Past year: ▼ 5%(9.90c – 14.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
4 Sept 2006asset acquisition disposition▲ GoodMajor
Cue's subsidiary was awarded exploration permit WA-389-P in the northern Carnarvon Basin, about 3,825 km², just north of Cue's existing interests there. It will be explored for gas/condensate and oil.
29 Aug 2006drilling result▲ GoodMajor
Wortel-1 reached 1,464 m with an initial gross gas column of 141 m in good quality reservoir, above a gas-water contact at 1,383 m. Flow testing is next. A gas discovery 7 km from Oyong; Cue holds 13.5%.
24 Aug 2006drilling progress report● Neutral
Wortel-1 reached 1,247 m and penetrated the top Mundu limestone reservoir at 1,242 m, 56 m deeper than predicted, with gas and fluorescence shows in the mud. The significance of the shows is yet to be determined.
16 Aug 2006drilling spud● NeutralMajor
Wortel-1 began drilling 16 August 2006, about 7 km west of the Oyong field in 42 m of water. It is a vertical well testing the Oyong-equivalent limestone, planned to about 1,500 m in 20 days. Cue holds 13.5% of the PSC.
2 Aug 2006well test result▼ Bad
Jeruk-3's bottom-hole test flowed formation water, as expected, confirming the oil/water contact at about 4,760 m. The well will be suspended as a potential future producer and the rig released. This closes the Jeruk-3 appraisal; Cue holds 7.36%.
2 Aug 2006well test result▼ Bad
Santos reports the Jeruk-3 bottom-hole test flowed water and confirmed the oil/water contact at about 4,760 m. The well will be suspended and the rig released. Duplicates Cue's release of the same day.
24 July 2006investor presentation● Neutral
Notice of an audio broadcast with CEO Bob Coppin on 25 July 2006. No new information is given in the announcement.
14 July 2006admin correction● Neutral
ASX notice that CUE was wrongly open for trading for 12 minutes on 14 July and all trades in that window were cancelled. Trading resumed at 2:00pm. A market-operations notice, with no company news.
14 July 2006resource reserve update▼ BadMajor
Santos says Jeruk-3 found an oil/water contact at about 4,760 m, cutting the known oil column to about 145 m from 379 m. Most likely contingent resource is now below the 170 mmbbl estimate from January 2005. Cue holds 7.36%.
3 July 2006drilling scheduled● Neutral
Cue expects to join Jeruk-3, Wortel-1, Jeruk-4, SE Gobe-14 and Masalai-1 (PPL 190, 10.947%, 50 mmbbl potential) wells in the second half of 2006. Wortel-1 is listed with 4 mmbbl or 150+ bcf potential.
3 July 2006other● Neutral
Updated top 20 shareholder list after the entitlement offer. Todd Petroleum Mining is largest with 135.9m shares, followed by Octanex with 36.4m. Administrative, no new events.
30 June 2006capital raising announcement● NeutralMajor
The 1-for-5 entitlement offer at 22c raised A$23m before costs. Shareholders took up only 14.6% (15.3m shares); underwriter Todd Petroleum Mining took the balance and will hold 25% of 628.2m shares now on issue.
30 June 2006drilling spud▲ Good
SE Gobe-14 development well began drilling 29 June 2006, planned to 2,715 m, as an oil producer or water injector, adding an expected 1-2 million barrels gross. The unit boundary is extended south-east with participation factors unchanged. Cue holds 3.29%.
23 June 2006drilling progress report● Neutral
Jeruk-3 sidetrack has a 7 inch liner cemented at 5,085 m measured depth. Drilling continues in 6 inch hole to evaluate the reservoir, with flow testing and coring as required. No new result yet.
21 June 2006drilling result▼ BadMajor
Herbras-1 is being plugged and abandoned at 2,515 m after reaching its main target without significant hydrocarbons, a dry hole. It is Cue's second dry exploration well in weeks after Dukuh-1. Cue holds 13.5% of the Sampang PSC.
19 June 2006drilling result▲ Good
The SE Gobe-13 sidetrack was completed as a water injector, expected to add about 1.75 million barrels of recoverable oil to the field. The rig now moves to SE Gobe-14. Cue holds 3.29% of the unit.
19 June 2006drilling progress report● Neutral
Jeruk-3 sidetrack reached 5,086 m after a second core had oil shows over the recovered portions, then lost returns while drilling ahead. Herbras-1 was at 2,428 m. No final results yet.
9 June 2006flow test result▲ Good
Santos reports the Jeruk-3 main 48-hour test flowed oil at a stabilised rate of about 2,750 barrels a day, again limited by surface facilities. Next the well drills on to find the oil/water contact. Duplicates Cue's release the same day.
9 June 2006flow test result▲ GoodMajor
After a restart, Jeruk-3's 48-hour main test flowed oil at a stabilised 2,750 barrels a day, constrained by surface facilities. This confirms the earlier test; drilling continues to find the oil/water contact. Cue holds 7.36% of Jeruk.
26 May 2006drilling progress report● Neutral
Jeruk-3 testing had to restart after a control line pressure loss; Herbras-1 was running casing at 574 m, planned to reach 2,700 m in 30 days. No new result.
24 May 2006drilling spud● Neutral
Herbras-1 exploration well began drilling 24 May 2006, about 70 km east of Jeruk in 24 m of water, a vertical well testing a four-way dip closure. Cue holds 13.5% of the PSC.
18 May 2006drilling result▼ BadMajor
Dukuh-1 is being plugged and abandoned after failing to find significant hydrocarbons, a dry hole. The rig moves to the Herbras-1 exploration well. Cue holds 13.5% of the PSC.
18 May 2006flow test result▲ Good
Operator Santos reports Jeruk-3 flowed oil at about 3,200 barrels a day, limited by surface facilities. A nine metre core was taken. Cue holds 7.36% of Jeruk. Duplicates Cue's own release the same day.
18 May 2006flow test result▲ GoodMajor
Jeruk-3 flowed oil at a choked-back rate of about 3,200 barrels a day, constrained by surface facilities. A positive first appraisal test of the Jeruk discovery, in which Cue holds 7.36%.
16 May 2006capital raising announcement● NeutralMajor
Cue will raise about A$23m (before fees) through a 1-for-5 renounceable entitlement offer of 104.7 million shares at 22 cents, fully underwritten by Todd Petroleum Mining, linked to directors Tweedie and Hoolihan. Funds go to Jeruk appraisal, exploration, Oyong gas and Maari.
What it means for a shareholder
105m new shares at A$0.220 to raise about A$23.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
16 May 2006capital raising announcement● Neutral
Prospectus for the 1-for-5 entitlement offer at 22 cents, fully underwritten. Rights trade from 22 May, offer closes 26 June and shares are allotted about 30 June 2006. Document restates the already announced raising.
12 May 2006drilling progress report● Neutral
Jeruk-3 was about to cut core at the top of the Kujung; Dukuh-1 was at 2,685 m. SE Gobe-13 is being sidetracked east after hitting thrust faults and missing the target reservoir.
6 Apr 2006drilling spud● NeutralMajor
Dukuh-1 exploration well began drilling 5 April 2006 in the Sampang PSC, about 10 km south of Jeruk, to test a four-way dip closure to 3,200 m. Cue holds 13.5% of the PSC.
4 Apr 2006drilling spud● Neutral
SE Gobe-13 began drilling 30 March 2006 as a follow-up to the SEG-11 and SEG-12 wells, planned to reach 2,200 m in about 35 days. Cue holds 3.29% of the unit.
22 Mar 2006drilling result▲ GoodMajor
SE Gobe-12 found a 25.8 m net oil column under a 25.4 m gas column, and is being completed as a producer. Oil is expected mid-April 2006 at 1,500-2,000 barrels a day, a good follow-up to the earlier SEG-11 success.
