Past year: ▼ 5%(9.90c – 14.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
11 Oct 2013drilling progress report● Neutral
Manaia-2 appraisal well (Cue 5%) reached 2005m and is logging. Elevated gas readings and oil fluorescence were seen in the Moki Formation. The programme is now 58 days due to weather and rig repairs. Pre-drill potential is 11 million barrels gross.
7 Oct 2013drilling spud● NeutralMajor
Naga Utara-2 spudded on 5 October 2013 in the Mahakam Hilir PSC (Cue 40%). It will appraise gas shows missed at Naga Utara-1 due to mechanical problems, to about 2,068m over roughly 62 days.
4 Oct 2013drilling progress report▼ Bad
Manaia-2 is at 811m after rig problems were resolved. The programme is now expected to take 58 days in total, up from about 30, because of weather and rig repairs.
27 Sept 2013drilling progress report▼ Bad
Manaia-2 is still at 754m. Rig equipment problems and adverse weather have delayed drilling since the last report.
20 Sept 2013drilling progress report● Neutral
Manaia-2 remains at 754m after the 13⅜" casing was run and cemented. It is preparing to drill ahead; no new result.
13 Sept 2013drilling progress report▼ Bad
Manaia-2 is at 754m, preparing to cement 13⅜" casing. Adverse weather suspended operations for a significant period, delaying the 16" hole section.
6 Sept 2013drilling progress report● Neutral
Manaia-2 is at 189m after the 30" conductor was run and cemented without incident. No new result.
2 Sept 2013drilling spud● Neutral
Manaia-2 spudded on 1 September 2013 in PMP 38160, with Cue at 5%. Planned depth is 2,850m over about 30 days, appraising reservoirs that could add 11 million barrels gross to the Manaia field.
23 Aug 2013drilling scheduled▲ Good
Kan Tan IV arrived in New Zealand and is being towed to Manaia-2, with spud expected within days. The well targets reservoirs that could add 11 million barrels gross; the Maari-Manaia programme is expected to add about 15 million barrels gross.
1 Aug 2013drilling scheduled● Neutral
The Kan Tan IV rig is on a heavy lift vessel to New Zealand. Manaia-2 (Cue 5%) is due to spud in late August; Whio (PEP 51313) follows in Q1 2014, with Cue carried by OMV.
1 July 2013drilling scheduled▲ Good
A rig is contracted for Naga Utara-2 in the Mahakam Hilir PSC, where Cue holds 40% (operator SPC 60%). Spud is expected by end September, appraising the 2012 Naga Utara-1 gas discovery, which flowed gas for seven days.
29 Nov 2012farm in farm out agreement▲ GoodMajor
Cue and partners farmed out 30% of PEP 51313 to OMV, which funds 100% of the first well on the Whio prospect, about 4 km from Maari. Cue's interest falls from 20% to 14%, subject to approval. Drilling is expected from Q4 2013.
18 Oct 2012resource reserve update▲ Good
Partner Horizon Oil's independent audit puts Maari and Manaia remaining gross 2P-type (P50) oil reserves at 88.4 mmbo as at 1 August 2012. Cue holds 5% of PMP 38160. This is Horizon's release, not Cue's; Cue's own booking is not stated.
29 June 2012drilling result▼ BadMajor
Naga Selatan-1 found gas shows and possible hydrocarbons in several sandstones, but poor hole conditions stopped fluid evaluation and it will be plugged and abandoned. No commercial discovery proven; the 40%-Cue JV will study data and plan 12 months of work.
28 June 2012drilling result▼ BadMajor
Banambu Deep-1 reached 4,696m and hit its primary and secondary sandstone targets as predicted, but both were water-bearing. The well will be plugged and abandoned. A dry hole for the free-carried 35% interest, ending the up-to-1.5 Tcf hope.
27 June 2012drilling progress report● Neutral
Naga Selatan-1 reached TD of 8,300 ft on 20 June and wireline logging is under way. Cue will report once results are evaluated. No results yet, continuing the earlier hydrocarbon indications.
26 June 2012drilling progress report● Neutral
Banambu Deep-1 was drilling ahead at 4,560m on 26 June in the 8½-inch hole toward the primary Intra Mungaroo target, planned TD about 4,712m. Routine progress; no results yet.
20 June 2012drilling progress report● Neutral
Banambu Deep-1 was at 4,134m on 20 June and the drill assembly was being pulled to run casing. The 8½-inch hole to the primary target comes next. Routine progress; no results yet.
20 June 2012drilling progress report▲ Good
Naga Selatan-1 reached TD of 8,300 ft, deeper than the planned 6,500 ft, because of hydrocarbon indications between 6,000 and 8,000 ft. Wireline logging will evaluate it. A hopeful sign, not yet a discovery.
13 June 2012drilling progress report● Neutral
Banambu Deep-1 was at 2,573m on 13 June after 13 3/8-inch casing was cemented at 2,563.6m. Drilling continues toward 4,155m, then the target section. Routine; no results.
13 June 2012drilling progress report● Neutral
Naga Selatan-1 was at 7,741 ft on 12 June, drilling toward a planned 8,000 ft TD. Routine progress; no results. The contact list now names David Whittam as exploration manager in place of Terry White.
6 June 2012drilling progress report● Neutral
Naga Selatan-1 was drilling at 6,984 ft MD on 5 June, heading for a planned TD of 8,000 ft. Routine progress; no results.
6 June 2012drilling progress report● Neutral
Banambu Deep-1 was drilling at 2,527m on 6 June, with surface casings set. Planned depth is about 4,712m. Routine progress; no results yet.
31 May 2012drilling progress report● Neutral
Naga Selatan-1 was at 6,852 ft on 30 May, with intermediate logs being acquired. Planned TD has been raised to 8,000 ft from 6,500 ft. No results stated.
30 May 2012drilling spud▲ GoodMajor
Banambu Deep-1 spudded on 29 May in WA-389-P, with Cue free carried at 35% (Woodside 25%, BHP Billiton 40%). Cue estimates up to 1.5 Tcf of recoverable gas. Drilling takes about 50 days. A significant exploration well; a gas discovery would be material.
23 May 2012drilling progress report● Neutral
Naga Selatan-1 had 9⅝-inch casing set at 5,000 ft and was drilling at 5,475 ft on 22 May, heading for 6,500 ft. Routine progress; no results.
16 May 2012drilling progress report● Neutral
Naga Selatan-1 reached 5,000 ft MD on 15 May and wireline logs were run and are being evaluated. Casing is next, then drilling to 6,500 ft. No results given.
9 May 2012drilling progress report● Neutral
Naga Selatan-1 was drilling at 2,776 ft MD on 8 May in the 12¼-inch section. Routine progress; no results.
7 May 2012farm in farm out agreement▲ GoodMajor
Woodside has agreed to farm BHP Billiton into WA-389-P for a 40% interest, with BHP paying up to a capped amount for 100% of Banambu Deep drilling. Cue stays at 35% (Woodside falls to 25%), subject to Cue's pre-emptive rights and approvals. Cue sees it as an endorsement.
2 May 2012drilling progress report● Neutral
Naga Selatan-1 reached 1,556 ft by 1 May; logs were run and 13 3/8-inch casing is being set. Routine progress with no results.
