Past year: ▼ 5%(9.90c – 14.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
13 Feb 2009drilling result▼ BadMajor
Pressure tests confirmed the Zeus-1 target sands are water bearing, and MEO calls the result disappointing. The well is being plugged and abandoned. This is a dry hole for the 15% Cue-held permit, whose cost was carried by RDI. MEO plans a WA-360-P farm-out from Q2.
13 Feb 2009drilling result▼ Bad
Cue relays MEO's confirmation that pressure tests show the Zeus-1 primary sands are water bearing and the well is being plugged and abandoned. Cue holds 15%, free carried.
12 Feb 2009drilling result▼ Bad
Wireline logs show two good-quality sands over 143m in Zeus-1, but both appear largely water bearing. Pressure testing and sampling will check the tops, and the well will then be plugged as planned.
11 Feb 2009drilling result● Neutral
Cue relays MEO's 11 February update: Zeus-1 is at 3,642m with elevated gas readings over about 44m of Legendre, the secondary Forestier target is not prospective, and more logging is to follow.
11 Feb 2009drilling result● Neutral
Zeus-1 reached total depth of 3,642m. About 44m of possible reservoir in the Legendre showed elevated gas readings, though resistivity was inconclusive. The shallower Forestier target lacked reservoir. Further logging will decide whether movable gas is present.
10 Feb 2009drilling progress report● Neutral
Zeus-1 reached 3,290m after about 6 days lost to weather, with the main Legendre target and total depth expected within 24 hours. No result yet.
4 Feb 2009regulatory community update● Neutral
Regulators approved work program variations for WA-359-P and WA-360-P, moving the exploration well commitments out to permit years starting February 2010 or later. Cue holds 20%, subject to the 2009 drill-or-drop decision. This confirms the extension already announced.
4 Feb 2009drilling progress report● Neutral
Cue's weekly Zeus-1 report repeats that the well reached 2,380m, 5.5 days were lost to weather and a seal failure, and the rig is de-manned for another tropical low. No new result.
3 Feb 2009drilling progress report● Neutral
Zeus-1 reached 2,380m. About 5.5 days were lost to Cyclone Dominic and a blowout preventer seal failure. The rig is being secured again ahead of another tropical low.
28 Jan 2009drilling progress report● Neutral
Cue's weekly Zeus-1 report repeats that casing is set at 1,874m and the rig is being re-manned after Tropical Cyclone Dominic. No new result.
27 Jan 2009drilling progress report● Neutral
Casing was set at 1,874m on Zeus-1. The rig was moved off location on 25 January to avoid Tropical Cyclone Dominic and was being re-manned. No new result.
21 Jan 2009drilling progress report● Neutral
Cue's weekly Zeus-1 report: the well was at 1,480m and drilling ahead on 21 January, planning to set casing at 1,885m. No new result.
20 Jan 2009drilling progress report● Neutral
MEO reports Zeus-1 drilling ahead at 1,020m on 20 January, heading for a planned total depth of about 3,630m. No new result.
19 Jan 2009drilling spud▲ GoodMajor
Zeus-1 spudded on 17 January 2009 in WA-361-P, with the 30-inch casing cemented at 271m. Cue holds 15%, free carried. This is the long-awaited multi-Tcf exploration well, now underway.
16 Jan 2009drilling progress report● Neutral
The Songa Venus rig arrived at the Zeus-1 location on 16 January and began running anchors, with drilling expected over the weekend. RDI pays 80% of well costs up to US$31.25m. Cue holds 15%.
8 Jan 2009drilling scheduled● Neutral
MEO expects to take over the Songa Venus rig on 8 January, with Zeus-1 spudding about 17 January. Pre-drill potential is put at about 15 Tcf gas-in-place in the main target plus 3.7 Tcf in a shallower one. Cue holds 15%.
2 Jan 2009material agreement termination● Neutral
RDI's options over MEO's Timor Sea projects (NT/P68 and related) lapsed unexercised on 31 December 2008 because it did not list. This does not affect Cue directly. RDI still pays 80% of Zeus-1, up to US$31.25m; rig handover is expected about 8 January.
23 Dec 2008farm in farm out agreement● NeutralMajor
MEO secured a 12-month extension to its drill-or-drop options on WA-359-P and WA-360-P, from 1 January 2009, in return for more seismic. It is seeking farm-in partners for 2010 wells. Cue holds 20%. Zeus-1 rig handover slipped to about 5 January.
16 Dec 2008drilling scheduled▼ Bad
MEO says the Songa Venus rig is delayed about a week by a tropical low near its current well, now expected to be released around 29 December. Zeus-1, in which Cue holds 15%, was due to spud in December and will now start later.
11 Dec 2008drilling progress report▼ Bad
The West Triton rig could not jack up at the Spikey Beach-1 location in T/38P, so Beach moved it to Fermat-1. The partners are considering a return to Spikey Beach-1 afterwards. Cue's subsidiary holds a carried 10%.
5 Dec 2008drilling progress report● Neutral
Horizon Oil reports conductor installation at Maari is complete and Ensco 107 is preparing to drill the first three production wells. First oil is still expected around mid-February 2009. Cue holds 5%. No change to the schedule.
2 Dec 2008farm in farm out agreement▼ BadMajor
RDI's options to farm into WA-359-P and WA-360-P lapsed after its IPO was deferred. This undoes part of the MEO farmout, though MEO expects replacement partners. RDI still funds 80% of Zeus-1, now due to spud in December; Cue stays at 15%.
26 Nov 2008investor presentation● Neutral
AGM presentation by the CEO restating the portfolio, reserves and growth plan, with shareholder data. It shows a market capitalisation of A$88m and cash of A$19.1m at 30 September. Largely repeats known facts.
26 Nov 2008investor presentation● Neutral
Updated AGM presentation replaces the earlier version. The market cap now shows about A$72m, down from A$88m, and UOB Kay Hian's holding is shown as 14.78%. Otherwise it repeats known facts.
11 Nov 2008joint venture update▲ Good
The ENSCO 107 rig was positioned next to the Maari platform on 9 November. First oil is now expected around mid-February 2009, later than the earlier year-end 2008 expectation. The plan is 5 oil and 3 water injection wells, and Cue holds 5%.
6 Nov 2008investor presentation● Neutral
November presentation restates the portfolio, reserves and the goal of a market capitalisation above A$500m. It shows a market cap of about A$87m and cash of A$17.5m at 30 September. Largely repeats known facts.
24 Oct 2008annual report● Neutral
Annual Report 2008 repeats the A$11.7m record profit. It forecasts revenue of about A$54.6m in FY2009 and A$75.1m in FY2010, assuming US$80 oil, and Maari reaching 35,000 bopd gross in 2Q 2009. Largely restates known results.
15 Oct 2008drilling scheduled● Neutral
Beach began a three-well Bass Strait and Otway campaign. Spikey Beach-1 in T/38P is second, after PeeJay-1, targeting a P10 of 33 million barrels. Beach earns 80%; Cue's subsidiary holds 10%, carried. Cue is not a party to the other two wells.
2 Oct 2008drilling scheduled▲ Good
The Rose 3D seismic survey finished on 30 September, covering about 1,500 sq km, of which about 450 sq km is in Cue's 100% WA-389-P (earlier stated as 350). Leads may hold multiple TCF of gas; drilling candidates possible 2009/2010.
30 Sept 2008annual report● Neutral
Cover note and extract of the full financial report for the year to 30 June 2008, including the corporate governance statement. The text supplied is truncated, with no financial figures beyond the preliminary results already reported on 1 September.
