Past year: ▼ 5%(9.90c – 14.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
4 Feb 2022drilling result▲ GoodMajor
Mahato PB-08 is online at about 600 bopd from a new horizon, Bekasap A, completing phase 1. PB field output is about 5,600 bopd. The operator plans 5 more northern wells, the first possibly starting in early February. Cue holds 12.5%. Resolves the PB-08 thread.
27 Jan 2022drilling scheduled▼ Bad
NZOG relays the roughly one-month delay to the Ensign 963 rig: mobilisation to Palm Valley late February 2022, Palm Valley-12 spud a couple of weeks later. Repeats Central and Cue news.
27 Jan 2022drilling scheduled▼ Bad
Cue confirms the Ensign 963 rig is delayed about a month, due to another operator's drilling. Rig now mobilises late February 2022, with Palm Valley-12 starting in March; Dingo-5 follows back-to-back. Pushes back the earlier mid-February spud.
25 Jan 2022drilling scheduled▼ Bad
Central says rig mobilisation for Palm Valley and Dingo exploration is delayed about a month to late February 2022, with spud in March, due to the rig's earlier job running over. Range 9 and 10 drilling is expected early February.
20 Dec 2021drilling scheduled▲ Good
Cue confirms the Ensign 963 rig is contracted for Palm Valley-12/12A and Dingo-5, with spud expected mid-February 2022. Mereenie coil tubing aims to lift sales capacity from about 35 to about 37 TJ/d. Palm Valley-13 is outperforming. Firms up the earlier-planned exploration.
20 Dec 2021drilling scheduled● Neutral
NZOG relays Central's update: rig contracted for Palm Valley-12 and Dingo-5, spud expected mid-February 2022. Coil tubing at Mereenie aims to lift capacity from about 35 TJ/d. Repeats the Central release with a CEO comment.
20 Dec 2021drilling scheduled● Neutral
Central says Ensign Rig 963 is contracted for Palm Valley Deep and Dingo exploration, with spud targeted first half of February 2022. Mereenie sales capacity is about 35 TJ/d, expected to reach about 37 TJ/d after coil tubing work. Reserve update due Q1 2022.
13 Dec 2021drilling result▲ Good
NZOG relays Cue's news that Mahato PB-07 is online at about 650 bopd. Repeats the Cue release; no new information.
13 Dec 2021drilling result▲ Good
Mahato PB-07, the seventh PB field production well, is online at about 650 bopd from the Bekasap B sand. Field output is about 5,000 bopd. PB-08 is planned next to complete phase 1; further development is under review. Cue holds 12.5%.
14 Oct 2021drilling result▲ Good
NZOG relays Cue's announcement that Mahato PB-06 is producing about 800 bopd, lifting PB field output to about 4,400 bopd. Repeats the Cue release; the cover note calls it an exploration well, but the attached text describes a production well.
13 Oct 2021drilling result▲ GoodMajor
Mahato PB-06, the sixth PB field production well, is online at about 800 bopd. Field output is now about 4,400 bopd, up from 3,600. Two more wells, PB-07 and PB-08, are planned to complete phase 1. Cue holds 12.5%.
27 Sept 2021drilling result▲ Good
Cue relays Central's news that Mereenie WM28 is online from Pacoota-1 and -3, and WM27 (single-zone Pacoota-1) is expected shortly. Programme adds about 10 TJ/d wellhead capacity (100% JV). Resolves the WM27 completion thread; Amadeus completion confirmed for 1 October.
27 Sept 2021drilling result▲ Good
NZOG relays Central's news that Mereenie WM27 and WM28 are complete and the rig released 23 Sept. WM28 is producing from two zones; WM27 is a single-zone Pacoota-1 producer awaiting regulatory approvals. Programme adds about 10 TJ/d capacity. Repeats the Central release.
6 Sept 2021drilling result▲ Good
Cue relays Central's news that Mereenie WM28 was completed as a dual-zone producer with good flow tests. Cue's 7.5% Mereenie interest is still being acquired, with conditions still being satisfied. Repeats the Central release.
6 Sept 2021drilling result▲ GoodMajor
Central reports Mereenie WM28 completed as a dual-zone gas producer with good flow tests, tie-in due mid-September. The JV dropped the WM27 Pacoota-3 sidetrack because of hole instability, resolving that open thread. Stairway sandstone flows could eventually double Mereenie 2P reserves. Cue's interest is not yet completed.
21 July 2021drilling spud● Neutral
Central spudded WM28, the second Mereenie development well, on 21 July 2021. WM27 had been drilled and cased across the upper reservoir, then drilled to 1,367m and temporarily suspended pending equipment for a sidetrack to better assess the lower Pacoota-3 reservoir.
21 July 2021drilling spud● Neutral
Cue relays Central's news that Mereenie WM28 spudded on 21 July 2021, with WM27 suspended pending a sidetrack. Cue's 7.5% Mereenie interest is still being acquired, with completion conditions still being satisfied.
4 June 2021drilling spud● Neutral
Operator Central spudded the WM27 development well at Mereenie on 3 June 2021, the first well of the program, after four existing wells were recompleted. Cue's 7.5% interest is still to be acquired; completion is subject to FIRB and NZOG shareholder approval.
4 June 2021drilling spud● Neutral
Duplicate of the earlier 4 June announcement that Central spudded the Mereenie WM27 development well on 3 June 2021. No new information; Cue's Amadeus acquisition is still conditional.
28 Apr 2021drilling result▲ Good
Development well PB-5 in Mahato PSC (Cue 12.5%) tested about 1,000 bopd and is producing, on top of about 1,500 bopd from PB-1 and PB-2. PB-4 was drilled but not yet completed. PB-3 is still to come.
28 Apr 2021drilling result▲ Good
NZOG re-releases Cue's 28 April announcement of the PB-5 well test at about 1,000 bopd in Mahato PSC. No new information.
13 Jan 2021drilling result▼ Bad
NZOG's final Ironbark-1 update repeats that the rig left the well on 11 January 2021 and calls the well unsuccessful. Duplicates Cue's own announcement; no new information.
13 Jan 2021drilling result▼ BadMajor
Ironbark-1 in WA-359-P (Cue 21.5%) has been plugged and abandoned and the rig left on 11 January 2021. The CEO called the result disappointing. This ends the Deep Mungaroo test the company had funded; cash remains and Cue is seeking new opportunities.
8 Jan 2021drilling progress report● Neutral
NZOG (Cue's 50.04% shareholder) reports plug and abandonment of Ironbark-1 in WA-359-P continuing, with the rig due to leave within a week. Cue holds 21.5%. Wording of the update is neutral; it does not state the result.
29 Dec 2020drilling result▼ Bad
Partner Beach Energy's release of the same Ironbark-1 result: total depth 5,618m, Mungaroo target at 5,275m, no significant hydrocarbon shows, well to be plugged. Repeats Cue's own announcement.
29 Dec 2020drilling result▼ Bad
Partner NZ Oil & Gas's release of the same Ironbark-1 result: target intersected at 5,275m, no significant shows, well to be plugged. Its CEO calls it 'very disappointing'. No new data beyond Cue's own announcement.
29 Dec 2020drilling result▼ BadMajor
Ironbark-1 is a dry hole. It reached 5,618m, intersecting the primary Mungaroo target at 5,275m with no significant hydrocarbon shows in any target sand. The well will be plugged. This ends the 21.5% 'company-changing' exploration bet; implications for the play need further analysis.
23 Dec 2020drilling progress report● Neutral
Weekly update: Ironbark-1 at 5,202m with the 12¼-inch hole finished, preparing to case and cement. Total depth now expected by end of December. The primary target is still below.
18 Dec 2020drilling progress report● Neutral
Weekly update: Ironbark-1 at 4,380m after casing and cementing and a blowout preventer test; now drilling the 12¼-inch hole. No result yet.
11 Dec 2020drilling progress report● Neutral
Weekly update: Ironbark-1 at 4,362m, 16½-inch hole complete and casing about to be run. No result yet.
