Past year: ▼ 5%(9.90c – 14.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
22 Sept 2011joint venture update● NeutralMajor
Petrobras gave notice it will withdraw from WA-360-P, saying MEO's lead does not meet its materiality threshold. Its 50% will go to the remaining partners pro-rata, which would lift Cue's 15% stake. MEO expects to lodge the permit renewal by end of October.
8 Sept 2011joint venture update● Neutral
Seismic acquisition has started on the Zeus 3D survey, part of a planned 1,318 sq km multi-client survey. The WA-361-P joint venture, where Cue holds 15%, is buying 323 sq km. Processed data is due Q2 2012; it meets the year-2 commitment.
7 Sept 2011investor presentation● Neutral
September 2011 Good Oil presentation repeats the growth vision. Market cap A$160m at 23c, cash A$64m. Gas inventory fell to 120 Bcf from 149 Bcf, mainly as Barikewa contingent resource shown at 91 Bcf versus 120 Bcf earlier.
30 Aug 2011joint venture update● Neutral
Operator MEO bought 323 sq km of multi-client 3D seismic in WA-361-P, bringing forward and fulfilling the year-2 commitment of 150 sq km. Data due Q2 2012. Cue holds 15%; a well is required in year 4.
30 Aug 2011annual report▼ Bad
FY2011 net profit after tax fell to A$19.1m from A$27.5m, due to foreign exchange losses, hedge expense and A$2.8m impairment. Oil volumes fell to 0.5m barrels, offset by higher prices. Cash A$52.8m, debt US$5.1m; no dividend.
8 July 2011asset acquisition disposition▲ GoodMajor
The sale of Cue's 20% of AC/RL7 (Cash-Maple) to PTTEP completed and the US$8m was received. Cash now exceeds US$60m. This resolves the sale first agreed in early 2011.
1 July 2011investor presentation● Neutral
July 2011 presentation repeats known figures: cash A$53m, loan US$5.4m, market cap A$188m at 27c, and 2011 forecast of 420,000 barrels of oil and 2.6 Bcf gas. Restates the A$1bn vision; shows Mahakam Hilir. No new announcements.
14 June 2011farm in farm out agreement▲ GoodMajor
Cue agreed, subject to government approvals, to acquire 40% of the onshore Mahakam Hilir PSC in Kalimantan, Indonesia, by refunding 40% of past costs to operator SPC. The PSC has two drill-ready prospects, with drilling planned from the second half of 2011.
10 June 2011other● Neutral
Cue's American Depositary Receipts were accepted for trading on the top tier of the US OTC market, OTCQX. Gives US investors a trading route; no operational or financial change.
6 May 2011joint venture update▲ Good
Apache completed the Zeebries 3D seismic survey in WA-359-P and WA-409-P. Cue holds 30% free carried. If Apache does not commit to a well, Cue gets its original 50% back at no cost. Cue may pay 5% of the well cost to keep 20%.
18 Apr 2011investor presentation● Neutral
April 2011 presentation sets out Paton's growth roadmap: aim for a market value over A$1bn, raise stakes to 30-50% and pursue acquisitions. Shows market cap A$243m at 35c and cash A$47m. Largely restates the earlier goal; no new deals.
5 Apr 2011joint venture update● Neutral
Two Taranaki 2D seismic surveys started: Te Whatu (636 km) in PEP 51313 and Pungarehu in PEP 51149, each taking about 14 days. Cue holds 20% of both; this is exploration data gathering ahead of any drilling decision.
5 Apr 2011joint venture update▲ Good
Woodside finished acquiring the Movida 3D seismic survey in WA-389-P, where Cue holds 35% free carried. This follows Woodside's farm-in and precedes the planned well; Cue sees potential for large gas discoveries.
29 Mar 2011asset acquisition disposition▲ GoodMajor
Cue signed a binding agreement to sell its 20% of AC/RL7 (Cash-Maple) to PTTEP for US$8m, payable when regulatory approvals arrive. This turns the earlier conditional deal into a binding contract.
25 Feb 2011half year report▼ Bad
Half-year to 31 Dec 2010: profit after tax fell 84% to A$1.33m from A$8.4m, on a 33% fall in oil sales, A$3m impairment (Bass Basin withdrawal) and A$3.5m exchange losses. Cash rose to A$40.6m; no dividend.
24 Jan 2011investor presentation● Neutral
January 2011 presentation largely repeats known figures: cash A$41m, loan US$8m, 693.3m shares, market cap A$207m at 30c. Shows Paton joining in February and a stated goal of a company worth over A$1bn. No new announcements.
10 Jan 2011regulatory community update▲ GoodMajor
WA-361-P was renewed for five years from 31 January 2011 after seven blocks were relinquished. Eight blocks remain, requiring 150 sq km of 3D seismic and one exploration well in year 4 of the secondary term. Cue keeps 15%.
6 Jan 2011farm in farm out completion▲ GoodMajor
All approvals received for Woodside to farm into WA-389-P (Caterina). Woodside paid Cue US$5m back costs and became operator with 65%; Cue keeps 35% free carried. Seismic is expected from about February 2011, with a well in late 2011/2012.
30 Dec 2010other● Neutral
Cue publishes its securities trading policy, covering insider trading rules, closed periods around quarterly reports, and approval requirements. Administrative; no change to operations or finances.
29 Dec 2010drilling progress report● Neutral
Artemis-1 was plugged and abandoned and the Songa Venus released on 26 December. This is MEO's final report on the dry well, drilled without environmental incident.
22 Dec 2010drilling progress report● Neutral
Plugging and abandonment of Artemis-1 continued after the rig was de-manned for a tropical low from 14 to 17 December. Rig release was expected over the weekend.
20 Dec 2010material agreement▲ GoodMajor
The Sampang PSC joint venture approved development of the Wortel gas field: US$100m gross (Cue US$15m), first gas around end-2011. This delivers the expected final investment decision; mid-case reserves 118 Bcf gross.
16 Dec 2010director officer appointment● NeutralMajor
Mark Paton, a former BP and BHP Petroleum engineer who co-founded Upstream Petroleum, is appointed CEO from 8 February 2011. He replaces retiring Bob Coppin; the board expects to develop a growth strategy with him.
15 Dec 2010director officer appointment● NeutralMajor
CEO Bob Coppin, with Cue 16 years and CEO for 12, will retire in February 2011. His successor is to be announced separately.
15 Dec 2010joint venture update▲ Good
The Zeebries 3D seismic survey began in late November over WA-359-P and WA-409-P, taking about three months. It is funded by Apache under its farmin, which earns Apache 40% and operatorship. It should define new drillable prospects.
13 Dec 2010drilling result▼ BadMajor
Artemis-1 reached 3,500m and found no hydrocarbons in the target reservoirs; it will be plugged and abandoned. A dry hole for the ~12 Tcf prospect, though Cue's 15% was free carried so it bore no drilling cost.
8 Dec 2010drilling progress report● Neutral
The over-pressured zone in Artemis-1 was stabilised with heavier mud and the hole deepened to 2,976m. 9-5/8 inch casing is being prepared, with drilling expected to resume 10 December.
6 Dec 2010drilling progress report● Neutral
Artemis-1 hit an over-pressured gas zone above the main target at 2,936m and was shut in on 5 December. Crews are circulating heavier mud before running contingent casing and drilling on. Cue is 15% free carried.
6 Dec 2010drilling progress report● Neutral
Cue repeats MEO's 6 December report: Artemis-1 drilled to 2,936m and shut in after an over-pressured gas zone above the main target. Re-release of ref 8 with no new information.
1 Dec 2010drilling progress report● Neutral
Artemis-1 spudded 25 November (Perth time) and reached 1,870m, with intermediate casing cemented. The 12-1/4 inch hole is expected to start 3 December, about 2.5 days from the Calypso reservoir target. Cue's 15% is free carried.
