Past year: ▼ 5%(9.90c – 14.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 Jan 2016drilling result▼ BadMajor
Te Kiri North-1 reached 4,629 m and is being plugged and abandoned. Mt Messenger had shows but low reservoir quality, and the Eocene target came in lower than predicted. It fulfils Cue's remaining permit obligations. Resolves the 20%-interest exploration thread as a disappointment.
8 Jan 2016drilling spud▲ GoodMajor
Naga Selatan-2 spudded on 7 January 2016 in the Mahakam Hilir PSC, which Cue holds 100% and operates. It is Cue's first operated exploration well, planned to take 15 days to 2,240 ft. This follows the delay from the earlier November 2015 plan.
17 Dec 2015drilling spud▲ GoodMajor
Te Kiri North-1 spudded on 16 December 2015 in PEP 51149, onshore Taranaki, with Cue holding 20% and Todd operating. The operator's best-case estimates are 10 mmbbl of oil and ~75 bcf of gas, plus 35 bcf more. About 50 days to reach target depth.
16 Nov 2015drilling scheduled▲ Good
Rig contracted for Naga Selatan-2 in the 100%-owned Mahakam Hilir PSC, with spud planned early January 2016 to 2,240 ft in 15 days. Cue estimates 37.8 mmstb mean prospective oil at 35% chance of success (earlier context cited 25 mmbbl).
26 Mar 2015farm in farm out completion▲ GoodMajor
Indonesian government approval received for Cue's farm-in to the Mahato PSC from Bukit, giving Cue a 12.5% interest. Two wells are planned for 2H 2015, with Cue's share of costs for the wells and seismic capped. This resolves the pending-approval thread.
21 Nov 2014farm in farm out agreement▲ GoodMajor
Cue farmed into the Mahato PSC, onshore Central Sumatra, taking a 12.5% interest from Bukit, subject to government approval. Two wells are planned for 2015 with Cue's cost share capped; terms are confidential. Adds to the Indonesian onshore push after Mahakam Hilir.
26 Aug 2014drilling result▼ BadMajor
Whio-1 reached 2,824m total depth and is being abandoned. It found sandstones in all objectives but could not confirm commercial hydrocarbons. A disappointing exploration result, though Cue (14%) was free-carried by OMV.
22 Aug 2014drilling progress report● Neutral
Whio-1 at 2,670m, nearing planned depth of 2,879m. Preliminary indications suggest reservoir-quality sandstones in the targeted formations, to be assessed by wireline logs at total depth. No hydrocarbons reported.
15 Aug 2014drilling progress report▼ Bad
Whio-1 at 1,582m. The upper targets (Whio A, M2A, Upper Moki) are water-bearing, a negative sign; the deeper Mangahewa, Kaimiro and Farewell targets remain to be tested.
8 Aug 2014drilling progress report● Neutral
Whio-1 reached 1,235m, ran and cemented 13⅜-inch casing, and is preparing to drill the next section. No new geological result.
1 Aug 2014drilling progress report● Neutral
Whio-1 was drilling ahead at 1,049m in 16-inch hole on 1 August. Routine first weekly update with no new result; Cue remains free-carried.
24 July 2014drilling spud● NeutralMajor
Whio-1 spudded 23 July 2014 in PEP 51313, 4.5 km from the Maari platform, planned depth 2,879m. Mean unrisked prospective resource is 18 million barrels (100%). Cue (14%) is free-carried by OMV. Matches the expected ~May spud, slightly later.
3 Jan 2014drilling result▼ BadMajor
Naga Utara-2 sidetrack reached 1,847m and is being plugged and abandoned. Hydrocarbon indications were judged insufficient to justify testing, and hole condition prevented pressure and fluid sampling. Disappointing result for Cue's 40%; future exploration decision pending.
20 Dec 2013drilling progress report● Neutral
Naga Utara-2 was successfully sidetracked around the stuck pipe and is drilling at 1,676m toward a revised total depth of 2,078m. Next report due 3 January 2014.
13 Dec 2013drilling progress report▼ Bad
Attempts to free the stuck drill string failed and it was cut at 1,482m. The operator is preparing to sidetrack around the obstruction. Second mechanical problem after the Naga Utara-1 difficulties.
6 Dec 2013drilling progress report▼ Bad
Naga Utara-2 drill string became stuck at 1,817m because of the formation; recovery operations are under way. A setback for the Mahakam Hilir well in which Cue holds 40%.
28 Nov 2013drilling progress report● Neutral
Naga Utara-2 is at 1,559m, drilling ahead in the final 8½ inch section toward a proposed total depth of 2,065m after casing was set at 1,497m. No results yet.
22 Nov 2013drilling progress report● Neutral
Naga Utara-2 reached 1,500m, the end of this hole section, and logs were run; 9⅝ inch casing is being set. No results yet.
15 Nov 2013drilling result● NeutralMajor
Manaia-2/2A is being plugged and abandoned as planned. Mangahewa results were in line with expectations; Moki oil samples were taken, but fluid analysis is ongoing, so no oil volume is yet confirmed. Last weekly report.
15 Nov 2013drilling progress report● Neutral
Naga Utara-2 is at 1,340m, drilling ahead after 13⅜ inch casing was set at 1,019m. Cue holds 40%. No results yet.
8 Nov 2013drilling progress report● Neutral
Naga Utara-2 reached 1,019m (section depth), logs run, preparing to run 13⅜ inch casing. No results yet.
8 Nov 2013drilling progress report● Neutral
Manaia-2/2A reached total depth of 2891m on 4 November and is being logged. Elevated gas readings and oil fluorescence were seen in the Mangahewa Formation. Significance to be evaluated.
8 Nov 2013drilling progress report● Neutral
Partner Horizon Oil (10%) says Manaia-2/2A met its drilling objectives, with oil indications in Moki samples and cores. Mangahewa data will help optimise a planned additional development well. Mostly repeats Cue's own reports; analysis continues.
1 Nov 2013drilling progress report● Neutral
Naga Utara-2 is at 879m, drilling ahead; 478m progress for the week. No results yet.
1 Nov 2013drilling progress report● Neutral
Manaia-2 was sidetracked at 2005m after a cement plug and renamed Manaia-2A. It is drilling toward a deeper planned depth of 2886m. Potential is stated as at least 11 million barrels gross.
25 Oct 2013drilling progress report● Neutral
Naga Utara-2 stands at 398m after casing and blowout preventer tests; preparing to drill ahead. No results.
25 Oct 2013drilling progress report● Neutral
Manaia-2 casing was cemented, but debris at the bottom halted drilling at 2008m; the debris has been cleared and drilling ahead toward 2,850m is being prepared. Minor setback.
18 Oct 2013drilling progress report▲ Good
Manaia-2 logging finished; oil-indicating fluid samples and oil-stained cores were recovered from the Moki Formation, with analysis ongoing. Operator is preparing to run 9 5/8 inch casing. Early encouraging signs, not yet a confirmed result.
18 Oct 2013drilling progress report● Neutral
Naga Utara-2 is at 398m, opening the hole ahead of running casing. Routine early-stage drilling with no results yet.
11 Oct 2013drilling spud● NeutralMajor
Naga Utara-2 spudded 5 October in Mahakam Hilir (Cue 40%), appraising gas shows at Naga Utara-1 that were not fully evaluated due to mechanical problems. Planned depth is 2,068m over about 62 days. It follows the earlier planned Naga Merah-1 follow-up.
