20 Mar 2008drilling progress report● Neutral
Oil Search reports Cobra-1A began drilling on 19 March from a new cellar and was at 23m on 20 March. Other wells are not Cue's. Replacement well is under way.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
17 Mar 2008regulatory community update● Neutral
Cue, as operator, began the CUEBASS08 marine seismic survey in Bass Basin permits T/37P and T/38P: 3,660 line km over about one month. Participants are Cue's subsidiary Galveston and Exoil at 50% each.
14 Mar 2008drilling progress report▼ Bad
Cue repeats the operator's report that Cobra-1 is abandoned after continued drilling difficulties, with Cobra-1A to start from a new cellar next week. Duplicate of the Oil Search release.
13 Mar 2008drilling progress report▼ Bad
Because of continued drilling difficulties, the operator decided to abandon Cobra-1 and restart from a new cellar as Cobra-1A, due to start next week. Rig move is under way. A setback to the well Cue holds 10.947% in.
7 Mar 2008drilling progress report● Neutral
Cobra-1 casing obstruction was cleared and the hole is being deviated around deeper obstacles while a pilot hole is enlarged. The plan is to drill ahead; target depth is unchanged at 3,100m.
29 Feb 2008drilling progress report▼ Bad
Cobra-1 top hole was re-drilled and casing run to 166m. At 28 February the well was at 168m retrieving cementing equipment. Still very shallow against the 3,100m target.
28 Feb 2008half year report▲ GoodMajor
Half-year to 31 Dec 2007: net profit A$5.08m versus a A$27.4m loss a year earlier, which included a A$28.98m Sampang write-down. Revenue rose 117% to A$12.58m, with A$8.45m from Oyong oil. No dividend; net tangible assets 9 cents per share.
22 Feb 2008drilling progress report● Neutral
Cobra-1 lost tubing has now been fully recovered after the hole collapsed at 167m during cementing. Planned depth is still 3,100m. Still no geological result.
21 Feb 2008drilling progress report▼ Bad
Oil Search's weekly report: Cobra-1 hole collapsed during cementing at 167m and lost tubing was over half recovered. Other wells (NW Paua, Dahgah-1) are not Cue assets. Cobra-1 setbacks continue.
15 Feb 2008drilling progress report● Neutral
Cobra-1 was re-spudded on 12 February and by 14 February was at 65m, re-accessing the original hole drilled to 167m. Planned depth stays 3,100m. No geological result yet; continues the site-subsidence delay.
8 Feb 2008drilling progress report● Neutral
Investigations into Cobra-1 site subsidence are complete and remedial works are done. The rig is being moved back, with drilling expected to resume in about a week. No new geological result.
1 Feb 2008drilling progress report▼ Bad
Cobra-1 reached only 167 metres in its first week. Subsidence at the well site has stopped drilling while the operator investigates. Planned depth is now 3,100m.
30 Jan 2008quarterly activities report● Neutral
December quarter: cash A$9.1m; SE Gobe revenue A$1.76m. Oyong stabilised at about 8,500 bopd, with two cargoes realising US$3.5m and US$3.9m for Cue. Oyong first gas slips to Q3 2009. Maari first oil still Q3 2008. Cobra-1 spudded 25 January.
25 Jan 2008drilling spud● NeutralMajor
Cobra-1 began drilling on 25 January 2008, later than the mid-January plan. It targets 30-40 million barrels unrisked (Cue 10.947%, 3.3-4.4 million barrels) to 3,071m, taking about 60 days. This is the long-flagged Murray Deep well.
21 Dec 2007drilling scheduled● Neutral
Cobra-1 in PPL 190, PNG, is expected to spud around the second week of January 2008, taking about 60 days. It tests a prospect with unrisked 30-40 million barrels, Cue share 3.3-4.4 million, in which Cue holds 10.947%.
20 Dec 2007production update▲ Good
Oyong is producing a stable average of about 8,500 bopd gross. Cue received US$3.5m for its 37,500 barrel share of the first cargo. A second 300,000 barrel cargo, Cue share 45,000, is due around 23 December.
30 Nov 2007farm in farm out completion● Neutral
Moby Oil & Gas repeats the Vic/P53 approval of Stuart's farmin. It notes Cue Petroleum's 25% is subject to 15% back-in rights held by ACOC. Third-party release.
30 Nov 2007farm in farm out completion● Neutral
Stuart Petroleum's farmin to Vic P53 in the Gippsland Basin was approved and Stuart will drill Bazzard-1 next September. Cue Petroleum, apparently a related entity (inference), is listed at 25%. Third-party release; Cue's interest not previously in the context.
14 Nov 2007production update▲ Good
First Oyong oil cargo of 250,000 barrels was loaded, Cue's share 37,500 barrels. Commissioning is almost complete, with rates expected to settle at 8,000-9,000 bopd gross, slightly below the earlier 8,000-10,000 range.
8 Nov 2007agm notice● Neutral
All resolutions passed at the 8 November 2007 AGM, including adoption of the remuneration report and re-election of director Leon Musca. Administrative outcome only.
8 Nov 2007investor presentation● Neutral
AGM presentation restates the portfolio and forecasts: cash A$7.56m at 31 October, US$20m loan facility, market value A$150m. Shows Oyong oil now producing and Cobra-1 coming. Repeats known facts.
8 Nov 2007other● Neutral
Chairman's AGM address: budgets revenue of A$15.4m in 2008 and A$48.8m in 2009 at US$55 oil. Notes no equity raisings in the past year but says further funding may be required and options are being examined. Mostly repeats known points.
25 Oct 2007farm in farm out agreement▲ GoodMajor
Cue farmed out its 50% in Northwest Shelf permits WA-359/360/361-P to MEO, which becomes operator and earns 60% by funding seismic, up to 70% by funding the first well in each. Cue falls to 20-15%. Subject to government approval.
25 Oct 2007quarterly activities report● Neutral
September quarter: cash A$8.2m, SE Gobe revenue A$1.6m. Oyong oil began late September, targeting 8,000-10,000 bopd gross. Maari first oil still Q3 2008. Cobra-1 drilling expected early 2008, and the MEO farmout is noted.
25 Oct 2007farm in farm out agreement● Neutral
MEO Australia's release says it has farmed into Cue-operated WA-359/360/361-P on the Northwest Shelf, securing 60% and becoming operator. It will fund seismic and could reach 70% by funding a well, likely 2009. Counterparty's version of Cue's farmout.
9 Oct 2007admin correction● Neutral
Corrects the Wortel seismic release: survey is 395km, not 320km, and Wortel-3 is now expected in the first half of 2008, not Q1 2008. This is a later and less specific timing.
9 Oct 2007drilling scheduled● Neutral
A 320km Wortel 2D seismic survey has begun in Sampang to help site the Wortel-3 appraisal well, expected in Q1 2008. Wortel is the 2006 gas discovery 7km from Oyong. Cue holds 15%.
1 Oct 2007annual report● Neutral
2007 annual report restates known results: A$28.9m Sampang write-down, Oyong oil now started, Maari first oil Q3 2008 funded largely by the US$20m loan. Budgets revenue of A$15.4m in 2008 and A$48.8m in 2009. Lists 3.5 mmbbl oil reserves.
24 Sept 2007production update▲ GoodMajor
First oil has started at Oyong, Cue's 15% Sampang field, ending the repeated delays. Santos expects 8,000-10,000 bopd gross once stable. Oyong gas final investment decision is expected before end-2007, with first gas in first half 2009.
7 Sept 2007production update● Neutral
The Seagood 101 barge is on location at Oyong and commissioning has begun, with first oil expected in September 2007. Cue holds 15% of Sampang. Follows several earlier delays but no first oil yet.