Past year: ▼ 5%(9.90c – 14.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
22 Dec 2023material agreement▲ Good
Cue signs a firm, take-or-pay gas supply agreement with Incitec Pivot for 2024. Its Palm Valley gas (15% interest) is aggregated with Central and NZOG gas for 1.74 PJ in total. Cue's own volume and the price are not stated.
22 Dec 2023material agreement● Neutral
NZOG, Cue's 50.04% shareholder, signs its own 0.67 PJ gas deal with Incitec Pivot for 2024, conditional on transport agreements. It is aggregated with Cue and Central gas for 1.74 PJ in total and attaches Central's release. Relayed news, not a Cue release.
22 Dec 2023material agreement▲ Good
Operator Central signs a firm, take-or-pay gas deal with Incitec Pivot for 2024. Its 0.87 PJ is aggregated with Palm Valley JV gas (Cue holds 15%) to supply 1.74 PJ in total, at a fixed price.
31 Oct 2023other● Neutral
AGM chair's address repeats FY23 revenue of A$51.6m and profit of A$15.2m. Chair acknowledges shareholder dissatisfaction with the share price, notes debt to NZOG is fully repaid, and says the board is assessing options to deliver value and reviewing capital management.
31 Oct 2023investor presentation● Neutral
AGM presentation repeats FY23 results and the debt-free, A$17.4m cash position at 30 September. Cites market cap A$44.0m at A$0.063 per share and enterprise value A$26.6m. FY24 Mahato outlook has one development well and two water injectors still to drill. No new announcements.
26 Oct 2023director officer appointment● Neutral
Anita Addorisio replaces Melanie Leydin as Company Secretary from 26 October 2023, with Vistra Australia continuing the secretarial service. Leydin remains Chief Financial Officer. An administrative change.
3 Oct 2023debt financing▲ GoodMajor
Cue repays the remaining A$4m owed to NZ Oil & Gas early and is now debt free. The A$7m loan from June 2022 is fully repaid (A$3m in June 2023). Management says free cash flow funds the Mereenie and Mahato drilling programs.
2 Oct 2023material agreement▲ Good
Operator Central Petroleum said on 29 September 2023 that the Shell Energy gas sale agreement announced in September 2022 had become unconditional. Cue's share of the deal is 0.27 PJ for one year from 1 January 2025.
2 Oct 2023material agreement▲ Good
Cue confirms the Shell Energy gas sale agreement, signed September 2022, is now unconditional after its conditions were met. Cue supplies 0.27 PJ, aggregated with Mereenie JV gas for up to 3.65 PJ to Shell over one year from 1 January 2025.
28 Sept 2023annual report● Neutral
Annual Report 2023 repeats the results already released: revenue A$51.6m, profit A$15.2m, EBITDAX A$30.9m. Chairman notes shareholder frustration with the share price and says remaining debt repayment will be prioritised. Two Mahato development wells are done in FY24, two more scheduled.
21 Sept 2023material agreement▲ Good
Operator Central extends its South32 gas supply agreement by 12 months, with Mereenie JV gas aggregated to supply 1.46 PJ to South32 in 2025. Conditional on transport agreements being finalised by 30 June 2024. Firm, take-or-pay supply at a renegotiated fixed price.
21 Sept 2023material agreement▲ GoodMajor
Cue confirms the South32 Cannington gas deal for Mereenie gas is extended 12 months, with 1.46 PJ in total aggregated JV supply in 2025. Firm take-or-pay, renegotiated pricing; conditional on transport agreements by 30 June 2024. Extends the two-year deal that began in 2023.
7 Sept 2023investor presentation● Neutral
Presentation at the Good Oil conference repeats FY23 results and plans: up to seven development wells, Paus Biru first gas targeted 2025 (6.7 bcf net to Cue). Cue cites A$41.9m market capitalisation, A$15.2m cash and A$4m debt. No new announcements.
30 Aug 2023material agreement▲ GoodMajor
Cue confirms the Mereenie JV (Cue 7.5%) signed a 12-month MOU with Twin Bridges to progress a helium recovery unit, targeting up to 60,000 scf/day. If it proceeds, Twin Bridges would design, build, fund and own the plant. Not yet a final investment decision.
30 Aug 2023material agreement● Neutral
NZOG, Cue's 50.04% shareholder, relays the Mereenie helium MOU with Twin Bridges, attaching Central's release. Duplicate of the operator's news; NZOG holds 17.5% and Cue 7.5% of Mereenie.
30 Aug 2023material agreement▲ GoodMajor
Operator Central Petroleum signs a non-binding MOU with US firm Twin Bridges to progress a helium recovery unit at Mereenie toward a final investment decision. Twin Bridges would fund and own it, with operating profit split 50/50 with the JV. Cue holds 7.5%.
25 Aug 2023annual report▲ Good
FY23 results: revenue up 16% to A$51.6m, the highest since 2010, profit A$15.2m, EBITDAX A$30.9m, production 630,000 boe. Debt is A$4m. PB-23 started at 400 bopd, four more PB wells planned, and two Mereenie development wells are in early planning.
25 Aug 2023annual report● Neutral
Appendix 4G confirming Cue's corporate governance statement for the year to 30 June 2023 is on its website and board-approved as at 25 August 2023. Administrative filing alongside the annual report; no new financial or operating information.
25 Aug 2023annual report● Neutral
FY2023: revenue up 16.1% to A$51.6m, profit down 5.3% to A$15.2m, EBITDAX A$30.9m. Mahato output rose from 4,700 to 6,400 bopd. Cash A$15.2m; A$4.0m NZOG loan outstanding. No dividend.
24 Aug 2023drilling result▼ Bad
NZOG relays Cue's report that BA-01 found no hydrocarbons in four tested zones and has been plugged and abandoned. Duplicate of Cue's 23 August release. Cue holds 12.5%.
23 Aug 2023drilling result▼ BadMajor
BA-01 is a dry hole: four zones in the Duri and Bekasap formations tested no hydrocarbons at 2,800 ft, and the well is plugged and abandoned. Ends the exploration well expected to rival the PB discovery. Focus returns to PB development drilling.
4 Aug 2023drilling spud● NeutralMajor
BA-01 exploration well spudded 28 July 2023 after delays, with surface hole drilled to about 100 ft. It is expected to reach 2,800 ft in around 20 days. Best-case oil in place is 93 mmbbl; Cue holds 12.5%.
27 July 2023resource reserve update▲ GoodMajor
Cue's net 2P reserves rise 14% at Palm Valley to 3.8 PJ (0.6 mmboe) after the PV-12 well, and 13% at Dingo to 6.4 PJ (1.0 mmboe). Palm Valley contingent resource of 2.1 PJ falls to 1.4 PJ as some moves into reserves. Cue holds 15%.
27 July 2023resource reserve update▲ Good
NZOG, Cue's 50.04% shareholder, reports Palm Valley 2P reserves up 14% and Dingo up 13% on its net 50% basis. Palm Valley gain follows the PV-12 well. This is the parent's view of the same upgrade Cue reported.
27 July 2023resource reserve update▲ Good
Central Petroleum, operator of Palm Valley and Dingo, lifts its 2P gas reserves 8%. Palm Valley 2P is up 2.4 PJ after PV-12 and Dingo up 3.5 PJ. Operator-level confirmation of the upgrades behind Cue's 15% interests; not a Cue announcement.
21 July 2023drilling scheduled▲ Good
Rig for the BA-01 exploration well is over 80% rigged up and final environmental clearances are received; spud is expected within a week. Resolves the clearance condition on the long-delayed well. Best-case oil in place is 93 mmbbl; Cue holds 12.5%.
29 June 2023debt financing▲ Good
Cue repays A$3m early of its A$7m NZOG loan (taken June 2022), leaving A$4m drawn. It says it remains fully funded for drilling, including BA-01 and five PB production wells. Continues the debt paydown review.
2 June 2023production update▲ Good
Maari MN1 well, offline since May 2022 for a new pump, is repaired and producing about 800 bopd. Field output is over 5,000 bopd. This resolves one of the two offline wells; MR2 conversion to water injection is in final planning. Cue holds 5%.
2 June 2023production update▲ Good
NZOG relays Cue's news that the Maari MN1 well is repaired and producing about 800 bopd, with field output over 5,000 bopd. Duplicate of Cue's own 2 June release. Cue holds 5%.
19 May 2023drilling result▲ Good
NZOG relays Cue's news that Mahato PB-20 is producing 800 bopd and field output is 33% higher than at the start of FY2023. Five more production wells are planned this year. Cue holds 12.5%. Duplicate of Cue's release.
