Cue Energy Resources Limited · ASX:CUE
Cue Energy Resources — Investor Presentation (September 2012)
21 slides from Cue Energy Resources's investor presentation, Sep 6, 2012
Slide 1: Cue Energy Overview - Investor Presentation September 2012
A.B.N. 45 066 383 971 6 September 2012 PAGES (including this page): 21 CUE ENERGY OVERVIEW Cue is an Australian based oil & gas Company Announcements Office company with projects in Australia, 10th Floor New Zealand, Indonesia and PNG. 20 Bond Street THE COMPANY HAS: Sydney NSW 2000 • Long life prod
Slide 2: Investor Presentation September 2012
Investor Presentation September 2012 Andrew Knox (CFO)
Slide 3: Disclaimer & Important Notice
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 important factors that could c
Slide 4: Cue Energy At A Glance
Cue Energy At A Glance … Market Capitalisation @ A$0.16 A$118 Million 2P Oil Reserves Ordinary Shares 698,119,720 12 Month Trading Range 14.5 – 34c Average Daily Volume ~500,000 Cash at 30/06/2012 A$33.7 Million 1.9 MMbbls (2P*) Maari (NZ) Debt nil 0.3 MMbbls (2P*) Oyong (Indonesia) Top Twenty Share
Slide 5: Asset Location Map
t Location Map INDONESIA OL é OIL PRODUCTION POL? Cue 5.568892% {SE Gobe Unit — 3.285651%) GAS RESOURCE PRL14 Cue 10.947% GAS RESOURCE PRLO Cue 14.894% EXPLORATION PEP 51313 & PEP 51149 Cue 20% OIL PRODUCTION PMP 38160 Cue 5%
Slide 6: Cue Energy Board
Cue Energy Board RICHARD TWEEDIE, LL.B Cue Board members have extensive Non-Executive Chairman experience with small and large oil & gas Appointed 2001 companies including: Todd, SPC, Woodside, Santos, Exxon, Anzon, Otto. TIMOTHY DIBB, BSc, PhD PAUL MOORE, BSc, Eng, MBA Non-Executive Director Non-Ex
Slide 7: Cue Key Management
Cue Key Management Mark Paton Chief Executive Officer Mark has over 30 years experience in the upstream gas and oil industry. His credentials include working in various positions for BP in Europe and the Middle East and BHP Petroleum in Australia. He left BHP in 1997 to co-found Upstream Petroleum,
Slide 8: 2012 Financial Results
2012 Financial Results • 2012 Revenue down due to natural decline, production interruptions at Oyong to connect Wortel and downtime at Maari due to ESP’s. Set to rise in FY 2013 due to full year of Wortel production and improved reliability at Maari. • Cash down at year end, but now rising after ext
Slide 9: Projects
PROJECTS 8
Slide 10: Production Assets
Production Assets • Maari Field, Offshore New • Maari commenced production in 2009 Zealand • Current production ~12,000 bopd Cue 5% • Phase 2 of development to extend field life beyond 2030 • New ESP’s and waterflood improvement stabilised production (98.4% uptime in June) • Sampang PSC, Offshore •
Slide 11: Appraisal Assets
Appraisal Assets • Sampang PSC, Offshore • Jeruk Field was discovered in 2003, Appraised by Jeruk-2 and 3 wells in Madura Island Indonesia 2004 and 2006 Cue 15% • Oil was recovered from several flow tests up to 7,488 bopd • Jeruk oil discovery is currently being re-evaluated with current oil prices
Slide 12: Development Assets
Development Assets • Maari / Manaia Field, Phase 1 Development (Complete) Offshore New Zealand • Platform, FPSO, 7 oil wells, 3 water injectors • First oil 1Q 2009, 19.2 million barrels produced Cue 5% • Current rate ~12,000 bopd with all wells producing. Cue share ~600 bopd • EUR 61.5 MMbbls Phase
Slide 13: Indonesia Exploration, Kutei Basin Mahakam Hilir PSC
Indonesia Exploration, Kutei Basin Mahakam Hilir PSC Exploration Drilling 2012 • Naga Utara – Drilled January to March 2012 and discovered gas bearing sandstones. Two zones flowed gas during drilling. JV Participants Participating Interest • Planning further drilling for appraisal & testing underway
Slide 14: Naga Utara – gas discovery
Naga Utara – gas discovery • During the drilling of Naga Utara-1 the well encountered a high pressure gas zone below 4,780 feet. High pressure gas zone • Well kicked and started producing significant gas. SAND 1 • 7-8 metre flare for seven days into flare pit while attempting to kill well. • Gas chr
Slide 15: Dip line - Naga Utara High Pressure Gas Zone
Dip line - Naga Utara High Pressure Gas Zone (4,780 ft) Possible hydrocarbon zone – also associated with bright amplitudes (Not tested) Naga Utara wells Good Gas Show (Naga Utara-1ST1 DST#2) Top HPGZ (inconclusive DST#1) Possible pay deeper as wells stopped short of objective total depth Top HPGZ To
Slide 16: WA-389-P – Banambu Deep-1 Drilling Summary
WA-389-P – Banambu Deep-1 Drilling Summary Relinquished areas • Cue farmed down its 100% equity to Woodside in 2010 from Cue joint with Cue retaining 35% carried interest ventures • New Movida 3D seismic and existing 3D seismic reprocessed completed and merged in 2011 • Woodside farmed down part equ
Slide 17: Australia
Australia Carnarvon Basin Permits Significant Exploration Follow-up • 5 permits on trend with major discoveries and new developments • Significant existing and planned LNG processing capacity in the region • Key drilling in region planned for 2012/2013 Cue’s 3D data base over 7000km2 of • WA-389-P -
Slide 18: New Zealand Exploration
New Zealand Exploration PEP 51313 Significant Near term potential OMV 69% (Op) Low Todd 16% Whio (Pike) P90 P50 P10 mean Horizon 10% Cue 5% Oil in place 21 39 110 42 Pukeko N.E. P90 P50 P10 mean Oil in place 23 78 237 111 Risk PEP 51313 Todd 50% (Op) Horizon 30% Te Whatu P90 P50 P10 mean Cue 20% Oil
Slide 19: Activity Timing
ivity Timing 2013 CUE INDICATIVE TIME LINE 4Q 1Q 2Q 3a 4Q |Mahakam Hilir PSC Naga Utara [Mahakam Hilir PSC Naga Selatan Sampang PSC Wortel Development (2) |Sampang PSC Oyong Development (1) IWA-389-P Banambu Deep -1 Mahakam Hilir PSC Naga Utara appraisal Maari / Manaia Appraisal Maari / Manaia Devel
Slide 20: Why Invest in Cue?
Why Invest in Cue? Strong Fundamentals • Experienced & energetic board and management • Existing oil and gas production and cash flow with a low decline rate, providing a stable platform for company building • Clean balance sheet, no debt Significant near term upside • Naga Utara appraisal drilling
Slide 21: Contact Details
Contact Details Cue Energy Resources Limited Level 21 114 William Street Melbourne Australia Tel +61 3 9670 8668 [email protected] www.cuenrg.com.au
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