Past year: ▼ 5%(9.90c – 14.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
3 July 2008farm in farm out agreement▲ GoodMajor
Third-party release: MEO formed an alliance with Resource Development International, which will fund most of the Zeus-1 well in WA-361-P and leave MEO 25%. Cue (20%) may fund up to part of the well. Zeus-1 is planned for October 2008.
27 June 2008drilling progress report● Neutral
Cue repeats that Cobra-1A is cementing a 7⅝-inch liner at 2,670m, with 6-inch drilling below the Iagifu and logging planned next. No result yet.
26 June 2008drilling progress report● Neutral
Cobra-1A was cementing a 7⅝-inch liner at 2,670m. Next, drill ahead in 6-inch hole below the Iagifu and finish logging the Hedinia and Iagifu. No result yet.
20 June 2008drilling progress report● Neutral
Cue repeats Oil Search's report: poor hole conditions at Cobra-1A, possible Hedinia hydrocarbons, a wiper trip to 2,458m, casing to be set, and further data about two weeks later.
19 June 2008drilling progress report● Neutral
Poor hole conditions stopped logging tools reaching the reservoir at Cobra-1A. Logging-while-drilling indicated possible hydrocarbons in the Hedinia. The hole is being reamed and casing set, with more data expected in about two weeks.
12 June 2008drilling progress report▲ Good
Cobra-1A reached 3,100m; the primary Iagifu sandstone was encountered with elevated gas readings. Logging will decide fluid content and quality. NW Paua 1 (not Cue's) is being abandoned.
12 June 2008drilling progress report● Neutral
Cue repeats that Cobra-1A reached 3,100m, encountering the primary Iagifu sandstone with elevated gas readings. Wireline logging will assess fluid content; no result yet.
6 June 2008drilling progress report▲ Good
Cue repeats that Cobra-1A is at 2,946m, with the secondary Hedinia target penetrated and elevated gas readings. No evaluation yet.
5 June 2008drilling progress report▲ Good
Cobra-1A reached 2,946m. The secondary Hedinia target was penetrated with elevated gas readings. Not yet evaluated, but an early encouraging sign. The NW Paua 1 well reported is not Cue's.
30 May 2008drilling progress report● Neutral
Cobra-1A was at 2,388m, changing the bit, after 262m in the week. Target depth 3,100m. No result yet.
27 May 2008investor presentation● Neutral
Presentation repeating known facts: 628.2m shares, cash A$15m at 30 April 2008, Todd 25%, Singapore Petroleum 14.06%, and Cobra's 30-40 mmbbl target at 17% chance of success. New exploration manager is Terry White. Plan: a company worth over A$500m.
23 May 2008drilling progress report● Neutral
Cobra-1A was at 2,126m, preparing to drill ahead in an 8½-inch hole, after 45m in the week. Target depth 3,100m. No result yet.
16 May 2008drilling progress report● Neutral
Cue repeats Oil Search's report that Cobra-1A is at 2,081m, drilling ahead, after 380m in the week. No result yet.
15 May 2008drilling progress report● Neutral
Oil Search reports Cobra-1A drilling ahead at 2,081m after 380m in the week; target 3,100m. The NW Paua 1 well reported is not Cue's.
9 May 2008drilling progress report● Neutral
Cobra-1A was at 1,701m and setting 9⅝-inch casing after 95m in the week. Target depth remains 3,100m. No result yet.
2 May 2008asset acquisition disposition▲ GoodMajor
Cue was granted new Carnarvon Basin permit WA-409-P, next to its WA-359-P and WA-389-P permits. Cue Exploration holds 50% and operates; Gascorp holds 50%. It follows the April acceptance of the W07-16 offer.
2 May 2008drilling progress report● Neutral
Cobra-1A was at 1,606m, drilling ahead, after 336m in the week. Planned depth remains 3,100m. No geological result yet.
29 Apr 2008quarterly activities report● Neutral
March quarter revenue was A$10.75m on 104,159 barrels, with cash A$11.15m. Oyong gas phase 2 now expected to cost about US$117m (Cue share US$17.5m); Maari first oil still September 2008. Cobra-1 respudded after near-surface problems.
21 Apr 2008regulatory community update▲ Good
The Bass Basin seismic survey finished on 18 April, ahead of schedule and under budget, with 3,660 line km acquired. Final processed data is expected by mid-July 2008, ahead of picking drillable prospects.
18 Apr 2008drilling progress report● Neutral
Cobra-1A top-drive repairs were completed and drilling restarted. The well was at 1,155m completing 11¾-inch casing. Target depth is 3,100m. No geological result yet.
11 Apr 2008regulatory community update● Neutral
Bass Basin CUEBASS08 seismic survey is 74% complete.
11 Apr 2008drilling progress report● Neutral
Cue repeats that Cobra-1A awaits top-drive repair parts, with drilling expected to restart within days. No geological result.
10 Apr 2008drilling progress report▼ Bad
Oil Search reports Cobra-1A still waiting for top-drive repair parts, with drilling expected to restart in a few days. Other wells are not Cue's.
8 Apr 2008farm in farm out agreement▲ Good
Third-party release: MEO secured the Songa Venus rig to drill the Zeus prospect in WA-361-P late 2008 and reports positive AVO responses. Cue holds 20% before drilling; MEO plans to farm out for funding. Cue's cost share is not stated.
4 Apr 2008drilling progress report▼ Bad
Cue repeats that Cobra-1A is at 1,039m awaiting parts to repair the top-drive system, after 506m progress in the week.
3 Apr 2008regulatory community update● Neutral
Bass Basin seismic survey is 50.11% complete; the vessel returned to Burnie on 2 April for a planned crew change and resupply.
3 Apr 2008drilling progress report▼ Bad
Oil Search reports Cobra-1A at 1,039m, waiting for parts to repair the rig's top-drive system after 506m of progress in the week. Other wells reported are not Cue's.
28 Mar 2008drilling progress report● Neutral
Cobra-1A was at 533m, drilling ahead in a 14¾-inch hole, having made 510m in the week. Target depth is 3,100m. No geological result yet.
27 Mar 2008regulatory community update▲ Good
The Bass Basin seismic survey is ahead of schedule and 33.25% complete. It aims to mature leads along the Poonboon-Yolla Trend into drillable prospects and improve coverage in the Dondu Trough.
20 Mar 2008drilling progress report● Neutral
Cue repeats that Cobra-1A started drilling on 19 March from the new cellar and was at 23m, in a 20-inch hole. Planned depth remains 3,100m.
