Past year: ▼ 5%(9.90c – 14.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Aug 2007farm in farm out agreement● Neutral
Beach Petroleum announced farm-ins to three exploration projects, including earning 80% of a defined portion of T/38P by funding the Spikey Beach-1 well in 2H 2008. This is the counterparty's release of Cue's farmout, with Cue as a joint venture partner.
21 Aug 2007farm in farm out agreement▲ GoodMajor
Cue farmed out part of T/38P in the Bass Basin to Beach, which will earn 80% of a defined portion by paying for the Spikey Beach-1 well in 2H 2008. Cue and Exoil keep 10% each there; Cue stays operator. Subject to documentation and approval.
7 Aug 2007other● NeutralMajor
Singapore Petroleum Company raised its Cue holding to about 6.75% (42.4m shares), buying 8.57m shares at about 21.8c. It says it may explore closer co-operation with its partners, with any Cue discussions exploratory.
6 Aug 2007director officer appointment● Neutral
Director Lloyd Taylor resigned with immediate effect, about a month after being appointed on 3 July. No reason is given in the announcement.
24 July 2007other● Neutral
Singapore Petroleum Company, already Cue's 40% partner in Sampang, disclosed buying 5.38% of Cue on market between April and July 2007 at an average of 19.2c per share, holding 33.8m shares.
11 July 2007regulatory community update● Neutral
Line preparation began for a 71 km, six-line seismic survey over the Kimu gas field (PRL-08) to refine volumes. Kimu is assessed at about 905 bcf recoverable, Cue's share about 97 bcf (10.72%).
4 July 2007director officer appointment● Neutral
Dr Lloyd Taylor appointed a director. He has 30 years of oil and gas experience and is a former Chairman and Managing Director of Shell New Zealand. Fills the board seat left by Hoolihan's May resignation (inference).
27 June 2007production update▼ Bad
Santos says Oyong first oil slips from early to late Q3 2007 due to barge conversion procurement issues. Expected rate remains 8,000-10,000 bopd; gas phase in late 2008 is unaffected. Another delay versus the June 2007 target.
22 June 2007debt financing▲ GoodMajor
Cue arranged a US$20m project finance facility with BOS International (Bank of Scotland) to cover its remaining share of Maari development costs. It follows the loan negotiations reported in April; first oil is now expected in Q3 2008.
24 May 2007investor presentation● Neutral
May corporate presentation restating the portfolio: cash A$12m, US$20m project loan facility, 628.2m shares, market value A$107m at 17c. Indicative valuation of 38 cents per share. Largely repeats known facts; no new results.
17 May 2007director officer appointment● Neutral
Director Kenneth Hoolihan has resigned after six years on the board, citing retirement. The board now has Tweedie, Albers and Musca, plus CEO Coppin as executive.
27 Apr 2007security holder rights change● Neutral
3,850,000 unlisted employee options issued, expiring 19 April 2012, in three equal-ish tranches with exercise prices of 20c, 22.5c and 25c, vesting immediately, April 2008 and April 2009. Routine remuneration administration.
27 Feb 2007half year report▼ BadMajor
Half-year to 31 December 2006 shows a net loss of A$27.4m, against a profit a year earlier, driven by a write-down of Sampang PSC spending after the Jeruk oil volumes were cut. Revenue was A$5.8m; no dividend. This confirms the Jeruk downgrade's financial cost.
15 Feb 2007price query● Neutral
ASX asked about the share price rising from 12c to 16c. Cue said it knew of no unannounced information, and warned the half-year result would move by about 15%. It said Oyong and Maari are progressing.
16 Jan 2007contract award▲ GoodMajor
The Oyong production vessel contract went to PT Pulau Kencana Raya for the Seagood 101 barge, resolving the retender. The barge is expected in position by June 2007, with first oil by end of Q2 at about 10,000 bopd. Cue holds 13.5%.
2 Jan 2007regulatory community update● Neutral
The Barikewa field survey is complete. It aims to narrow the range of recoverable gas, but no new volumes are given. The estimate stays at about 800 bcf, with Cue's share about 120 bcf.
19 Dec 2006regulatory community update● Neutral
A geological survey of seven traverses totalling 40 km over the Barikewa gas field is nearing completion, aimed at narrowing the range of recoverable gas. Barikewa is still assessed at about 800 bcf, with Cue's share about 120 bcf (14.894%).
13 Dec 2006asset acquisition disposition▲ GoodMajor
A 5-year retention lease, AC/RL7, was awarded over the Cash-Maple gas field, with the rest of AC/P20 to be surrendered. Jurassic recoverable gas is estimated at 194-1,079 bcf. Cue holds 20% alongside operator Coogee at 80%.
24 Nov 2006resource reserve update▼ Bad
Cue relays Santos's Jeruk update: upside recoverable oil most likely under 50 million barrels, with appraisal drilling on hold. Cue's Jeruk interest is 7.36%. Duplicates the Santos release of the same day.
24 Nov 2006resource reserve update▼ BadMajor
Santos says Jeruk's upside recoverable oil is most likely under 50 million barrels, down from the earlier under-170 mmbbl view. Further appraisal drilling is on hold pending review of development scenarios and commercial and technical issues.
22 Nov 2006investor presentation● Neutral
AGM CEO presentation restating the portfolio. Shows cash of A$19m at 31 October 2006, no debt, 628.2m shares and a market value of about A$88m. Todd Petroleum Mining holds 21.63%. No new results.
22 Nov 2006investor presentation● Neutral
Chairman's AGM address restating known plans. Expects Oyong oil from Q2 2007, calls the Jeruk result disappointing, says a Wortel development well is scheduled for 2007, and says directors think the 13-14c share price undervalues Cue.
23 Oct 2006annual report● Neutral
Full 2006 annual report, repeating the A$2.2m after-tax profit and A$30m year-end cash already reported. Says Wortel follow-up appraisal is expected in Q4 2006 and Oyong oil start is now Q2 2007. No new results.
9 Oct 2006drilling result▼ BadMajor
Wortel-2 is being plugged and abandoned at 1,421 m after finding no reservoir or significant hydrocarbons, a dry appraisal well. Cue says more appraisal drilling is needed and could come before year end, depending on rig availability.
29 Sept 2006annual report● Neutral
Full-year report for the year to 30 June 2006 confirms the A$2.17m profit. Net equity is A$102.8m with 628.2m shares. It records Jeruk-3's smaller oil column and the Herbras-1 and Dukuh-1 abandonments.
26 Sept 2006drilling spud● NeutralMajor
Wortel-2 appraisal well began drilling 26 September 2006, about 1 km south-east of the Wortel-1 gas discovery. A vertical well to about 1,400 m, expected to take 18 days. Cue holds 13.5%.
11 Sept 2006annual report▲ Good
Preliminary results for the year to 30 June 2006: net profit A$2.2m (2005: A$1.0m) on revenue of A$9.8m, up 49%, mostly SE Gobe oil sales. No dividend. Cash is A$29.9m.
5 Sept 2006investor presentation● Neutral
Good Oil Conference presentation restating Cue's portfolio and plans. It shows cash of A$23m at 31 July 2006, no debt, 628.2m shares and a market capitalisation of about A$100m. No new results are announced.
5 Sept 2006well test result▲ Good
Santos reports Wortel-1 flowed 18.5 million cubic feet of gas a day from a 141 m gross column and will be plugged as planned. Wortel-2 may follow in October. Duplicates Cue's release of the same day.
5 Sept 2006well test result▲ GoodMajor
Wortel-1 flowed gas at 18.5 million cubic feet a day from the 141 m column, with 4-5 barrels of condensate per million cubic feet. Santos says further appraisal is needed. Wortel-2 may follow in October.
