Past year: ▼ 5%(9.90c – 14.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
12 Apr 2024material agreement● Neutral
Mereenie JV signs an as-available gas deal with NT Power and Water for up to 8.6 PJ to end-2024. Mereenie is currently curtailed by 10-15 TJ/d because the pipeline stays shut. Initial sales are expected to be moderate. Cue holds 7.5%.
15 Mar 2024regulatory community update● Neutral
NZOG relays Central's pipeline outage notice. It also states NZOG agreed on 14 Feb 2024 to buy Macquarie's 25% of Mereenie, giving NZO 42.5%, Horizon Oil 25%, Central 25% and Cue 7.5%. Cue's interest is unchanged.
15 Mar 2024regulatory community update▼ Bad
Operator Central says the Northern Gas Pipeline is expected to be closed until June 2024, blocking east coast deliveries. Mereenie JV sales are cut by about 13.6 TJ/d (Cue's share is 7.5%) while it re-contracts gas to NT customers. Relayed operator release.
15 Mar 2024regulatory community update▼ Bad
Cue relays Central's notice that the Northern Gas Pipeline outage is expected to last until June 2024, cutting Mereenie JV sales by about 13.6 TJ/d. Duplicates the operator release; Cue holds 7.5% of Mereenie.
29 Feb 2024half year report▲ GoodMajor
Half-year to December 2023: revenue up 21.7% to A$29.3m and profit up 33.8% to A$9.07m. Cash is A$23.17m with the NZOG loan fully repaid. The board declared a 2-cent special dividend, about A$14m, the first dividend in this history.
29 Feb 2024dividend declaration▲ GoodMajor
Cue declares a 2-cent unfranked special dividend (about A$14m), record date 22 March, paid 5 April 2024. It also adopts a policy of reviewing a dividend each half-year, resolving the capital management review that began in 2023.
29 Feb 2024dividend declaration● Neutral
Cue's 50.04% shareholder NZOG says it expects A$7.0m from Cue's 2-cent special dividend on 5 April 2024. Relayed news attaching Cue's dividend release, with nothing new.
29 Feb 2024investor presentation▲ Good
Results release repeats the half-year figures: revenue A$29.3m, EBITDAX A$19.3m, profit A$9.1m, and the 2-cent special dividend. Outlook: two Mereenie wells planned subject to JV approval, MR6a workover expected done in Q4 FY24, Paus Biru extension talks continuing.
19 Feb 2024other● Neutral
Operator Central, at the ASX's instruction, clarifies that its earlier phrase 'pricing reflects strong market conditions' means pricing consistent with market prices. No new figures or terms for Cue's Arafura gas deal.
13 Feb 2024material agreement▲ Good
Cue's own release confirms its Arafura gas deal: up to 2.06 PJ net, firm take-or-pay, CPI-escalated fixed price, starting 2026. The text here says up to 5 years including a 2-year extension. Still conditional on Arafura meeting project conditions. Repeats the 12 Feb news.
12 Feb 2024material agreement▲ GoodMajor
Arafura Rare Earths signs gas deals with the Mereenie JV, including Cue, for up to 27.4 PJ from 2026 over three years, with a two-year extension option. Cue's share is 2.06 PJ. Take-or-pay, but conditional on Arafura's Nolans project meeting conditions by 30 June 2024, including a final investment decision.
12 Feb 2024material agreement● Neutral
Operator Central announces its own gas deal with Arafura for up to 6.85 PJ from 2026, aggregated with Mereenie JV gas (Cue 7.5%) to supply up to 27.4 PJ. It is conditional on Arafura meeting conditions by 30 June 2024. Duplicates the Arafura release on the same deal.
29 Jan 2024quarterly activities report▲ Good
December quarter: cash receipts up 16% to A$16.7m and cash A$23.2m with no debt. Three Mahato PB wells completed, with that drilling program nearing completion. The final A$1.9m of accrued DMO payments was received. Two Mereenie wells remain in planning.
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.
19 Oct 2023quarterly activities report▲ Good
September quarter: cash receipts up 49% to A$14.4m, Mahato oil up 8%, Maari up 12%. Cash is A$17.4m with no debt after the A$4m repayment. A$3.3m of accrued Mahato DMO payments received, with a further A$1.9m expected. Mereenie two-well planning to be finalised.
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%.
