodside has agreed to farm BHP Billiton into WA-389-P for a 40% interest, with BHP paying up to a capped amount for 100% of Banambu Deep drilling. Cue stays at 35% (Woodside falls to 25%), subject to Cue's pre-emptive rights and approvals. Cue sees it as an endorsement.
2 May 2012drilling progress report● Neutral
Naga Selatan-1 reached 1,556 ft by 1 May; logs were run and 13 3/8-inch casing is being set. Routine progress with no results.
27 Apr 2012drilling scheduled▲ Good
Banambu Deep-1 in WA-389-P (Woodside operator, Cue 35%) is expected to start drilling mid-May, to 4,800m in about 60 days. Woodside carries Cue's costs. Confirms the well expected for Q2 2012; it targets a gas prospect.
26 Apr 2012drilling progress report● Neutral
Naga Selatan-1 was at 768 ft on 25 April, with 20-inch casing set at 227 ft. Routine early progress; no results yet.
17 Apr 2012drilling spud● NeutralMajor
Naga Selatan-1, an oil prospect in the Mahakam Hilir PSC (Cue 40%, SPC operator 60%), was expected to spud on 17 April. Planned depth is 6,500 ft, about 33 days, then 15 days of evaluation. Follows the disappointing Naga Utara-1.
