Past year: ▼ 5%(9.90c – 14.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
25 July 2023quarterly activities report▲ Good
June quarter: Mahato net production up 32% after two new wells; Maari up 18% with MN1 back (over 1,000 bopd). Cash receipts A$9.7m, cash A$15.2m including A$4.0m loans after the A$3m repayment. Sampang PSC term extension supported by government, advancing Paus Biru planning.
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.
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.
27 Apr 2023quarterly activities report▲ Good
March quarter: cash receipts A$13.2m, cash up to A$18.4m including A$7.0m loans. PB-11 (360 bopd) and PB-20 completed. Palm Valley-12 at ~9.2 TJ/d. Five Mereenie recompletions start late April; BA-01 now expected in the June quarter.
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.
30 Jan 2023quarterly activities report▲ Good
December quarter: cash receipts A$12.4m (up 51%); cash A$14.8m including A$7.0m loans. Palm Valley-12 producing ~9.5 TJ/d. PB-19 online at ~800 bopd; PB-11 drilled and testing. PB-10 underperforming, workover planned. BA-01 expected this quarter.
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%.
28 Oct 2022quarterly activities report● Neutral
September quarter: cash fell to A$17.46m (A$7.0m of it drawn loans) after Palm Valley-12 and Mahato costs. Mahato net oil rose 22%, with PB-17 and PB-21 online. Palm Valley-12 tested 11.8 mmscfd. A pipeline closure cut Australian gas sales about 2.5%.
27 Oct 2022agm notice▲ Good
Chairman's AGM address cites FY22 revenue up 98%, production up 59% and after-tax profit up 226%, driven by Mahato, the Amadeus acquisition and higher prices. It is optimistic about next year's development plans. No new information.
