Cue Energy Resources Limited · ASX:CUE
Cue Energy Resources — Corporate Update (May 2007)
30 slides from Cue Energy Resources's corporate update, May 24, 2007
Slide 1: Cue Energy Resources Limited announcement cover note
Cue Energy Resources Limited A.B.N. 45 066 383 971 Level 21 114 William Street Melbourne Victoria 3000 Australia Telephone: (03) 9670 8668 Facsimile: (03) 9670 8661 Email: [email protected] Website: www.cuenrg.com.au TO : Company Announcements Office 10th Floor 20 Bond Street Sydney NSW 2000 DATE :
Slide 2: Presentation May 2007
Cue Energy Resources Limited PRESENTATION MAY 2007
Slide 3: Corporate Update
CORPORATE UPDATE
Slide 4: Cue Energy Statistics
CUE ENERGY STATISTICS Cue Energy Resources Limited 20 Largest Shareholders Update Shareholder Ordinary Shares % Shareholders 5,886 Listings Australia/PNG 1 Todd Petroleum Mining Company Limited 135,919,429 21.63% Ordinary Shares 628.2 Million 2 Octanex NL 36,380,140 5.79% 3 Berne No 132 Nominees Pty
Slide 5: Directors & Executives
Cue Energy Resources Limited DIRECTORS & EXECUTIVES NON EXECUTIVE CHAIRMAN Richard Tweedie LL.B MD Todd Energy NZ – 25% of shares NON EXECUTIVE DIRECTORS Geoffrey Albers LL.B Founder - 6.6% of shares Leon Musca LL.B Lawyer - 1.6% of shares CHIEF EXECUTIVE OFFICER Bob Coppin B Sc (Hons) 40 years expe
Slide 6: Corporate Plan
CORPORATE PLAN Cue Energy Resources Limited … Australasian & SE Asian Focus To develop a highly valued E & P company with market capitalization greater than $500 million EXPLORATION Quality existing areas, new areas APPRAISAL Jeruk - oil Manaia - oil Barikewa, Kimu - gas DEVELOPMENT Oyong Field – oi
Slide 7: Cue Hydrocarbon Inventory
Cue Energy Resources Limited CUE HYDROCARBON INVENTORY …Large future gas potential GAS RESOURCES 120 BCF 97 BCF Maple/Cash Kimu (Aust) (PNG) 12 BCF* Wortel (Indonesia) OIL RESERVES 12 BCF 2P* Oyong 4 BCF (Indonesia) SE Gobe (PNG) 120 BCF 0.28 mmbls (2P) Barikewa (PNG) SE Gobe (PNG) 0.75 mmbls (2P*)
Slide 8: Net Oil Production Forecast
Cue Energy Resources Limited NET OIL PRODUCTION FORECAST 900 SE Gobe# Oyong¤ Maari# 800 … gas production 2009 onwards Barrels of Oil Per Day Barrels of Oil Per Year 700 600 -1500 X 1000 500 400 -1000 300 200 - 500 100 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 # Cue estimate ¤ Cue entitleme
Slide 9: Net Gas Production Forecast
Cue Energy Resources Limited NET GAS PRODUCTION FORECAST Oyong Gas Wortel Gas Barrels of Oil Equivalent Per Year 7 … probable additional Wortel gas Billion Cubic Feet Per Year 6 -1000 5 -750 X 1000 4 3 -500 2 -250 1 0 2009 2010 2011 2012 2013 ¤ Cue entitlement estimate after government take, using c
Slide 10: Cue Indicative Valuation
CUE INDICATIVE VALUATION Cue Energy Resources Limited Project NPV valuation @ USD55 /bbl (2P un-risked) Stage Asset Mid case value (cps) Cash (A$12 million) 2 Production SE Gobe 2 Development Maari 8 Development Oyong oil and gas 4 Pre-development Wortel 2 Appraisal Maari other zones/Manaia 2 Apprai
Slide 11: Project Updates
Cue Energy Resources Limited PROJECT UPDATES
Slide 12: Joint Venture Interests
JOINT VENTURE INTERESTS Cue Energy Resources Limited PDL 3 SHP 40.149650% Oil Search 36.35974% *Santos 15.921718% MALAYSIA Cue 5.568892% (SE Gobe Unit 3.285651%) PRG 2.0% Sampang PSC PPL 190 * Oil Search 62.556% * Santos 45% SPC 40% IRIAN JAYA Murray 26.497% Cue 15% Cue 10.947% INDONESIA Gobe Develo
Slide 13: Papua New Guinea
PNG PAPUA NEW GUINEA Cue Energy Resources Limited NT QLD HIDES GAS FIELD MORAN OIL FIELD AGOGO OIL FIELD HEDINIA/ IAGIFU OIL FIELD Fo GOBE, SE GOBE OIL FIELDS re lan PPL 190 KIMU GAS FIELDd PDL 3 F PRL 9 old Be PRL 8 BARIKEWA GAS FIELD lt KUTUBU PIPELINE Possible Pipeline KUMUL MARINE TERMINAL To Po
Slide 14: South East Gobe Field
PAPUA NEW GUINEA SOUTH EAST GOBE Cue Energy Resources Limited FIELD Makas PPL190 Makas PPL219 Gobe Main Field Gobe 2X Wasuma Gobe 7X South East Gobe Field PDL4 Gobe 4 SEG 9 SEG 3 SEG 8 SEG 10 PPL206 PDL3 SEG 1 Gobe 3X PDL4 SEG 7 SEG 13 SEG 2 SEG 5,6 SEG 14 SEG 12 Cobra -1 SEG 11 Saunders_1 SEG (Murr
Slide 15: Sampang PSC – Indonesia
SAMPANG PSC – INDONESIA Cue Energy Resources Limited 112°30’E 113°00’E 113°30’E KE Field Java Sea Arosbaya-1 Gunung Kembar-1 Tanjung-001 Bujur Tenjah-1 Sumberlantang-1 Bujur Tumur-1 Mandala-1 Soemerep-1 Durbuk-1 Prancak-1 7°00’S Amih Iancak-1 M a d u r a Konang-1 Gunung Geger Outcrop Lerpak-1 Sumene
Slide 16: Oyong Development Concept
Cue Energy Resources Limited OYONG DEVELOPMENT CONCEPT Oil Storage Tanker Source Santos Ltd … two stage development
Slide 17: Production Barge Site Photos
PRODUCTION BARGE Cue Energy Resources Limited SITE PHOTOS
Slide 18: Oyong Development Status
OYONG DEVELOPMENT Cue Energy Resources Limited STATUS • Platform installed, drilling completed Well Head Deck Stacked Template • Storage tanker on location Structure (STS) Conductor Pile • Production barge being modified 12.5m Sea • Capital costs ~ USD130 million gross 10m Surface • Cue cost ~ USD19
Slide 19: Wortel Gas Discovery
WORTEL GAS DISCOVERY Limit of Oyong 3D seismic -2 ? ? RECOVERABLE GAS POTENTIAL (BCF) LOW MID HIGH ? 30 90 150 Depth Map … tie to Oyong
Slide 20: Jeruk Oil Discovery Depth Structure
Cue Energy Resources Limited JERUK OIL DISCOVERY Jeruk- Jeruk-2 Jeruk- Jeruk-1 Jeruk- Jeruk-3 Well Surface Location Reservoir Penetration Oil- Oil-water contact 2km Cue Mapping Top Kujung Limestone Depth Structure
Slide 21: Jeruk Oil Discovery
Cue Energy Resources Limited JERUK OIL DISCOVERY • Shallow water ~ 42 metres, deep wells ~ 5000 metres • Kujung limestone reservoir • Oil flows from all three wells • Reduced oil column ~ approximately 145 metres • Estimated recoverable oil less than 50 mmbbls • Possible development scenarios being
Slide 22: Maari Oil Field
NEW ZEALAND Cue Energy Resources Limited MAARI OIL FIELD 5km Maari Maari-1 Moki- Moki-1 Maari- Maari-2 Moki- Moki-2A OMV (Operator) 69% Todd 16% Horizon 10% Cue 5% PMP 38160 PEP 38413 Pohokura Manaia New Plymouth Kaimiro Tui area fields Maui- Maui-4 Maui Kapuni Kupe Kupe South South Water depth appr
Slide 23: Maari Development Scheme
Cue Energy Resources Limited MAARI DEVELOPMENT SCHEME … development underway Source OMV New Zealand
Slide 24: Maari Oil Development
Cue Energy Resources Limited MAARI OIL DEVELOPMENT • P50 oil reserves ~ 50 million barrels - Cue share ~ 2.5 million barrels (area upside ~ 10-20 mmbbls) • Capital costs ~ US$460 million gross - Cue share ~ US$23 million • Project loan facility US$20 million • Platform being constructed • FPSO being
Slide 25: Location Carnarvon Basin Permits
LOCATION CARNARVON BASIN PERMITS Cue Energy Resources Limited WA-389-P … adjacent to large fields
Slide 26: Ashmore Cartier Lease Australia
Cue Energy Resources Limited ASHMORE CARTIER LEASE AUSTRALIA Location Map detail map area Sunraise- Troubadour Evan Shoals Western Australia Western Australia NT Bayu-Undan AC/RL7 AC/P20 m 00 k Cash-Maple ~2 Cash-Maple Field ~ 700km Challis/ Cassini Skua Crux Gas Field Scott Reef Ichthys Pipeline AC
Slide 27: Bass Basin Permits Australia
BASS BASIN PERMITS Cue Energy Resources Limited AUSTRALIA Rawson Resources 200km2 3D, 2 wells Tap JV Pip 511km 2D, 506km2 3D elin e 2 wells + 3D T/18P T/18P Origin JV 275km 2D, 235km2 3D 1 well gas pipeline … focus of renewed industry interest
Slide 28: 2007 Activity
2007 ACTIVITY Cue Energy Resources Limited Papua New Guinea • SE Gobe oil production continues • Barikewa geological survey • Kimu infill seismic • Cobra – 1 (Murray Deep) well • Possible appraisal drilling Barikewa, Kimu Indonesia • Oyong oil production begins • Wortel appraisal / development drill
Slide 29: Summary
SUMMARY Cue Energy Resources Limited • Balanced portfolio Current oil production Large increase in oil production Gas production beginning Appraisal opportunities Exploration drilling Quality exploration acreage Large gas upside
Slide 30: Disclaimer & Important Notice
Cue Energy Resources Limited DISCLAIMER & IMPORTANT NOTICE Various statements in this document constitute statements relating to intentions, future acts and events. Such statements are generally classified as forward looking statements and involve known risks, expectations, uncertainties and other i