Past year: ▼ 5%(9.90c – 14.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Nov 2010production update▲ Good
Maari production restarted on Saturday 27 November after divers cleaned residual oil from under the FPSO hull. This ended the shut-in that followed the 20 November sheen, which came from the 18 October discharge. Cue holds 5%.
29 Nov 2010material agreement▲ GoodMajor
A gas sale contract was signed to sell all Wortel gas to PT Indonesia Power. Mid-case recoverable gas is 118 Bcf gross (Cue ~16 Bcf, about 140% increase in gas reserves); development cost US$100m gross, Cue's share US$15m. First gas around end-2011.
29 Nov 2010regulatory community update● Neutral
Partner Horizon repeats OMV's advice that Maari production has restarted. Inspections found the 20 November sheen came from residual oil trapped under the FPSO hull from the 18 October discharge. Duplicate of Cue's own release.
25 Nov 2010drilling spud▲ GoodMajor
Artemis-1 in WA-360-P was spudded 24 November; the operator assesses potential at 12 Tcf recoverable gas, and Cue's 15% is free carried. Cue also outlined its Carnarvon programme: Apache seismic (~US$12m), Woodside seismic from ~Feb 2011, about US$60m total work.
24 Nov 2010drilling progress report● Neutral
The Songa Venus rig reached the Artemis-1 location on 23 November, ahead of the expected spud on 24 November. Cue holds 15%, free carried. This confirms the rig tow completed as scheduled.
22 Nov 2010regulatory community update▼ Bad
A roughly 120-litre oil spill from the Maari FPSO on 21 November led operator OMV to shut in production as a precaution. A smaller spill occurred 18 October; the two are not believed related. Cue holds 5% of Maari.
17 Nov 2010drilling progress report● Neutral
Songa Venus rig had covered 28.1% of its tow to the Artemis-1 location by 17 November. Arrival is expected late on 23 November, weather permitting, with spud shortly after. Cue holds 15%, free carried.
16 Nov 2010asset acquisition disposition● Neutral
MEO bought Gascorp's 15% of WA-361-P for US$1m, taking it to 50%, and lodged a renewal application relinquishing 7 of 15 blocks. Cue's 15% in the permit is unchanged; the renewal is still open.
15 Nov 2010drilling progress report● Neutral
Songa Venus rig was handed over to MEO on 14 November and is under tow to the Artemis-1 location, about eight days. Artemis-1 should spud shortly after anchoring. Cue's 15% is free carried.
11 Nov 2010investor presentation● Neutral
AGM presentation from the CEO repeats known assets and figures: cash A$37m at 31 October, loan US$10m, 693.3m shares, market cap A$277m at 40 cents. Gas figures relabelled as contingent resources. No new announcements.
10 Nov 2010drilling scheduled● Neutral
MEO's weekly update moves expected Songa Venus handover for Artemis-1 by a day to about 12 November, followed by a seven-day tow. Routine timing slip.
4 Nov 2010drilling scheduled● Neutral
MEO says Songa Venus rig handover for Artemis-1 is now expected around 11 November, followed by a seven-day tow. Minor timing update; Cue's 15% is free carried.
25 Oct 2010drilling scheduled▲ Good
MEO received the final regulatory approval to drill Artemis-1 in WA-360-P. Rig handover from Shell is now expected around mid-November, with a seven-day tow to the site. Cue's 15% is free carried.
21 Oct 2010farm in farm out agreement▲ GoodMajor
Apache will farm into Cue's 50% of WA-359-P and WA-409-P, funding at least 1,000 sq km of 3D seismic for 40%; Cue drops to 30%, free carried. Apache may earn up to 70% by drilling a well. Cue keeps 15% free carried. This is the farmout that was nearing completion.
21 Oct 2010farm in farm out agreement● Neutral
Partner Moby announces its own farmout of WA-409-P to Apache on the same terms as Cue's, alongside the WA-359-P deal. Subject to regulatory approvals, including a permit variation for WA-359-P. Confirms the Apache deal.
13 Oct 2010production update● Neutral
Cue passes on OMV's statement that Manaia is flowing. OMV says several months of production are needed to establish recoverable reserves and whether more wells are warranted. Confirms the Cue announcement of the day before.
12 Oct 2010production update▲ GoodMajor
Oil production has begun from the Manaia field, flowing at about 4,000 barrels a day through an 8 km well from the Maari platform. This meets the October start-up expected earlier. Cue holds 5%.
11 Oct 2010annual report● Neutral
Full Annual Report 2010 lodged, repeating the record results already reported: production income A$54.7m, net profit A$27.5m, cash A$29.4m (A$38m now), debt US$10m. Maari-area 2P reserves rose 15.8% to 61.2m barrels. No new information.
7 Oct 2010investor presentation● Neutral
October 2010 presentation repeats known facts: cash A$38m at 30 September, loan US$10m, 693.3m shares, market cap A$250m at 36 cents. No new announcements.
30 Sept 2010annual report▲ Good
2010 financial report repeats record results: production revenue A$54.7m, net profit A$27.5m, cash A$29.4m (A$38m currently), debt now US$10m. Maari-area 2P reserves rose 15.8% to 61.2m barrels. WA-359-P/WA-409-P farmout talks are said to be nearing completion.
20 Sept 2010production update▲ Good
Cue passes on OMV's statement that Maari produced its 10 millionth barrel, 18 months after first oil in February 2009. Manaia production start-up and testing is on track for October. Cue holds 5%.
15 Sept 2010farm in farm out completion▲ GoodMajor
Final regulatory approval is received and Petrobras is now registered on title for 50% of WA-360-P, completing the farm-in announced in April. Songa Venus rig handover for Artemis-1 remains on track for early November. Cue stays at 15%, free carried.
9 Sept 2010investor presentation● Neutral
Good Oil Conference presentation repeats known facts: cash A$38m at 31 August, loan US$12m, 693.3m shares, market cap A$200m at 29 cents. No new announcements.
25 Aug 2010admin correction● Neutral
Re-release of the full-year highlights to correct a typo: the Petrobras farm-in is to WA-360-P, not WA-361-P. No new information.
24 Aug 2010investor presentation● Neutral
August 2010 presentation repeats the full-year results and known assets: cash A$29m, loan US$12m, 693.3m shares, market cap A$194m at 28 cents. No new announcements.
24 Aug 2010annual report▲ GoodMajor
Record year to 30 June 2010: production income up 80% to A$54.7m and net profit A$27.5m. Cash is A$29.4m (about A$40m now) and debt is US$12m. No dividend proposed. Woodside and Petrobras farm-ins noted; Wortel decision expected before year end.
10 Aug 2010asset acquisition disposition▲ GoodMajor
Cue completed the sale of its 10.72% PRL8 interest (Kimu gas field) for US$5.14m cash, the buyer being named as Talisman Energy Niugini. This closes the sale announced in June. Cue still holds SE Gobe, PPL 190 and Barikewa.
26 July 2010drilling progress report● Neutral
MEO finished field work for the seabed site survey at the Artemis-1 location in WA-360-P. The report is now being prepared for well planning. Cue holds 15%, free carried.
22 July 2010drilling scheduled▲ GoodMajor
MEO has signed the rig assignment for the Songa Venus to drill Artemis-1 in WA-360-P, with Shell estimating release to MEO between early and late November 2010. This firms up the rig option noted earlier; Cue's 15% is free carried.
19 July 2010farm in farm out agreement▲ GoodMajor
Binding farmin and joint venture agreements were signed with Woodside on 13 July for WA-389-P, which holds the Caterina prospect. Woodside takes 65% and operatorship from 30 July; Cue keeps 35% and US$5m back costs. The work program was varied; completion awaits approvals.
