Past year: ▼ 5%(9.90c – 14.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
9 Oct 2009drilling result▲ GoodMajor
Cue calls Manaia-1 a successful oil appraisal and M2A a success, with M2A most-likely oil-in-place of 30-40 million barrels and Manaia about 58 million. Both should add proven reserves; Cue holds 5%. Production at Manaia to follow over coming months.
5 Oct 2009other● NeutralMajor
PetroChina has bought Singapore Petroleum Company, which holds 16.31% of Cue and 40% of the Sampang PSC alongside Cue's 15%. Cue's largest-holder group is now controlled by PetroChina. No bid for Cue is stated.
2 Oct 2009production update▲ GoodMajor
First gas flowed from the Oyong field in Indonesia on 2 October, as expected. Cue holds 15%. Oyong has about 103 BCF of recoverable gas, sold under a contract to PT Indonesia Power, with plateau of about 60 BBtu/day expected in October. It is Cue's first gas production.
2 Oct 2009production update▲ Good
Operator Santos confirms Oyong Phase-2 gas production has started, on time, with plateau of 50-60 mmscfd expected after ramp-up. Repeats Cue's own first-gas announcement; Cue holds 15%.
1 Oct 2009other● Neutral
Beach's weekly drilling report covers Egypt and Cooper Basin wells. Cue is not a participant in any listed well, so it carries no information for Cue shareholders.
28 Sept 2009annual report● Neutral
Cue's full 2009 annual report repeats the FY results already released: A$20.9m loss after write-downs in Indonesia (A$11m) and PNG (A$15.6m). The chairman notes Oyong first gas is expected around end Q3 2009 and Wortel gas in Q1 2011, subject to approval.
25 Sept 2009joint venture update▼ Bad
MEO says WA-360-P farm-out negotiations are incomplete and now expected to conclude in October, missing the 30 September target. Cue holds 15%. Delay to the well-funding deal, no terms disclosed.
23 Sept 2009regulatory community update▲ Good
Processing of the Rose 3D and 2D seismic in WA-389-P, where Cue is 100% operator, is complete and interpretation has begun. Cue says mapped leads could hold multiple Tcf of gas and plans a farm-out process to find a partner in 4Q 2009.
18 Sept 2009drilling progress report● Neutral
The M2A production well at Maari, spudded about 10 September, has reached 1,842 m and is preparing to run casing. Cue holds 5%. Manaia-1's reservoir section will be finished after M2A. Progress update, no result.
16 Sept 2009drilling result▼ Bad
Beach's weekly report repeats that Spikey Beach-1 in T/38P hit final depth of 2,100 m with no significant hydrocarbon shows and is being plugged and abandoned. Cue's 10% was carried. Adds nothing new beyond the earlier dry-hole news.
16 Sept 2009director officer appointment● Neutral
CFO Andrew Knox, 22 years in resource companies, is appointed a director of Cue. He already holds the CFO role and directs all subsidiaries. This partly fills the board seat left by founder Geoff Albers's 4 September resignation (inference).
14 Sept 2009drilling result▼ Bad
Operator Beach confirms Spikey Beach-1 reached 2,100 m with no hydrocarbon shows and will be plugged and abandoned. Repeats Cue's own dry-hole announcement.
14 Sept 2009drilling result▼ BadMajor
Spikey Beach-1 in T/38P reached 2,100 m with no hydrocarbon shows and is being plugged and abandoned. It is a dry hole; Cue's 10% carried interest bears no drilling cost.
11 Sept 2009drilling progress report● Neutral
Manaia-1 casing was set at 6,385 m, then the well was temporarily suspended to drill the M2A production well first, which began. Manaia's reservoir section will be finished afterwards. Resequencing, no result.
10 Sept 2009drilling progress report● Neutral
Spikey Beach-1 is at 816 m. The primary Eastern View Coal Measures target is expected at 1,461 m TVDRT within a week, with total depth planned at 2,062 m. No result yet.
9 Sept 2009drilling progress report● Neutral
Beach's weekly report notes Spikey Beach-1 spudded 5 September and was at 816 m installing casing. Cue's 10% interest is carried. Repeats operator information, no result.
4 Sept 2009drilling progress report▲ GoodMajor
Manaia-1 hit the target Mangahewa sandstone at 6,324 m on prognosis, interpreted from mud logs and LWD data to contain hydrocarbons. It is an encouraging sign, not a tested result. Casing to be set next, then a 1,000 m horizontal section.
3 Sept 2009drilling scheduled● Neutral
The Ocean Patriot rig is released to Beach for Spikey Beach-1 in T/38P, with spud expected early next week. It targets mean 16 million barrels recoverable. Galveston (Cue) holds 10%, carried.
1 Sept 2009joint venture update● Neutral
MEO says the deadline for indicative WA-360-P farm-in offers has closed and they are being evaluated. A binding deal is still targeted by 30 September. Cue holds 15%.
31 Aug 2009annual report▼ BadMajor
FY2009 net loss was A$20.9m against an A$11.7m profit, with A$27m of exploration write-downs (A$15.6m PNG, A$11m Indonesia). Profit before write-downs was A$6m. Revenue was A$32.5m, cash A$4.3m, and no dividend.
28 Aug 2009drilling progress report● Neutral
Manaia-1 reached 4,633 m, where the bottom hole assembly failed and was replaced. Drilling is set to resume. No result yet.
28 Aug 2009director officer appointment● NeutralMajor
Founder Geoff Albers resigns as director effective 4 September 2009. He founded Cue in 1981 and was chairman for 19 years. No successor is named.
27 Aug 2009drilling scheduled● Neutral
Beach expects the Ocean Patriot rig around 30 August for Spikey Beach-1 in T/38P, targeting mean 16 million barrels recoverable oil. Galveston (Cue) holds 10%, carried. Resolves the earlier uncertain return to the well.
21 Aug 2009production update▲ GoodMajor
Partner Horizon Oil reports all five Maari oil wells online from 16 August, averaging 39,543 bopd, above the 35,000 bopd facility figure. This is better than the earlier interrupted output. Cue holds 5%.
21 Aug 2009drilling progress report● Neutral
Manaia-1 reached 4,292 m measured depth, with cement being run to cure lost circulation. Target depth is about 6,500 m. No result yet.
14 Aug 2009resource reserve update▲ GoodMajor
MEO raised pre-drill estimates for East Artemis in WA-360-P: mean gas-in-place of 10.8 Tcf (Calypso) and 9.5 Tcf (Legendre), with 32% chance of success. Offers due 31 August, farm-out targeted by 30 September. Cue holds 15%.
14 Aug 2009drilling progress report● Neutral
Manaia-1 reached 1,658 m, with 13 3/8-inch casing run and cemented. Drilling continues. No new result.
7 Aug 2009other● Neutral
Updated top 20 shareholder list after the extra allotment. Todd Petroleum holds 23.55% and UOB Kay Hian 16.67%. Administrative only.
6 Aug 2009admin correction● Neutral
A misallocation led to a further 2,232,028 shares being allotted under the entitlement offer. Shares on issue now total 692,694,718.
4 Aug 2009drilling spud▲ GoodMajor
Manaia-1 appraisal began drilling on 1 August 2009 from the Maari platform, about 45 days, targeting mean 57.8 MMstb oil in place. Maari development drilling finished ahead of schedule. Cue holds 5%.
