Past year: ▼ 5%(9.90c – 14.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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%.
26 July 2022quarterly activities report▲ Good
June quarter cash receipts were A$14.5m (FY22 A$46.2m, up 125%), and cash closed at A$23.2m including the A$7m NZOG loan. PB-18 came online at 1,000 bopd, and Mereenie spot gas sold at up to $40/GJ. Palm Valley-12 is now drilling a P2/P3 lateral.
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.
1 July 2022production update▲ Good
NZOG relays Cue's release that Mahato well PB-18 is producing about 1,000 bopd. It adds nothing new; Cue holds 12.5% of Mahato and NZOG owns 50.04% of Cue.
28 June 2022drilling progress report▼ Bad
Central reports Palm Valley-12 at 2,278m on 27 June, 220m in the week, with gas shows from 1,778-2,278m. Its CEO says drilling has been difficult, behind schedule and over budget. The JV will consider a horizontal lateral to appraise P3.
28 June 2022drilling progress report● Neutral
NZOG relays Central's update: Palm Valley-12 drilled 220m in a week to 2,278m in the P4 unit. Gas shows through 1,778-2,278m and minor gas flows suggest no significant fractures in the P3. Arumbera target still 3,560m; Cue holds 15%.
24 June 2022debt financing● NeutralMajor
Cue signed a A$7m, two-year unsecured loan from NZOG (50.04% holder) at 10% fixed plus a 1.5% fee, completing the earlier term sheet. Cue estimates A$12.2m remaining Amadeus drilling commitment, A$13m for Mahato and A$15m for Paus Biru. Banks were not available.
24 June 2022debt financing● Neutral
NZOG relays Cue's announcement of the A$7m, two-year unsecured related-party loan from NZOG. It repeats the Cue release; NZOG holds 50.04% of Cue.
21 June 2022drilling progress report▼ Bad
NZOG relays Central's update: Palm Valley-12 casing is cemented and drilling resumed, but total lost circulation hit at 2,024m. Underbalanced air drilling then took the well to 2,058m on 20 June. Cue holds 15%.
21 June 2022drilling progress report▼ Bad
Central reports Palm Valley-12 at 2,058m on 20 June after casing was cemented, with total lost circulation at 2,024m. It switched to underbalanced air drilling. Same content as the NZOG release.
14 June 2022drilling progress report● Neutral
NZOG relays Central's update: Palm Valley-12 at 2,005m on 13 June, with the week spent cementing casing and running remedial cement plugs. Drilling resumes once the required seal strength is reached. Cue holds 15%.
14 June 2022drilling progress report▼ Bad
Central reports Palm Valley-12 at 2,005m on 13 June. Cementing the casing in fractured rock has been problematic, with losses continuing, and several remedial cement plugs have been run. Drilling resumes once the shoe is strong enough.
14 June 2022regulatory community update▲ Good
NZOG relays Cue's announcement that regulator SKKMigas approved 12 more oil production wells in the Mahato PB field. It repeats the Cue release; NZOG owns 50.04% of Cue and Cue holds 12.5% of Mahato.
