Cue Energy Resources Limited · ASX:CUE
Cue Energy Resources — Shareholder Meeting (November 2008)
32 slides from Cue Energy Resources's shareholder meeting presentation, Nov 26, 2008
Slide 1: ASX announcement cover note: CEO Presentation - AGM
Cue Energy Resources Limited A.B.N. 45 066 383 971 For personal use only Level 21 114 William Street Melbourne Victoria 3000 Australia Telephone: (03) 9670 8668 Facsimile: (03) 9670 8661 Email: mail@cuenrg.com.au Website: www.cuenrg.com.au TO : Company Announcements Office 10th Floor 20 Bond Street
Slide 2: CEO Presentation Annual General Meeting
For personal use only Cue Energy Resources Limited CEO PRESENTATION ANNUAL GENERAL MEETING 26 NOVEMBER 2008
Slide 3: Disclaimer & Important Notice
Cue Energy Resources Limited For personal use only DISCLAIMER & IMPORTANT NOTICE Various statements in this document constitute statements relating to intentions, te t o s, future utu e acts a and d eevents. e ts Suc Such state statements e ts a are e ge generally ea y classified as forward looking
Slide 4: For personal use only
For personal use only CORPORATE UPDATE
Slide 5: Cue Energy Statistics, Largest Shareholders
CUE ENERGY STATISTICS Cue Energy Resources Limited For personal use only 20 Largest Shareholders Update Percentage Shareholder Ordinary Shares Held Australian Registered Company 1 Todd Petroleum Mining Company Limited 135 919 429 135,919,429 21 63% 21.63% Shareholders 4,805 2 UOB Kay Hian Privated L
Slide 6: Directors & Executives
DIRECTORS & EXECUTIVES Cue Energy Resources Limited For personal use only NON EXECUTIVE CHAIRMAN MD Todd Energy NZ – Richard Tweedie LL.B 25% of shares NON EXECUTIVE DIRECTORS Geoffrey Albers LL.B Founder – 7.7% of shares Leon Musca LL.B Lawyer - 1.6% of shares CHIEF EXECUTIVE OFFICER 40 years exper
Slide 7: Growth Plan
GROWTH PLAN Cue Energy Resources Limited For personal use only … Australasian & SE Asian Focus To develop a highly valued E & P company with market capitalization greater than A$ 500 million 1. Indigenous Growth EXPLORATION APPRAISAL DEVELOPMENT PRODUCTION 2. Acquisitions / Mergers … balanced portfo
Slide 8: Cue Hydrocarbon Inventory
CUE HYDROCARBON INVENTORY Cue Energy Resources Limited For personal use only OIL RESERVES 0.37 mmbls (2P*) 0.20 mmbls (2P) Oyong SE Gobe (Indonesia) ((PNG)) 2.5 mmbls (2P) Maari (New Zealand) GAS RESOURCES ~30 BCF (2P equiv) 120 BCF Kimu (2P equiv) 1P R Reserves 2 2.18 18 mmbls bl (71%) 2 5 BCF 2.5
Slide 9: Net Oil Production Forecast
NET OIL PRODUCTION FORECAST Cue Energy Resources Limited For personal use only SE Gobe# Oyong¤ Maari# -2000 Oil Per Day y arrels of Oil Per Year -1500 … Plus gas production 2009 onwards -1000 X 1000 Barrels of O - 500 B Ba # Cue estimate ¤ Cue C entitlement titl t estimate ti t ((after ft government
Slide 10: Net Gas Production Forecast
NET GAS PRODUCTION FORECAST Cue Energy Resources Limited For personal use only Per Year Oyong Wortel Year 5 - 750 on Cubic Feet Per Y uivalent P 4 - 500 000 3 Barrels of Oil Equ X 10 2 - 250 Billio 1 0 2008 2009 2010 2011 2012 2013 2014 2015 ¤ Cue entitlement estimate after government take, using co
Slide 11: Project Updates
For personal use only PROJECT UPDATES
Slide 12: Asset Location Map
ASSET LOCATION MAP Cue Energy Resources Limited For personal use only MALAYSIA OIL PRODUCTION PDL3 C Cue 5 5.568892% 568892% (SE Gobe Unit 3.285651%) OIL, GAS PRODUCTION EXPLORATION Sampang PSC PPL190 Cue 15% IRIAN JAYA Cue 10.947% INDONESIA PNG PORT MORESBY CONTINGENT GAS RESOURCE AC/RL 7 DARWIN CO
Slide 13: Papua New Guinea
PNG PAPUA NEW GUINEA For personal use only NT QLD HIDES GAS FIELD MORAN OIL FIELD AGOGO OIL FIELD HEDINIA/ IAGIFU OIL FIELD GOBE, SE GOBE OIL FIELDS PPL 190 KIMU GAS FIELD PRL 8 PDL 3 KUTUBU PIPELINE BARIKEWA GAS FIELD PRL 9 Proposed Gas Pipeline KUMUL MARINE TERMINAL To Port Moresby CUE ACREAGE 0 5
Slide 14: South East Gobe Field
PAPUA NEW GUINEA Cue Energy Resources Limited SOUTH EAST GOBE FIELD For personal use only 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 SEG 11 Saunder
Slide 15: Cobra Seismic Line
COBRA 1 SEISMIC LINE Cue Energy Resources Limited PN99--215 PN99 For personal use only Cobra-1A Darai Limestone GAS + CONDENSATE 34 metre column Ieru Formation Top Hedinia Sandstone Top Iagifu Sandstone
Slide 16: Sampang PSC – Indonesia
SAMPANG PSC – INDONESIA Cue Energy Resources Limited For personal use only 112°30’E 112 30 E 113°00’E 113 00 E 113°30’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
Slide 17: Oyong Development Concept
Cue Energy Resources Limited OYONG DEVELOPMENT CONCEPT For personal use only Oil Storage Tanker Oil Phase Gas Phase Source Santos Ltd … two stage development
Slide 18: Oyong Development
OYONG DEVELOPMENT Cue Energy Resources Limited For personal use only OIL PHASE ¾ First oil September 2007, 3Q 5000 bopd gross Well Head Deck Stacked Template ¾ 6-10 million barrels recoverable Structure (STS) ¾ 2.0 million barrels produced to 30 June 2008 Conductor Pile 12.5m GAS PHASE Sea 10m Surfa
Slide 19: Wortel Gas Discovery
WORTEL GAS DISCOVERY For personal use only Limit of Oyong 3D seismic Wortel-1 Wortel-2 Gas Pare Lead Gas above oil Oil Limit of Wortel reservoir RECOVERABLE GAS POTENTIAL (BCF) LOW MID HIGH 60 100 130 Depth Map … tie to Oyong
Slide 20: Wortel Gas Discovery
Cue Energy Resources Limited WORTEL GAS DISCOVERY For personal use only ¾ 140 metre gas column above gas/water contact ¾ Reservoir younger than at Oyong ¾ 2D seismic infill – interpreted ¾ Tie back to Oyong ¾ Development approval 3Q 2009 ¾ First Fi t gas 4Q 2010 ¾ Estimated CAPEX US$113 million ¾ Cu
Slide 21: New Zealand: Maari Oil Field
NEW ZEALAND Cue Energy Resources Limited MAARI OIL FIELD For personal use only 5km Maari Maari-1 Moki- Moki-1 Proposed p well Maarii-2 Maari- M Moki- Moki-2A OMV (Operator) 69% Todd 16% Horizon 10% Cue 5% PMP 38160 PEP 38413 Pohokura Manaia New Plymouth Manaia -1 (prop) Tui area fields Kaimiro Maui-
Slide 22: Maari Development Scheme
Cue Energy Resources Limited MAARI DEVELOPMENT SCHEME For personal use only Source OMV New Zealand … development underway
Slide 23: Maari Oil Development
Cue Energy Resources Limited MAARI OIL DEVELOPMENT For personal use only ¾ Platform, FPSO installed, Development drilling underway ¾ First oil 1Q 2009, full production mid 2009 ¾ Initial rate ~ 35,000 bopd Cue share ~ 1,750 bopd ¾ P50 oil reserves ~ 50 million barrels Cue share ~ 2.5 million barrels
Slide 24: NZ Permit PEP38494
NZ Permit: PEP38494 Cue Energy Resources Limited For personal use only Pike Paua Matariki Midcase ~ 100 million barrels recoverable Cue interest 20% Source Todd Energy, 2008
Slide 25: Carnarvon Basin Permits
CARNARVON BASIN PERMITS Cue Energy Resources Limited For personal use only LEGEND Oil Field Gas Condensate Field Cue Operated Permit Cue Farmout Permit 0 25km • Cue 100% WA-389-P Rose 3D Seismic Survey WA-409-P Cue 50% Cue 20% Cue 15% Zeus Cue 20% … adjacent to large fields
Slide 26: WA-361-P: Zeus Prospect
WA--361 WA 361--P : ZEUS PROSPECT Cue Energy Resources Limited For personal use only Cue 20% Zeus -1 (prop) Cue 20% Source MEO, 2008
Slide 27: Ashmore Cartier Lease Australia
Cue Energy Resources Limited ASHMORE CARTIER LEASE AUSTRALIA For personal use only Location Map detail map area Sunrise- Troubadour Evan Shoals Western Australia Bayu-Undan AC/RL7 Cash-Maple Field Cue 20% Recoverable gas (BCF) POTENTIAL Challis/ Cassini 1P equiv 2P equiv 3P equiv 290 640 1430 Skua C
Slide 28: Bass Basin Permits Australia
BASS BASIN PERMITS AUSTRALIA Cue Energy Resources Limited For personal use only CUEBASS08 2D Seismic Survey outline gas pipeline (Cue 10% interest) … focus of renewed industry interest
Slide 29: Spikey Beach Prospect
Cue Energy Resources Limited SPIKEY BEACH PROSPECT For personal use only Spikey Beach-1 Top Eastern View objective Proposed TD 2078m RT POTENTIAL Recoverable oil 16 - 30 mmbbls Pelican gas field Cue share 10%
Slide 30: Activity Timing
Cue Energy Resources Limited ACTIVITY TIMING For personal use only 2008 2009 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q EXPLORATION SEISMIC T/37P T/38P (2D) WA-389-P (3D) EXPLORATION/APPRAISAL DRILLING PPL190 Cobra -1A T/38P Spikey Beach -1 WA 361 P WA-361-P Z Zeus -1 1 PEP38413 Manaia -1 PEP38494 Matariki -1 PRL -9 B
Slide 31: Net Oil Production Forecast
NET OIL PRODUCTION FORECAST Cue Energy Resources Limited For personal use only ¤ SE Gobe# Oyong Maari # Risked Maari upside & Manaia# Risked exploration success # -2500 900 … Plus gas production 2009 onwards 800 -2000 Barrrels of Oill Per Day Barrrels of Oil Per Year 700 600 -1500 X 10000 500 -1000
Slide 32: Summary: Why Invest in Cue
Cue Energy Resources Limited SUMMARY For personal use only WHY INVEST IN CUE • Balanced portfolio Large increase in oil production Gas production beginning Appraisal drilling E l Exploration ti drilling d illi Quality exploration acreage Large gas upside
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