13 Sept 2022drilling progress report● Neutral
NZOG relays Central's update: the Palm Valley-12 P1 sidetrack was at 1,733m on 12 September, having drilled 402m of 8.5-inch hole. The build section is still planned to end at 1,860m. Cue holds 15%.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
6 Sept 2022investor presentation● Neutral
Cue's RIU conference presentation restates known facts: FY22 revenue A$44.4m, profit A$16.1m, cash A$23.2m, debt A$7m, market cap A$47.5m at A$0.068 a share. It says 10 more Mahato wells are scheduled, with PB-21 drilling.
6 Sept 2022drilling progress report● Neutral
NZOG relays Central's update: the Palm Valley-12 P1 sidetrack (ST2) began, reaching 1,428m on 5 September after 97m of 8.5-inch hole. The build section is planned to 1,860m, then a 7-inch liner. Cue holds 15%.
6 Sept 2022drilling progress report● Neutral
Central reports the Palm Valley-12 P1 sidetrack started, at 1,428m on 5 September with 97m drilled. The build section is planned to 1,860m before a 7-inch liner is set. Same content as the NZOG release; Cue holds 15%.
30 Aug 2022drilling progress report● Neutral
NZOG relays Central's update: the Palm Valley-12 P3 lateral was plugged and abandoned as of 29 August, and preparations continue for the P1 sidetrack. Cue holds 15%.
30 Aug 2022drilling progress report● Neutral
Central confirms the Palm Valley-12 P3 lateral was plugged and abandoned as of 29 August, with preparations continuing for a sidetrack into the producing P1 unit. Same content as the NZOG release of the same day; Cue holds 15%.
25 Aug 2022annual report▲ GoodMajor
Cue reports FY22 profit after tax of A$16.07m (FY21 loss A$12.74m) on revenue of A$44.4m, up 98%. Cash is A$23.22m, with A$7m owed to NZOG. No dividend. Amadeus assets contributed A$8.21m revenue from 1 October 2021.
25 Aug 2022admin correction● Neutral
Cue lodges its Appendix 4G and corporate governance statement for the year to 30 June 2022, as required alongside the annual report. Administrative filing only, with no new business information.
25 Aug 2022annual report▲ Good
Cue's FY22 results: profit A$16.1m, EBITDAX A$29.0m, production 608 mboe (+59%). FY23 plans include 10 more Mahato wells, which could lift PB field output 100% if they match recent wells, and two Mereenie infill wells plus six recompletions. Funded from cash and debt.
22 Aug 2022drilling result▼ Bad
Central confirms the Palm Valley-12 P2/P3 lateral found formation water and no significant gas shows at 2,431m, and was curtailed. The well will be plugged and sidetracked into the producing P1 unit. Same result as the NZOG release; Cue holds 15%.
22 Aug 2022drilling result▼ BadMajor
The Palm Valley-12 P2/P3 lateral, at 2,431m, hit formation water with no significant gas shows, so the joint venture stopped drilling it. The section will be plugged and a P1 sidetrack prepared. This ends the deeper exploration try; Cue holds 15%.
22 Aug 2022drilling result▼ Bad
Cue relays Central's update: the Palm Valley-12 P2/P3 lateral at 2,431m found formation water and no significant gas shows, and drilling was curtailed. A P1 sidetrack into the currently producing formation is being prepared. Cue holds 15%.
16 Aug 2022drilling progress report● Neutral
Central reports the Palm Valley-12 sidetrack at 2,301m on 15 August, 151m drilled in the week in the lower P2. Completion still scheduled for August. Same content as the NZOG release; Cue holds 15%.
16 Aug 2022drilling progress report● Neutral
NZOG relays Central's update: the Palm Valley-12 sidetrack reached 2,301m on 15 August, 151m in the week, in the lower P2. Completion is still scheduled for August. Cue holds 15%.
12 Aug 2022production update▲ Good
NZOG relays Cue's announcement that Mahato well PB-17 is producing about 800 bopd. Cue holds 12.5% of the Mahato PSC; NZOG owns 50.04% of Cue. Repeats the Cue release.
12 Aug 2022production update▲ Good
Mahato well PB-17, the second of the 14-well campaign, is producing about 800 bopd. PB field output is about 5,500 bopd, with 10 producers and 2 injectors still to drill. Rig moves to PB-21 next. Cue holds 12.5%.
9 Aug 2022drilling progress report● Neutral
Central reports the Palm Valley-12 sidetrack at 2,150m on 8 August, 130m drilled in the week, still building angle towards horizontal. Completion is still scheduled for August. Same content as the NZOG release; Cue holds 15%.
9 Aug 2022drilling progress report● Neutral
NZOG relays Central's update: the Palm Valley-12 sidetrack reached 2,150m on 8 August, 130m in the week, with the hole angle still building towards horizontal. Completion is still scheduled for August. Cue holds 15%.
2 Aug 2022drilling progress report● Neutral
NZOG relays Central's update: the Palm Valley-12 7-inch liner is cemented and air drilling of the P2/P3 lateral should start within 24 hours. The lateral is expected to take about 3 weeks. Cue holds 15%.
2 Aug 2022drilling progress report● Neutral
Central reports the Palm Valley-12 liner is cemented at 2,020m and air drilling of the P2/P3 lateral should start within 24 hours, taking about 3 weeks. Cue holds 15%. Same content as the NZOG relay of the same day.
26 July 2022drilling progress report● Neutral
Central reports the Palm Valley-12 ST1 bend section reached total depth of 2,020m on 25 July. A 7-inch liner is being run and cemented ahead of up to 1,000m of lateral drilling. Same as NZOG release.
26 July 2022drilling progress report● Neutral
NZOG relays Central's update: Palm Valley-12 sidetrack bend reached section depth of 2,020m on 25 July. A 7-inch liner is being run and cemented before drilling up to 1,000m in the lower P2 and P3. Cue holds 15%.
19 July 2022drilling progress report● Neutral
Central reports horizontal drilling of the Palm Valley-12 ST1 sidetrack has started, with about 40m of the bend drilled. A liner will be set at 2,020m before up to 1,000m of open hole in the lower P2 and P3. Same as NZOG release.
19 July 2022drilling progress report● Neutral
NZOG relays Central's update: the Palm Valley-12 sidetrack has begun, with about 40m of the bend drilled into the middle P2. A liner will be set at 2,020m before up to 1,000m of horizontal drilling. Cue holds 15%.
12 July 2022joint venture update▼ Bad
NZOG relays Central's decision to drop the deep Palm Valley target, sidetrack the P2/P3 instead and defer Dingo Deep. Its CEO calls it a setback to understanding the deeper opportunities. Cue holds 15%.
12 July 2022joint venture update▼ Bad
Cue relays the Palm Valley-12 revision: the deep Arumbera target is replaced by a P2/P3 sidetrack of up to 1,000m, and Dingo Deep is deferred. Capital may go to up to six Mereenie recompletions and two new wells. Cue holds 15%.
12 July 2022joint venture update▼ BadMajor
Central and partners dropped the deep 3,560m Arumbera target at Palm Valley-12 after difficult drilling. They will instead sidetrack into the shallower P2/P3 at 2,061m, and defer Dingo Deep. Costs stay within the $40m carry cap; spare capital may go to Mereenie or Palm Valley production.
5 July 2022drilling progress report● Neutral
Central reports Palm Valley-12 at 2,335m on 4 July, 57m in the week, after tests and a cement plug to cure the loss zone. Mud drilling resumed through the P4 unit. Same content as the NZOG release.
5 July 2022drilling progress report● Neutral
NZOG relays Central's update: Palm Valley-12 reached 2,335m on 4 July, only 57m in the week, after pressure tests and a cement plug to cure losses. Arumbera target is still 3,560m, with a P1 lateral as fallback; Cue holds 15%.
1 July 2022production update▲ GoodMajor
New Mahato well PB-18 is producing about 1,000 bopd, the first of the 14-well campaign approved on 14 June. Field output is about 5,000 bopd, with PB-17 next; Cue holds 12.5%, and oil is sold at Dated Brent less $1-2/bbl.