Past year: ▼ 5%(9.90c – 14.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
7 Sept 2007regulatory community update● Neutral
Acquisition of the 71 km Kimu 2D seismic survey (PRL-08) is complete, with data to be processed into a revised interpretation. Kimu is still assessed at about 905 bcf, Cue's share about 97 bcf; no new volumes yet.
6 Sept 2007investor presentation● Neutral
Good Oil Conference presentation restating the portfolio, with cash of A$10m at 31 July, a US$20m loan facility and market value of A$150m at 24c. Shows SPC-linked and other registers have shifted; no new results.
31 Aug 2007annual report▼ Bad
Preliminary results for the year to 30 June 2007: net loss A$27.6m versus a A$2.2m profit, driven by a A$28.9m Sampang write-down. Revenue A$9.5m, cash A$9.1m, no dividend. Confirms the Jeruk downgrade's cost already flagged at half-year.
21 Aug 2007other● Neutral
Beach Petroleum media release on its expanded offshore exploration campaign, repeating the farm-ins including Cue's T/38P farmout. Third-party release with no new information about Cue.
21 Aug 2007production update● Neutral
The Seagood 101 barge has sailed for Oyong, due on location 26-28 August, with first oil now expected in September 2007. Another slip from the end-August target in the quarterly report.
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.
31 July 2007quarterly activities report▼ Bad
June quarter: cash A$9.1m; SE Gobe revenue A$1.9m at about 6,200 bopd gross. Oyong first oil slips again to around end-August 2007. Maari platform delays raise development cost. A farm-in is expected shortly in T/38P; PNG licence renewals sought.
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 Apr 2007quarterly activities report● Neutral
March quarter: cash A$12.4m (down from A$15.2m); SE Gobe revenue A$1.72m at about 6,700 bopd gross. Cue keeps its full 15% of Sampang as the Indonesian Participant declined, and has finalised a Maari project loan. Murray Deep now expected late 2007.
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.
29 Jan 2007quarterly activities report● Neutral
December quarter: cash A$15.2m; SE Gobe revenue A$2.1m with output down to about 7,100 bopd gross. Wortel-2 found no reservoir. Oyong first oil is expected June 2007, Murray Deep slips to the second half of 2007, and Cash-Maple retention lease was granted.
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 2006agm notice● Neutral
All four AGM resolutions passed, including the remuneration report, re-election of Tweedie and Hoolihan, and appointment of auditors. Administrative outcome only.
