Past year: ▼ 5%(9.90c – 14.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
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.
11 Nov 2010agm notice● Neutral
All resolutions passed at the 11 November AGM, including adoption of the remuneration report and re-election of director Leon Musca.
11 Nov 2010agm notice● Neutral
Chairman's AGM address: no dividend, as 2011 spending is to be funded from cash and cash flow. Plans to hedge about 25% of 2011 oil at no less than US$93. Cash/Maple sale is conditional and expected soon; Artemis-1 drilling expected to begin next week.
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.
29 Oct 2010quarterly activities report▲ Good
September quarter: revenue A$11.62m, cash up about 22% to A$36m, Kimu proceeds received. Manaia began producing and Apache farmed into WA-359-P and WA-409-P. Artemis-1 spud is expected mid-November; Wortel decision expected shortly. AGM on 11 November.
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.
