Past year: ▼ 5%(9.90c – 14.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 Dec 2011investor presentation● Neutral
December presentation repeats the growth vision. Market cap A$152m at 22c, cash A$55.8m at 30 November. The board now lists the four Todd-nominated directors (Moore, Dibb, Young, King), implying they were elected at the AGM (inference). 2011 oil forecast cut to 390,000 barrels from 420,000.
24 Nov 2011agm notice● Neutral
Chairman's AGM address reviews 2011: record 984,000 boe production, A$19.1m profit and A$52.8m cash. Wortel first gas is due late December or early January; SE Gobe gas could flow via PNG LNG from June 2012. Two Mahakam Hilir wells are planned within three months.
24 Nov 2011investor presentation● Neutral
AGM presentation repeats known figures: market cap A$160m at 23.5c, cash A$68m, 120 Bcf gas and about 3 mmbbl oil. It notes Maari disappointed while Oyong and SE Gobe performed well. Mahakam Hilir drilling is slated for December. No new announcements.
9 Nov 2011asset acquisition disposition● NeutralMajor
Cue decided to raise its WA-360-P interest from 30% to 37.5% after the permit's renewal, leaving MEO as operator with 62.5%. It cited the permit's prospectivity and the small spending needed over three years; Rankin Trend also gave notice of withdrawal.
8 Nov 2011joint venture update● Neutral
MEO says Moby's Rankin Trend will also leave WA-360-P, so after renewal MEO holds 62.5% and Cue 37.5%. The renewal application was lodged on 31 October. This follows Petrobras's September exit.
4 Nov 2011production update▲ Good
Sampang PSC update: Wortel gas development is on schedule and budget at US$105.1m (Cue share US$15.8m). First gas is expected late December 2011 or early January 2012. Cue's net share should reach about 2,700 boepd from January 2012, funded from cash.
2 Nov 2011joint venture update● Neutral
Zeus 3D survey acquisition was completed on 31 October. The WA-361-P group (Cue 15%) buys 323 sq km, which meets the year-2 work commitment. Processed data is now expected in early May 2012, versus Q2 2012 earlier.
26 Oct 2011quarterly activities report● Neutral
September quarter: cash up 28.5% to A$67.9m, debt cut 20% to A$4.1m, and revenue receipts A$13.8m. Mahakam Hilir approval received, with drilling due December. Maari production fell short again on pump failures. Cue's WA-360-P interest is to rise to 30%, subject to partners continuing.
18 Oct 2011agm notice● Neutral
Notice of the 24 November 2011 AGM. Items include re-electing Koroknay, a performance rights plan, and lifting the non-executive director fee pool to A$700,000. Todd Petroleum, a substantial shareholder, nominates four new directors (Moore, Dibb, Young, King).
4 Oct 2011farm in farm out completion▲ GoodMajor
Indonesian regulator approved Cue's 40% of the Mahakam Hilir PSC, clearing the June farm-in. Cue pays about US$4m of past costs by end October from cash. Naga Selatan (20 mmbbl oil) and Naga Utara (80 Bcf gas) prospects are to be drilled, targeting a first spud before end-2011.
29 Sept 2011annual report● Neutral
Cue's 2010/11 annual report repeats results already released: revenue A$59.67m, net profit A$19.1m, cash A$52.8m and debt A$5.1m. It restates the aim of a market value above A$1bn. The excerpt shows no new events.
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.
19 July 2011quarterly activities report● Neutral
June quarter: cash up 12% to A$52.8m, debt down to US$5.4m, revenue receipts A$14m. Maari pump scale problems persist. Wortel targets first gas late 2011; Mahakam Hilir drilling expected in the 4th quarter 2011.
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%.
29 Apr 2011quarterly activities report● Neutral
March quarter: cash up 17% to A$47.4m, debt down to US$6.8m, and PRL14 granted over the Bilip, Iehi and Cobra PNG discoveries. Maari output was below forecast due to pump problems; Cue withdrew from T/37P and T/38P.
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 2011quarterly activities report▲ Good
December quarter: revenue up 24% to A$14.4m, cash up 14% to A$40.6m, debt down 18% to about US$8m. Woodside's US$5m was received in January; Cash-Maple sale is expected in Q1 2011. Wortel added 14 Bcf net to Cue.
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.
