25 Oct 2010drilling scheduled▲ Good
MEO received the final regulatory approval to drill Artemis-1 in WA-360-P. Rig handover from Shell is now expected around mid-November, with a seven-day tow to the site. Cue's 15% is free carried.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
21 Oct 2010farm in farm out agreement▲ GoodMajor
Apache will farm into Cue's 50% of WA-359-P and WA-409-P, funding at least 1,000 sq km of 3D seismic for 40%; Cue drops to 30%, free carried. Apache may earn up to 70% by drilling a well. Cue keeps 15% free carried. This is the farmout that was nearing completion.
21 Oct 2010farm in farm out agreement● Neutral
Partner Moby announces its own farmout of WA-409-P to Apache on the same terms as Cue's, alongside the WA-359-P deal. Subject to regulatory approvals, including a permit variation for WA-359-P. Confirms the Apache deal.
15 Sept 2010farm in farm out completion▲ GoodMajor
Final regulatory approval is received and Petrobras is now registered on title for 50% of WA-360-P, completing the farm-in announced in April. Songa Venus rig handover for Artemis-1 remains on track for early November. Cue stays at 15%, free carried.
26 July 2010drilling progress report● Neutral
MEO finished field work for the seabed site survey at the Artemis-1 location in WA-360-P. The report is now being prepared for well planning. Cue holds 15%, free carried.
22 July 2010drilling scheduled▲ GoodMajor
MEO has signed the rig assignment for the Songa Venus to drill Artemis-1 in WA-360-P, with Shell estimating release to MEO between early and late November 2010. This firms up the rig option noted earlier; Cue's 15% is free carried.
19 July 2010farm in farm out agreement▲ GoodMajor
Binding farmin and joint venture agreements were signed with Woodside on 13 July for WA-389-P, which holds the Caterina prospect. Woodside takes 65% and operatorship from 30 July; Cue keeps 35% and US$5m back costs. The work program was varied; completion awaits approvals.
28 June 2010farm in farm out completion▲ Good
Australia's foreign investment regulator (FIRB) has no objection to Petrobras taking 50% of WA-360-P, clearing a key hurdle flagged earlier. Other permit-transfer approvals are still underway. Artemis-1 is planned for later in 2010; Cue stays at 15%.
27 Apr 2010farm in farm out agreement▲ GoodMajor
Woodside agrees to farm into Cue's 100% WA-389-P, holding the Caterina prospect, for 65% and operatorship. It pays Cue's back costs up to US$5m, the new 1,440 sq km 3D seismic and the first well. Cue keeps 35%; subject to documentation and approvals.
15 Apr 2010drilling progress report● Neutral
Acquisition has begun of the Matariki 3D seismic survey in PEP 51313, offshore Taranaki, covering 204 sq km of 3D plus about 80 km of 2D. It should take about three weeks. Cue holds 20%; Todd operates.
14 Apr 2010farm in farm out agreement▲ GoodMajor
MEO signed a binding WA-360-P farm-in with Petrobras: Petrobras earns 50% by funding the first well up to US$41m, with MEO keeping 20%. Subject to FIRB approval. Cue stays at 15%, free carried on Artemis-1, which is planned for late 2010.
8 Jan 2010drilling result● Neutral
The 60 km Barikewa 2D seismic survey in PRL9 (Cue 14.894%) is complete. The data will be used to site a Barikewa-3 well, expected in 2011. Resource size remains highly uncertain until the data is interpreted.
4 Jan 2010farm in farm out completion● NeutralMajor
With MEO dropping out of WA-359-P, Cue's interest rises from 20% to 50% and it resumes as operator, with Exoil holding the other 50%. Cue now has more of a permit whose lead MEO judged too risky to drill.
21 Dec 2009farm in farm out agreement▲ GoodMajor
MEO has irrevocably committed to drill Artemis-1 in WA-360-P, which could hold 12 Tcf of recoverable gas. Cue keeps 15% with a free carry through the well. This resolves the open question of whether the permit would be drilled.
9 Nov 2009drilling progress report● Neutral
A 60 km 2D seismic survey has started over the Barikewa gas field in PRL9 (Cue 14.894%), due to finish by mid January 2010. It is meant to site a Barikewa-3 well expected in 2011. The field's size remains very uncertain.
19 Oct 2009farm in farm out agreement▲ GoodMajor
Cue takes 20% of PEP 51313, next to Maari and Manaia and covering the old PEP 38494 Matariki area, and 20% of the mostly onshore gas-prospective PEP 51149. Both are operated by Todd and are earned by reimbursing past costs. PEP 51313 also requires Cue to fund part of Todd's 3D seismic share.
15 Oct 2009drilling result▲ Good
Horizon reports Manaia-1 completed as an oil producer at 7,943 m, with 1,524 m gross Mangahewa section and oil confirmed throughout. Oil-in-place estimates are unrevised at 50-60 million barrels. Production will be intermittent when capacity allows. Cue holds 5%.
9 Oct 2009drilling result▲ Good
Partner Horizon relays OMV's statement that Manaia-1, the longest well drilled in New Zealand, was a success and the field will proceed to commercial production. The M2A well also finished, with production expected by year end. Cue holds 5%.
9 Oct 2009drilling result▲ Good
The M2A well was completed and suspended as an oil producer with 660 m of net oil reservoir. Manaia-1 reached 7,945 m, drilling 1,524 m through the Mangahewa with hydrocarbons confirmed throughout. Both will be tied into Maari facilities. Cue holds 5%.
9 Oct 2009drilling result▲ GoodMajor
Cue calls Manaia-1 a successful oil appraisal and M2A a success, with M2A most-likely oil-in-place of 30-40 million barrels and Manaia about 58 million. Both should add proven reserves; Cue holds 5%. Production at Manaia to follow over coming months.
18 Sept 2009drilling progress report● Neutral
The M2A production well at Maari, spudded about 10 September, has reached 1,842 m and is preparing to run casing. Cue holds 5%. Manaia-1's reservoir section will be finished after M2A. Progress update, no result.
16 Sept 2009drilling result▼ Bad
Beach's weekly report repeats that Spikey Beach-1 in T/38P hit final depth of 2,100 m with no significant hydrocarbon shows and is being plugged and abandoned. Cue's 10% was carried. Adds nothing new beyond the earlier dry-hole news.
14 Sept 2009drilling result▼ Bad
Operator Beach confirms Spikey Beach-1 reached 2,100 m with no hydrocarbon shows and will be plugged and abandoned. Repeats Cue's own dry-hole announcement.
14 Sept 2009drilling result▼ BadMajor
Spikey Beach-1 in T/38P reached 2,100 m with no hydrocarbon shows and is being plugged and abandoned. It is a dry hole; Cue's 10% carried interest bears no drilling cost.
11 Sept 2009drilling progress report● Neutral
Manaia-1 casing was set at 6,385 m, then the well was temporarily suspended to drill the M2A production well first, which began. Manaia's reservoir section will be finished afterwards. Resequencing, no result.
10 Sept 2009drilling progress report● Neutral
Spikey Beach-1 is at 816 m. The primary Eastern View Coal Measures target is expected at 1,461 m TVDRT within a week, with total depth planned at 2,062 m. No result yet.
9 Sept 2009drilling progress report● Neutral
Beach's weekly report notes Spikey Beach-1 spudded 5 September and was at 816 m installing casing. Cue's 10% interest is carried. Repeats operator information, no result.
4 Sept 2009drilling progress report▲ GoodMajor
Manaia-1 hit the target Mangahewa sandstone at 6,324 m on prognosis, interpreted from mud logs and LWD data to contain hydrocarbons. It is an encouraging sign, not a tested result. Casing to be set next, then a 1,000 m horizontal section.
3 Sept 2009drilling scheduled● Neutral
The Ocean Patriot rig is released to Beach for Spikey Beach-1 in T/38P, with spud expected early next week. It targets mean 16 million barrels recoverable. Galveston (Cue) holds 10%, carried.
28 Aug 2009drilling progress report● Neutral
Manaia-1 reached 4,633 m, where the bottom hole assembly failed and was replaced. Drilling is set to resume. No result yet.