Past year: ▼ 5%(9.90c – 14.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
17 Oct 2006quarterly activities report● Neutral
September quarter: cash A$22.3m, no debt; SE Gobe revenue A$1.8m at about 8,000 bopd gross. Oyong first oil now expected Q2 2007 after the barge retender; Maari first oil Q2 2008; Murray Deep drilling slips to 2007.
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.
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.
31 July 2006quarterly activities report▼ Bad
June quarter: cash A$29.9m, SE Gobe revenue A$2.29m, field at about 9,000 bopd. Dukuh-1 and Herbras-1 were abandoned. Oyong oil is now under 8 mmbbl, with gas still about 90 bcf. Barge retendering pushes first oil to around Q1-Q2 2007.
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.
