Past year: ▼ 5%(9.90c – 14.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
22 July 2010quarterly activities report▲ Good
June quarter: revenue up 19% to A$16.4m and cash up 24% to A$29.4m. Oyong oil ran about 84% above forecast, Maari output is rising after pump repairs, and the Kimu sale is confirmed. Wortel decision is still expected around end of Q3.
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.
13 July 2010joint venture update● Neutral
MEO buys Gascorp's 15% of WA-361-P for US$1m, lifting MEO from 35% to 50%. Cue's 15% in the permit is unchanged. The permit is in its final exploration year and MEO plans to apply for renewal.
28 June 2010farm in farm out completion▲ Good
Australia's foreign investment regulator (FIRB) has no objection to Petrobras taking 50% of WA-360-P, clearing a key hurdle flagged earlier. Other permit-transfer approvals are still underway. Artemis-1 is planned for later in 2010; Cue stays at 15%.
25 June 2010asset acquisition disposition▲ GoodMajor
Cue agrees to sell its 10.72% PRL8 interest (Kimu gas field) in PNG for US$5.14m cash, by selling its subsidiary Omati Oil. The buyer is unnamed; completion expected late July/early August 2010. Cue keeps SE Gobe, PPL 190 and Barikewa, with Barikewa-3 now targeted for Q2 2011.
10 June 2010joint venture update● Neutral
MEO, the WA-360-P operator, buys a further 5% of the permit from Moby's subsidiary for US$7m cash, lifting MEO to 25% after the Petrobras deal. Cue's 15% and its free carry on Artemis-1 (late 2010) are unchanged.
3 May 2010investor presentation● Neutral
May 2010 presentation largely repeats April's: cash A$23.6m at 31 March, 693.3m shares, market cap A$208m at 30 cents. It lists Artemis-1 drilling in 3Q/4Q 2010 and Caterina drilling in 2011. No new information is visible.
27 Apr 2010farm in farm out agreement▲ GoodMajor
Woodside agrees to farm into Cue's 100% WA-389-P, holding the Caterina prospect, for 65% and operatorship. It pays Cue's back costs up to US$5m, the new 1,440 sq km 3D seismic and the first well. Cue keeps 35%; subject to documentation and approvals.
21 Apr 2010investor presentation● Neutral
April 2010 presentation repeats known facts: cash A$23.6m, loan US$14.3m, 693.3m shares, market cap A$187m at 27 cents. Reserves are as at 31 Dec 2009. No new announcements are visible in the readable text.
20 Apr 2010quarterly activities report● Neutral
March quarter: revenue A$13.74m, cash A$23.6m. Oil is hedged at US$86/bbl for 15,000 bbl a month from May to December. Wortel's final investment decision slips to around end of Q3 2010, first gas Q4 2011.
15 Apr 2010drilling progress report● Neutral
Acquisition has begun of the Matariki 3D seismic survey in PEP 51313, offshore Taranaki, covering 204 sq km of 3D plus about 80 km of 2D. It should take about three weeks. Cue holds 20%; Todd operates.
14 Apr 2010farm in farm out agreement▲ GoodMajor
MEO signed a binding WA-360-P farm-in with Petrobras: Petrobras earns 50% by funding the first well up to US$41m, with MEO keeping 20%. Subject to FIRB approval. Cue stays at 15%, free carried on Artemis-1, which is planned for late 2010.
14 Apr 2010joint venture update▲ Good
Moby welcomes the Petrobras farm-in to WA-360-P and has agreed that integrated LNG is a permitted development and to commit its gas to it. Artemis-1 is planned for late 2010. Moby keeps 15%.
24 Mar 2010joint venture update▼ Bad
Cue says the changes sought to the WA-360-P joint operating agreement disadvantage Cue and its shareholders. Cue is still negotiating. Cue's 15% free carry in Artemis-1 is unchanged. This identifies Cue as the holdout on the farm-in side agreements.
