Past year: ▼ 5%(9.90c – 14.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
22 Mar 2010joint venture update▼ Bad
MEO says one of four WA-360-P parties refused to sign side agreements the farminee requires, so the farm-in is unsigned. MEO is preparing to re-open the farm-in. MEO says it will still drill Artemis-1, with a rig option for Sept-Dec 2010.
22 Mar 2010joint venture update● Neutral
Moby says it supports the farminee's requested agreements and that Artemis-1 will be drilled by Q4 2010. Its 15% free carry is unaffected. This implies Moby was not the party that refused to sign (inference).
12 Mar 2010investor presentation● Neutral
March 2010 corporate presentation: cash A$25.3m at 1 March, project loan US$16.95m, 693.3m shares, market cap A$146m at 21 cents. It repeats the known asset and reserves picture. No new announcements are visible in the readable text.
3 Mar 2010production update▲ GoodMajor
Oil production has started from the M2A well (MR9) at Maari, with flow testing continuing for several days. M2A holds P50 oil-in-place of 33.6 million barrels. This ends the delay flagged earlier; Cue holds 5%.
26 Feb 2010half year report▲ Good
Half-year to 31 Dec 2009: revenue A$30.9m (up 72%) and net profit A$8.4m, against a A$16.7m loss a year earlier. Growth came mainly from Maari oil and Oyong gas starting. No dividend proposed.
11 Feb 2010joint venture update● Neutral
MEO says the WA-360-P farminee's legal review is advanced, but binding agreements are still unsigned, later than expected. Two rig options are identified for Artemis-1 in 2H 2010. Cue keeps its 15% free carried interest.
20 Jan 2010quarterly activities report▲ Good
December quarter: revenue A$12.1m, cash A$18.1m. Wortel's development plan was approved (2P 103 BCF gross, first gas now second half 2011). Manaia now starts in the first quarter. Cue expects to finalise a WA-389-P farm-out in first quarter 2010.
8 Jan 2010drilling result● Neutral
The 60 km Barikewa 2D seismic survey in PRL9 (Cue 14.894%) is complete. The data will be used to site a Barikewa-3 well, expected in 2011. Resource size remains highly uncertain until the data is interpreted.
4 Jan 2010farm in farm out completion● NeutralMajor
With MEO dropping out of WA-359-P, Cue's interest rises from 20% to 50% and it resumes as operator, with Exoil holding the other 50%. Cue now has more of a permit whose lead MEO judged too risky to drill.
4 Jan 2010joint venture update▼ Bad
MEO let its WA-359-P drill option lapse and will hand back its 60% interest, saying the Hephaestus lead was not de-risked enough to fund a well. The interest returns to original farmors Cue and Exoil equally.
21 Dec 2009joint venture update▲ Good
MEO says its farminee has board approval to complete the WA-360-P farm-in, subject to Australian approvals. MEO has triggered the well option, targeting Artemis-1 (about 12 Tcf mean prospective resource) in the second half of 2010. Cue keeps 15%.
21 Dec 2009farm in farm out agreement▲ GoodMajor
MEO has irrevocably committed to drill Artemis-1 in WA-360-P, which could hold 12 Tcf of recoverable gas. Cue keeps 15% with a free carry through the well. This resolves the open question of whether the permit would be drilled.
21 Dec 2009production update● Neutral
Operator OMV says the drilling rig has left Maari, which has produced over five million barrels since February 2009. M2A and Manaia-1 are now expected to start in the first quarter of 2010, later than M2A's earlier year-end target. Cue holds 5%.
16 Nov 2009joint venture update● Neutral
MEO says its preferred WA-360-P farminee, a major international company, has agreed all commercial terms. Binding deals now wait for its board in mid-December and Australian approvals, slipping from before MEO's 18 November AGM. Cue keeps 15%.
12 Nov 2009agm notice● Neutral
All AGM resolutions passed, including re-election of Tweedie and Koroknay and the remuneration report. Resolution 4, raising the non-executive director fee pool, had far fewer votes cast and a sizeable against vote.
12 Nov 2009investor presentation● Neutral
CEO's AGM presentation largely repeating the October corporate presentation: cash A$18.8m, 692.7m shares, project updates and gas inventory. No new announcements are visible in the readable text.
12 Nov 2009agm notice● Neutral
Chairman's AGM address: 2010 revenue forecast of about A$55m excluding M2A and Manaia, with up to 25% of 2010 output to be hedged at US$85 or more. Wortel moves to design work; Caterina in WA-389-P could hold up to 11 Tcf in place.
9 Nov 2009drilling progress report● Neutral
A 60 km 2D seismic survey has started over the Barikewa gas field in PRL9 (Cue 14.894%), due to finish by mid January 2010. It is meant to site a Barikewa-3 well expected in 2011. The field's size remains very uncertain.
30 Oct 2009quarterly activities report● Neutral
September quarter: revenue A$12.2m (up 320%), cash A$18.8m after the A$9.6m raise. Maari oil is now expected to stabilise at 30-35,000 bopd after well equipment failures, below earlier hopes. M2A is due to start in December. (Filed under a June-quarter title; the text is the September report.)
30 Oct 2009quarterly activities report● Neutral
Re-lodged September 2009 quarterly report with an amended front-page header; the content appears identical to the earlier filing (revenue A$12.2m, cash A$18.8m). No new information.
20 Oct 2009other● Neutral
Cue relists on the New Zealand exchange (NZX) the next day. The release says 26% of Cue holders are New Zealand-based, holding about 40% of shares. It adds a second market for trading; no capital is raised.
20 Oct 2009investor presentation● Neutral
October 2009 corporate presentation restating known facts: cash A$18.8m at 30 Sept, 692.7m shares, US$20m Maari loan, and a goal of a market value above A$500m. Largest holders are Todd 27% and Singapore Petroleum 16.3%. No new result.
20 Oct 2009joint venture update● Neutral
MEO has chosen a preferred farminee for WA-360-P and expects binding agreements before its 18 November AGM, slipping the earlier 30 September target. Gascorp's 15% is being acquired by Moby Oil & Gas, subject to shareholder approval. Cue keeps 15%.
19 Oct 2009farm in farm out agreement▲ GoodMajor
Cue takes 20% of PEP 51313, next to Maari and Manaia and covering the old PEP 38494 Matariki area, and 20% of the mostly onshore gas-prospective PEP 51149. Both are operated by Todd and are earned by reimbursing past costs. PEP 51313 also requires Cue to fund part of Todd's 3D seismic share.
15 Oct 2009drilling result▲ Good
Horizon reports Manaia-1 completed as an oil producer at 7,943 m, with 1,524 m gross Mangahewa section and oil confirmed throughout. Oil-in-place estimates are unrevised at 50-60 million barrels. Production will be intermittent when capacity allows. Cue holds 5%.
13 Oct 2009director officer appointment● Neutral
Appendix 3Z records Andrew Knox ceasing as a director on 9 October 2009, listing his remaining options, share rights and shares held indirectly. Administrative notice following his resignation.
13 Oct 2009director officer appointment● Neutral
Appendix 3X shows new director Steven Koroknay holds 100,000 Cue shares indirectly through his superannuation fund and nothing directly. Administrative notice.
9 Oct 2009director officer appointment● Neutral
Steven Koroknay, a non-executive director of several small oil and gas companies, is appointed to Cue's board. Andrew Knox resigns as a director only three weeks after joining, though he remains CFO (inference from the text, which only notes his director resignation).
9 Oct 2009drilling result▲ Good
Partner Horizon relays OMV's statement that Manaia-1, the longest well drilled in New Zealand, was a success and the field will proceed to commercial production. The M2A well also finished, with production expected by year end. Cue holds 5%.
9 Oct 2009drilling result▲ Good
The M2A well was completed and suspended as an oil producer with 660 m of net oil reservoir. Manaia-1 reached 7,945 m, drilling 1,524 m through the Mangahewa with hydrocarbons confirmed throughout. Both will be tied into Maari facilities. Cue holds 5%.
