Past year: ▼ 5%(9.90c – 14.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
27 Apr 2012drilling scheduled▲ Good
Banambu Deep-1 in WA-389-P (Woodside operator, Cue 35%) is expected to start drilling mid-May, to 4,800m in about 60 days. Woodside carries Cue's costs. Confirms the well expected for Q2 2012; it targets a gas prospect.
26 Apr 2012drilling progress report● Neutral
Naga Selatan-1 was at 768 ft on 25 April, with 20-inch casing set at 227 ft. Routine early progress; no results yet.
17 Apr 2012drilling spud● NeutralMajor
Naga Selatan-1, an oil prospect in the Mahakam Hilir PSC (Cue 40%, SPC operator 60%), was expected to spud on 17 April. Planned depth is 6,500 ft, about 33 days, then 15 days of evaluation. Follows the disappointing Naga Utara-1.
9 Mar 2012drilling result▲ GoodMajor
Naga Utara-1 sidetrack was called at total depth of 5,066 ft because high-pressure gas influx was nearing the rig's pressure rating. Gas sands were found at 4,825-4,880 ft and 4,975-5,040 ft. An appraisal well with high-pressure equipment is planned.
27 Feb 2012drilling result▲ GoodMajor
The Naga Utara-1 sidetrack reached 4,653 ft; preliminary log interpretation shows three hydrocarbon-bearing sandstones with about 80 net feet. Detailed evaluation is pending, and drilling will continue to 5,500 ft. A first positive indication, not yet a confirmed discovery.
24 Feb 2012drilling progress report● Neutral
The Naga Utara-1 sidetrack succeeded from 3,291 ft and is at 3,535 ft. It will re-drill the earlier gas zones to 4,650 ft, then be logged.
17 Feb 2012drilling progress report● Neutral
Plugging the high-pressure gas zone in Naga Utara-1 was difficult, with the well flowing gas and producing 5-8 metre flares over seven days. Sidetrack equipment is on site, so drilling will resume immediately with no suspension, an improvement on the prior plan.
13 Feb 2012drilling progress report▼ Bad
Naga Utara-1 hit a high-pressure gas zone (4,780-4,887 ft); gas was flared for three days and drill pipe is stuck. The well will be plugged and sidetracked to re-drill the gas zone after about three weeks' suspension, with no rig costs during the suspension.
8 Feb 2012drilling progress report▲ Good
Naga Utara-1 is at 4,843 ft with multiple hydrocarbon shows below 3,040 ft. A high-pressure gas flow occurred at current depth, so mud weight is being raised before logging. Encouraging, but no result yet.
1 Feb 2012drilling progress report● Neutral
Naga Utara-1 is at 3,222 ft after setting casing at 3,000 ft. About 13 more days remain to the 5,500 ft target. No result reported.
25 Jan 2012drilling progress report● Neutral
Naga Utara-1 is at 2,232 ft with 13 3/8 inch casing set at 982 ft. About 19 more days remain to reach 5,500 ft. No hydrocarbon result reported yet.
18 Jan 2012drilling progress report● Neutral
Naga Utara-1 (Cue 40%) is at 988 ft, with a pilot hole drilled to manage shallow gas hazards. About 25 more days remain to the 5,500 ft target, including testing. No result yet.
11 Jan 2012drilling spud● NeutralMajor
Naga Utara-1 spudded on 5 January 2012 in the Mahakam Hilir PSC, Cue's first well under its Indonesian farm-in (40%). Target depth is 5,500 ft, about 30 days with testing. At 10 January it was at 223 ft.
4 Jan 2012drilling scheduled● Neutral
Naga Utara-1, a gas prospect next to the Sambutan field in Mahakam Hilir PSC (Cue 40%), is expected to spud on 4 January 2012. Planned depth is 5,500 ft, taking about 30 days. Weekly progress reports will follow.
4 Oct 2011farm in farm out completion▲ GoodMajor
Indonesian regulator approved Cue's 40% of the Mahakam Hilir PSC, clearing the June farm-in. Cue pays about US$4m of past costs by end October from cash. Naga Selatan (20 mmbbl oil) and Naga Utara (80 Bcf gas) prospects are to be drilled, targeting a first spud before end-2011.
14 June 2011farm in farm out agreement▲ GoodMajor
Cue agreed, subject to government approvals, to acquire 40% of the onshore Mahakam Hilir PSC in Kalimantan, Indonesia, by refunding 40% of past costs to operator SPC. The PSC has two drill-ready prospects, with drilling planned from the second half of 2011.
6 Jan 2011farm in farm out completion▲ GoodMajor
All approvals received for Woodside to farm into WA-389-P (Caterina). Woodside paid Cue US$5m back costs and became operator with 65%; Cue keeps 35% free carried. Seismic is expected from about February 2011, with a well in late 2011/2012.
29 Dec 2010drilling progress report● Neutral
Artemis-1 was plugged and abandoned and the Songa Venus released on 26 December. This is MEO's final report on the dry well, drilled without environmental incident.
22 Dec 2010drilling progress report● Neutral
Plugging and abandonment of Artemis-1 continued after the rig was de-manned for a tropical low from 14 to 17 December. Rig release was expected over the weekend.
13 Dec 2010drilling result▼ BadMajor
Artemis-1 reached 3,500m and found no hydrocarbons in the target reservoirs; it will be plugged and abandoned. A dry hole for the ~12 Tcf prospect, though Cue's 15% was free carried so it bore no drilling cost.
8 Dec 2010drilling progress report● Neutral
The over-pressured zone in Artemis-1 was stabilised with heavier mud and the hole deepened to 2,976m. 9-5/8 inch casing is being prepared, with drilling expected to resume 10 December.
6 Dec 2010drilling progress report● Neutral
Artemis-1 hit an over-pressured gas zone above the main target at 2,936m and was shut in on 5 December. Crews are circulating heavier mud before running contingent casing and drilling on. Cue is 15% free carried.
6 Dec 2010drilling progress report● Neutral
Cue repeats MEO's 6 December report: Artemis-1 drilled to 2,936m and shut in after an over-pressured gas zone above the main target. Re-release of ref 8 with no new information.
1 Dec 2010drilling progress report● Neutral
Artemis-1 spudded 25 November (Perth time) and reached 1,870m, with intermediate casing cemented. The 12-1/4 inch hole is expected to start 3 December, about 2.5 days from the Calypso reservoir target. Cue's 15% is free carried.
25 Nov 2010drilling spud▲ GoodMajor
Artemis-1 in WA-360-P was spudded 24 November; the operator assesses potential at 12 Tcf recoverable gas, and Cue's 15% is free carried. Cue also outlined its Carnarvon programme: Apache seismic (~US$12m), Woodside seismic from ~Feb 2011, about US$60m total work.
24 Nov 2010drilling progress report● Neutral
The Songa Venus rig reached the Artemis-1 location on 23 November, ahead of the expected spud on 24 November. Cue holds 15%, free carried. This confirms the rig tow completed as scheduled.
17 Nov 2010drilling progress report● Neutral
Songa Venus rig had covered 28.1% of its tow to the Artemis-1 location by 17 November. Arrival is expected late on 23 November, weather permitting, with spud shortly after. Cue holds 15%, free carried.
15 Nov 2010drilling progress report● Neutral
Songa Venus rig was handed over to MEO on 14 November and is under tow to the Artemis-1 location, about eight days. Artemis-1 should spud shortly after anchoring. Cue's 15% is free carried.
10 Nov 2010drilling scheduled● Neutral
MEO's weekly update moves expected Songa Venus handover for Artemis-1 by a day to about 12 November, followed by a seven-day tow. Routine timing slip.
4 Nov 2010drilling scheduled● Neutral
MEO says Songa Venus rig handover for Artemis-1 is now expected around 11 November, followed by a seven-day tow. Minor timing update; Cue's 15% is free carried.
