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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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%.
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%.
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%.