Past year: ▼ 5%(9.90c – 14.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 May 2023drilling result▲ Good
Mahato PB-20 is producing about 800 bopd, the eighth well of the campaign. Field output is about 6,300 bopd, up 33% since the start of FY2023. Five production wells and two injection wells remain; PB-14 is drilling. Cue holds 12.5%.
2 May 2023investor presentation● Neutral
Presentation at a lunch series restates the strategy: net cash A$11.4m, up to 9 development wells and one exploration well in 2023, and a search for new opportunities. Repeats known facts; no new announcements.
23 Feb 2023half year report● Neutral
Half-year to 31 December 2022: revenue up 34% to A$24.1m, but profit down 22% to A$6.8m, with higher exploration expense (Palm Valley-12) and tax. Cash A$14.8m including a A$3.5m term deposit. No dividend.
23 Feb 2023half year report▲ Good
Cue presents half-year results: revenue A$24.1m (+34%), EBITDAX A$15.7m, profit A$6.8m (down from A$8.7m). Plans up to 9 development wells in the next 12 months. Paus Biru investment decision, delayed, is expected before the end of FY2023. Says it is fully funded for 12 months.
30 Jan 2023drilling scheduled▲ Good
NZOG relays Cue's announcement that exploration well BA-01 in the Mahato PSC is preparing to drill this quarter, subject to environmental clearances. Cue holds 12.5%. Same content as Cue's 27 January release.
27 Jan 2023drilling scheduled▲ GoodMajor
Cue says exploration well BA-01 in the Mahato PSC (Cue 12.5%) is preparing to drill this quarter, subject to environmental clearances. Best-case prospective oil in place is 93 mmbbl; the operator rates chance of success at 38%. First Mahato exploration well since the PB discovery.
19 Dec 2022drilling result▲ Good
Mahato PB-19, the sixth well of the campaign, is producing about 800 bopd; the field is about 5,500 bopd. PB-10 underperformed and is being worked over. Seven production and two water injection wells remain; PB-11 is next. Cue holds 12.5%.
15 Dec 2022contract award▲ Good
NZOG signs a two-year, fixed-price, take-or-pay gas deal with South32 Cannington from 1 January 2023 for 0.38 PJ. It is aggregated with Mereenie joint venture gas for up to 2.19 PJ in total. This is NZOG's own contract; Cue holds 7.5% of Mereenie.
15 Dec 2022contract award▲ GoodMajor
Cue signs a two-year, fixed-price, take-or-pay gas deal with South32 Cannington from 1 January 2023 for 0.16 PJ from Mereenie, within up to 2.19 PJ in total. It sells more previously uncontracted Mereenie gas, following the Shell deal.
1 Dec 2022production update▲ Good
Cue relays Central's news that Palm Valley-12 began flowing at a stable ~10 TJ/d from 28 November, above pre-drill expectations. Field output should approach 15 TJ/d in mid-December. Cue holds 15%.
1 Dec 2022production update▲ GoodMajor
Palm Valley-12 was tied in and began flowing sales gas on 28 November at a stable ~10 TJ/d (gross), above pre-drill expectations. Field output should approach the 15 TJ/d plant maximum in mid-December. Cue holds 15%.
27 Oct 2022investor presentation● Neutral
CEO AGM presentation restates FY22 results (revenue A$44.4m, profit A$16.1m). It gives 21 October market cap A$51m, cash A$17.5m at 30 September and debt A$7m. Enterprise value is A$40.5m.
18 Oct 2022flow test result▲ GoodMajor
NZOG relays that Palm Valley-12 ST2 flowed about 11.8 mmscfd on a 187-minute rig test and is being completed as a producer. The rate is similar to Palm Valley-13 in 2018. This is the last weekly update; Cue holds 15%.
18 Oct 2022flow test result▲ Good
Central reports Palm Valley-12 ST2 flowed about 11.8 mmscfd on a 187-minute test and is being completed as a gas producer. Drilling is finished, so this is the last weekly update. Same as the NZOG release; Cue holds 15%.
18 Oct 2022flow test result▲ Good
Cue relays Central's result: Palm Valley-12 ST2 flowed about 11.8 mmscfd on test and is being completed as a gas producer. Production rates will be set once it is tied in. Cue holds 15%.
11 Oct 2022drilling progress report▲ Good
Central reports Palm Valley-12 ST2 reached total depth of 3,039m on 8 October and was cleaning up for a further flow test, then completion as a gas producer. Same content as the NZOG release; Cue holds 15%.
11 Oct 2022drilling progress report▲ Good
NZOG relays that Palm Valley-12 ST2 reached total depth of 3,039m on 8 October and was cleaning up ahead of a further flow test. It will then be completed as a gas producer. Cue holds 15%.
3 Oct 2022flow test result▲ GoodMajor
Central reports an interim test of the Palm Valley-12 P1 sidetrack at 2,598m flowed gas at about 7 TJ/d, with about 440m of hole still to drill. After the failed deeper P2/P3 target, this supports the P1 appraisal. Cue holds 15%.
3 Oct 2022flow test result▲ Good
Cue relays Central's interim Palm Valley-12 P1 test: about 7 TJ/d of gas from 1,870-2,598m, with about 440m of hole still to drill. Gas only, no fracking. Cue holds 15%. Same content as Central's release.
3 Oct 2022flow test result▲ Good
NZOG relays Central's Palm Valley-12 interim test of about 7 TJ/d from the P1, which it says exceeds pre-drill estimates. About 440m of hole remains to drill. Same result as Central's release; Cue holds 15%.
27 Sept 2022annual report▲ Good
Cue's 2022 Annual Report restates FY22 results: revenue A$44.4m (+98%), profit A$16.1m, EBITDAX A$29.0m, production over 600,000 boe. Amadeus assets contributed A$8.2m. It expects 10 more PB wells at about one a month in FY23.
27 Sept 2022drilling progress report▲ Good
Central reports the Palm Valley-12 P1 sidetrack at 2,063m on 26 September, about 200m into the P1, with gas throughout and flared. No flow rate test yet. Same content as the NZOG release; Cue holds 15%.
27 Sept 2022drilling progress report▲ Good
NZOG relays Central's update: the Palm Valley-12 P1 sidetrack reached 2,063m on 26 September, about 200m into the P1, with gas encountered throughout and flared. No flow rate test yet. Drilling will continue laterally; Cue holds 15%.
20 Sept 2022drilling progress report● Neutral
Central reports the Palm Valley-12 P1 sidetrack completed its 8.5-inch section at 1,860m by 19 September. The 7-inch liner is being run and cemented, then the 6-inch P1 section will be drilled. Same content as the NZOG release; Cue holds 15%.
20 Sept 2022drilling progress report● Neutral
NZOG relays Central's update: the Palm Valley-12 P1 sidetrack finished its 8.5-inch section at 1,860m by 19 September. The 7-inch liner is being run and cemented before drilling the 6-inch P1 section. Cue holds 15%.
15 Sept 2022material agreement▲ Good
NZOG signs a one-year gas deal with Shell Energy from 1 January 2025 for 0.64 PJ, aggregated with Mereenie joint venture gas for up to 3.65 PJ in total. Cue holds 7.5% of Mereenie; this is NZOG's own contract.
15 Sept 2022investor presentation● Neutral
Cue announces CEO Matthew Boyall will present at the ShareCafe Small Cap 'Hidden Gems' webinar on 16 September 2022. Notice of an event only, with no new business information.
15 Sept 2022material agreement▲ Good
Central signs a one-year fixed-price, take-or-pay deal to sell Shell Energy 0.91 PJ from 1 January 2025, aggregated with other Mereenie owners' gas for up to 3.65 PJ in total. Cue's own share is covered by its separate deal.
15 Sept 2022contract award▲ GoodMajor
Cue signs a one-year, fixed-price, take-or-pay gas deal with Shell Energy from 1 January 2025 for 0.27 PJ from Mereenie, part of up to 3.65 PJ in total. It sells some previously uncontracted Mereenie gas; gas transport agreements must still be signed.
13 Sept 2022drilling progress report● Neutral
Central reports the Palm Valley-12 P1 sidetrack at 1,733m on 12 September, 402m drilled in the 8.5-inch section. The section is still planned to end at 1,860m. Same content as the NZOG release; Cue holds 15%.
