4 Dec 2020drilling progress report● Neutral
Weekly update: Ironbark-1 at 3,801m, drilling the 16½-inch hole. No result yet.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
27 Nov 2020drilling progress report● Neutral
Weekly update: Ironbark-1 at 3,040m. The 17½-inch section is finished, with liner run and cemented.
20 Nov 2020drilling progress report● Neutral
Weekly update: Ironbark-1 at 2,410m, still drilling the same hole section. No result yet.
13 Nov 2020drilling progress report● Neutral
Weekly update: Ironbark-1 at 1,811m, blowout preventer installed and tested, next hole section started. Still on the roughly 85-day plan.
6 Nov 2020drilling progress report● Neutral
Partner NZOG weekly update: Ironbark-1 reached 1,583m, with the 26-inch section drilled. About 85 days total expected. No result yet.
2 Nov 2020drilling spud▲ GoodMajor
Ironbark-1 began drilling on 31 October 2020, targeting the Ironbark gas prospect (best estimate 15 Tcf prospective) at about 5,335m. Expected to take 70-90 days. Cue holds 21.5% and calls it potentially company-changing. It is a pure exploration well, to be plugged afterwards.
12 Oct 2020drilling scheduled▲ Good
The Ocean Apex rig was handed over to operator BP on 9 October and is moving to the Ironbark-1 location. Mobilisation is expected to take about 10 days, bringing the Ironbark-1 drilling (Cue 21.5%) closer.
19 Aug 2020resource reserve update▲ GoodMajor
The Paus Biru development plan was approved by SKK Migas, with a certified 44.9 Bcf gross 2C contingent resource (6.7 Bcf net to Cue's 15%). A final investment decision is expected mid-2021 and first gas late 2022. This follows the December 2018 discovery.
21 Apr 2020drilling result▲ GoodMajor
Indonesian authorities announced a 61.8 million barrel oil discovery from Mahato PB-2, where Cue holds 12.5%. Cue reads this as a P50 oil-in-place estimate, not recoverable oil. It still has no operator data, and the exclusion dispute continues.
10 Jan 2020drilling progress report▼ Bad
Cue was told by Texcal that the Mahato PB-2 well has been drilled. It still receives no information required under the operating agreement, and no results for PB-1 or PB-2 are given. The dispute with the operator continues.
21 Nov 2019drilling spud● NeutralMajor
Mahato PB-1 exploration well began drilling on 19 November 2019, planned to 1,750m and about a week to the Bekasap target. Cue holds 12.5%. This is the first drilling in the permit, long delayed by partner issues.
7 June 2019farm in farm out completion▲ GoodMajor
Ironbark agreements complete: BP is now operator of WA-359-P, with Cue 21.5%, Beach 21% and NZOG 15%. Cue received about A$1.8m and is carried for about US$11m of well costs, with US$8m escrowed. Ironbark-1 is planned for late 2020.
23 May 2019farm in farm out completion▲ Good
NOPTA approves WA-359-P title transfers to BP, Beach and NZOG, satisfying the final conditions of the Ironbark agreements. Completion is expected shortly, with A$1.54m of past-cost reimbursement to Cue. Ironbark-1 is still planned for late 2020.
7 Dec 2018drilling result▲ GoodMajor
Gas discovery at Paus Biru-1: 13.8 MMscfd maximum flow rate and about 29 metres of net gas pay in the Mundu reservoir. A Plan of Development tied into Oyong facilities will be prepared. Resolves the drill; Cue holds 15%.
4 Dec 2018drilling progress report● Neutral
Drill stem tests at Paus Biru-1 are complete and the well is being plugged and abandoned as planned. Preliminary results await operator and Indonesian government approval for release. Outcome unknown at this point.
13 Nov 2018drilling progress report▲ Good
Wireline logs at Paus Biru-1 show increased confidence in hydrocarbons in several Mundu zones. Three drill stem tests, expected to take about two weeks, will assess whether they can flow. No test results yet.
5 Nov 2018drilling result▲ Good
Paus Biru-1 reached 710m, deeper than the planned 650m, with elevated gas readings and positive reservoir signs on logs through the Mundu Formation. Wireline testing has begun. Encouraging, but flow rates are not yet known.
26 Oct 2018farm in farm out agreement▲ GoodMajor
Cue agrees to sell 15% of WA-359-P to majority holder NZOG, which also carries 2.85% of Cue's well costs and pays A$642,600 of past costs. NZOG gets a 5.36% option in WA-409-P. Ironbark-1 is now fully funded for early 2020, subject to a vote by shareholders other than NZOG.
26 Oct 2018farm in farm out agreement▲ Good
BP's option over 42.5% of WA-359-P is extended from 25 October 2018 to 25 April 2019. Funding for 75% of the Ironbark-1 well remains conditionally secured, with talks continuing on the rest. This resolves the option expiring that day.
19 Oct 2018drilling spud● NeutralMajor
Paus Biru-1 operations began 18 October 2018 with the conductor installed; drilling expected within 24 hours. The Sampang PSC well targets Mundu reservoirs and should reach 650m in about two weeks. Cue holds 15%; the well will be plugged and abandoned in all outcomes.
17 Apr 2018farm in farm out agreement● Neutral
BP's option over 42.5% of WA-359-P is extended six months to 25 October 2018. Cue has applied to suspend and extend the permit, which expires 25 April 2018. 75% of Ironbark-1 funding remains conditionally secured; the rest is still unfunded.
27 Dec 2017drilling scheduled▲ GoodMajor
The Sampang joint venture approves the Paus Biru-1 exploration well, planned for Q4 2018 to 650 metres, with Santos operating. Cue holds 15%. The well follows earlier 2018 and 2019 timing hints. If successful, it would add reserves and extend field life.
13 Dec 2017farm in farm out agreement● Neutral
BP's option over 42.5% of WA-359-P is extended again, to 25 April 2018, with a possible further six months. Cue plans to apply to suspend and extend the permit, which expires 25 April 2018. Cue retains 36.5% uncommitted equity.
29 Nov 2017farm in farm out agreement▲ GoodMajor
Beach Energy agrees to take 21% of WA-359-P, free-carry Cue for 4% of the Ironbark-1 well and reimburse A$900,000 of past costs. It also gets an option over 7.5% of WA-409-P. With BP's option, 75% of well funding is conditionally secured.
29 Nov 2017farm in farm out agreement▲ Good
Beach Energy's own release confirms the binding WA-359-P farm-in (21%, A$900,000 plus 4% of Cue's well cost) and the WA-409-P call option to 31 July 2019. Conditions include BP exercising its option and a permit extension beyond 25 April 2018. Repeats Cue's announcement.
4 Oct 2017farm in farm out agreement● Neutral
BP's option over 42.5% of WA-359-P, due to expire 25 October, is extended to 11 December 2017. Exercise would fund 50% of the Ironbark well; Cue is still seeking more partners for a 2018 well. This is a further extension of the earlier deadline.
26 May 2017farm in farm out agreement● Neutral
Cue extends BP's option over 42.5% of WA-359-P from May to 25 October 2017. International companies are in the data room, and the extra time lets reprocessed 3D seismic be included. Exercise would fund 50% of the Ironbark well; the partner search is still unresolved.
20 Dec 2016farm in farm out completion▲ GoodMajor
The regulator approved BP taking 80% and operatorship of WA-409-P, completing the 13 October 2016 deal. BP funds Cue's 20% share of the work for 3 years. Cue is still seeking partners for WA-359-P to drill Ironbark in 2018.
13 Oct 2016farm in farm out agreement▲ GoodMajor
BP agrees, subject to government approval and due diligence, to take 80% and operatorship of WA-409-P, funding Cue's remaining 20% through three years of work. BP has an option to May 2017 for 42.5% of WA-359-P with 50% of a well funded. Resolves the long Ironbark farm-out search.
3 Feb 2016drilling result▲ GoodMajor
Naga Selatan-2, Cue's first operated well, found 32° API oil in the 100%-owned Mahakam Hilir PSC. It stopped at 1,170 ft, short of the planned 2,240 ft, due to high pressure, and is suspended for production testing. Commercial volumes remain unproven.