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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
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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.
24 Apr 2006quarterly activities report● Neutral
March quarter: cash rose to A$16.2m, SE Gobe revenue A$2.3m. SE Gobe 2P reserves rose to 43.3 mmbbl (gross). Oyong oil start slipped to Q3 2006 and gas expectation fell to about 90 bcf, with gas starting mid-2007.
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.
17 Mar 2006drilling progress report● Neutral
Jeruk-3 reached what is interpreted as the top of the Kujung objective at 4,960 m and is pulling out to run logs before casing and continuing evaluation. No result yet.
16 Mar 2006half year report▲ Good
Half-year to December 2005: revenue A$5.1m (up 66%) and profit A$1.39m, driven by higher oil production and prices. No dividend. Net tangible assets 2.5 cents per share versus 4.86 cents a year earlier.
28 Feb 2006admin correction● Neutral
The shareholder approval from November 2005 to place up to 100 million shares has lapsed unused. Administrative notice only.
24 Feb 2006drilling progress report● Neutral
Jeruk-3 was drilling at 3,322 m of a planned 5,512 m; SE Gobe-12 was at 957 m after setting casing. No new results.
6 Feb 2006drilling spud● Neutral
SE Gobe-12 development well began drilling 4 February 2006 in Papua New Guinea, a follow-up to SEG-11, planned to reach 2,400 m in about 29 days. Cue holds 3.29% of the unit.
24 Jan 2006drilling spud● NeutralMajor
Jeruk-3 appraisal well began drilling 24 January 2006, targeting the Kujung carbonate at about 5,500 m, taking about 90 days. Cue's economic interest in the well is 7.36%, following the Medco restructuring.
24 Jan 2006quarterly activities report● Neutral
December quarter: cash A$9.4m, SE Gobe revenue A$1.8m. Oyong drilling found sealing faults, so recoverable oil is now under 8 million barrels, gas about 100 bcf, and Cue's capex share is US$19.5m. Cue gained 20% of AC/P20 and Maari permit was granted.
5 Jan 2006farm in farm out agreement▲ GoodMajor
Cue transferred 6.818182% of its 15% Jeruk interest to Medco, which cancels 90.9% of the in-kind premium Cue owed (about US$50m of first production) and pays about US$6m of past costs. Cue's Jeruk interest becomes 8.181818%; Sampang stays 15%.