Cue Energy Resources Limited · ASX:CUE
Cue Energy Resources — Investor Presentation (December 2011)
28 slides from Cue Energy Resources's investor presentation, Dec 19, 2011
Slide 1: ASX announcement cover sheet
Cue Energy Resources Limited A.B.N. 45 066 383 971 Level 21 For personal use only 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: Investor Presentation December 2011
For personal use only Investor Presentation December 2011
Slide 3: Disclaimer & Important Notice
For personal use only 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 importan
Slide 4: Cue is aiming to make the move...
Cue is aiming to make the move... For personal use only A Quote by Jim Collins Author of Good to Great “... managing your problems can only make you good, whereas building your opportunities is the only way to become great.” [Page 59. Jim Collins, author of Good to Great Random House, 2001.] 3
Slide 5: Cue Energy At A Glance
Cue Energy At A Glance … For personal use only Board Australian Registered Company Established 1981 RICHARD TWEEDIE, LL.B Shareholders 5,210 Non-Executive Chairman Listings ASX : Cue; NZX : Cue; POMSOX : LEON MUSCA, LL.B Cue; ADR/OTCQX : CUEYY Non-Executive Director, Lawyer Ordinary Shares 695,153,0
Slide 6: Cue Key Management
Cue Key Management For personal use only Mark Paton Chief Executive Officer Mark has 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 Ups
Slide 7: 2011 Financial Results
For personal use only 2011 Financial Results • Revenue steady with lower oil production offset by higher oil prices and gas production • Strong positive cash flows increasing cash balance to AUD 62 million on 30th September • Gross profit steady but net profit after tax lower due to T37P/T38P explor
Slide 8: Asset Location Map
Asset Location Map For personal use only EXPLORATION Mahakam Hilir PSC OIL PRODUCTION Cue 40% PDL3 Cue 5.568892% MALAYSIA (SE Gobe Unit 3.285651%) GAS RESOURCES PNG PRL14 OIL, GAS PRODUCTION INDONESIA Cue 10.947% Sampang PSC Cue 15% GAS RESOURCE PRL9 Cue 14.894% EXPLORATION WA-389-P Cue 35% EXPLORAT
Slide 9: Hydrocarbon Inventory
Hydrocarbon Inventory For personal use only Oil Reserves Gas Reserves/ Resources TOTAL Oil : 2.94 mmbbls TOTAL Gas : 120 BCF (20 mmbbls BOE) 2.63 mmbbls (2P) Maari (NZ) 91 BCF (2C†) Barikewa (PNG) 0.2 mmbbls (2P*) Oyong (Indonesia) 14 BCF (2P) Wortel (Indonesia 0.11mmbbls (2P) SE Gobe (PNG) 12 BCF (
Slide 10: Net 2P / 2C Indicative Production Forecast
Net 2P / 2C Indicative Production Forecast For personal use only 6500 6000 5500 Potential Gas 5000 B 4500 O 4000 E 3500 Potential Oil P 3000 D 2500 2000 1500 Calendar 2011 • 390,000 barrels oil • 2.7 billion cubic ft gas 1000 500 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 SE GOBE OIL SE GOBE GAS
Slide 11: from Good…
from Good… For personal use only Current Status 3-5 Year Vision • $152 million market capitalisation Consistently Out Perform • >$1 billion market capitalisation @ $0.22/share @ over $1 / share • In the range 15th-25th largest E&P • In the range 5th-10th largest E&P companies on the ASX companies on
Slide 12: A balanced portfolio of existing assets
A balanced portfolio of existing assets For personal use only Exploration Appraisal Development Production Carnarvon Basin PNG LNG SCALE WA-389-P PRL 9 GAS • Caterina Barikewa WA-359-P & WA-409-P NZ: PEP 51313 NZ: • Matariki Maari • Te Whatu Indonesia OIL • Pike Indonesia: Jeruk Oyong Mahakim Hilir
Slide 13: Projects
For personal use only PROJECTS 12
Slide 14: Papua New Guinea
Papua New Guinea For personal use only Production South East Gobe Field Mt Hagen • Cue has ~3.3% unitised interest P’nyang Hides Goroka • ~ 80bopd to Cue Juha • Long term oil production Moran Agogo • SE Gobe Gas to be sold into PNG Kutubu LNG Gobe PDL3 SE Gobe PRL14 Kimu Barikewa PRL9 Elk/ Antelope
Slide 15: Papua New Guinea SE Gobe Field
Papua New Guinea SE Gobe Field For personal use only PDL 3 JV Participants Participating Interest Santos(Operator) 15.921718% SHP 40.149650% Oil Search 36.35974% Cue 5.568892% SE Gobe Unit 3.285651% PRG 2.0% PRL 14 JV Participants Participating Interest Oil Search(Operator) 62.556% Murray 26.497% Cu
Slide 16: Indonesia
Indonesia For personal use only Kutei Basin Mahakam Hilir PSC (Cue 40%) • Farmin to Mahakam Hilir PSC. Singapore Petroleum operator. • Kutei Basin is a prolific basin. • Exploration permit with 2 exciting onshore oil and gas prospects with drilling Q4 2011. • Prospects are along trend of producing o
Slide 17: Sampang PSC – Indonesia
Sampang PSC – Indonesia For personal use only MADURA ISLAND Sampang Pamekasan Herbras Kentang Persik Utara LEGEND OYONG AREA 3 Surabaya AREA 1 WORTEL Cue Contract AREA 4 JERUK Pare AREA 2 Paus Ubur-Ubur Gas Field Bakung Oil Field Bengkoang Prospect Gas Pipeline JV Participants Participating Interest
Slide 18: Oyong + Wortel Development
Oyong + Wortel Development For personal use only 2011 Gross Production • 60MMscf/d • ~3000bopd H2 2011 Activity Wortel Development Gresik • 2 wells, platform & pipeline Sumenep • 1 infill oil well at Oyong Sampang Wortel 2012 Gross Production Surabaya Wellhead forecast Platform 2011 • 90MMscf/d Oyon
Slide 19: Kutei Basin Farm-in June 2011
Kutei Basin Farm-in June 2011 For personal use only KEY BASIN STATISTICS Oil 3.755billion Salamander Anadarko Recoverable bbls Tanjung Sangatta Port Gas Recoverable 67TCF Condensate Santos Recoverable 991MMbbls Bontang LNG plant Chevron Union Santan Terminal Multinational and Independent companies h
Slide 20: Mahakam Hilir PSC
Mahakam Hilir PSC For personal use only Oil and Gas Seeps KEY STATISTICS • 200 km of new seismic acquired by SPC • Historic seismic reprocessed • 2 prospects high-graded and ready for drilling Exploration Drilling • Naga Utara (gas) December 2011 • Naga Selatan (oil) January 2012 JV Participants Par
Slide 21: New Zealand Maari Oil Field
New Zealand Maari Oil Field For personal use only Tui PMP38160 Kapuni Maui Maari -1 Moki -1 Oil producers Maari -2 Maari Well Kupe South Head Platform Maari Moki -2A Maari South Scale 20km Manaia -1 JV Participants Participating Interest Maui -4 OMV (Operator) 69% Todd 16% 0 5 km Horizon 10% Cue 5%
Slide 22: Maari Development
Maari Development For personal use only Phase 1 • Platform, FPSO, 7 oil wells, 3 water injectors • First oil 1Q 2009, 15.5 million barrels produced • Current rate ~ 14,000 bopd Cue share ~ 700 bopd • Moki 2P oil EUR ~ 52 million barrels Cue share ~ 2.6 million barrels • M2A 2P initial EUR ~ 3.2 mill
Slide 23: New Zealand Exploration
New Zealand Exploration For personal use only PEP 51313 - Pike PEP 51149 – Pungarehu JV Participants Participating Interest JV Participants Participating Interest Todd Exploration 50% (Operator) Todd Exploration 61.425% (Operator) Horizon Oil (New Zealand) Ltd 30% Cue Taranaki Pty Limited 20% Cue Ta
Slide 24: Australia Carnarvon Basin Permits
Australia Carnarvon Basin Permits For personal use only • 5 permits on trend with major discoveries and new developments • Significant existing and planned LNG processing capacity in the region • WA-389-P - Woodside - Movida 3D seismic completed in 1Q, 2011 - Drilling one well in 2012 - Cue 35% free
Slide 25: WA-389-P: Prospects & Leads
WA-389-P: Prospects & Leads For personal use only WA-389-P Ezard • Farmout to Woodside Donovans • New Movida 3D seismic completed The Point • Existing 3D seismic reprocessing ongoing Caterina • Drill one well in 2012 Movida • 8 large prospects and leads • Cue retains 35% carried interest Rockpool In
Slide 26: Activity Timing
Activity Timing For personal use only 2011 2012 2013 CUE INDICATIVE TIME LINE 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q EXPLORATION SEISMIC PEP51149 (2D) Pungarehu PEP51313 (3D and 2D) Matariki/Te Whatu/Pike WA-389-P (3D) WA-359-P, 409-P (3D) FIRM DRILLING Mahakam Hilir PSC Naga Selata Mahakam Hilir PSC N
Slide 27: Net 2P / 2C Indicative Production Forecast
Net 2P / 2C Indicative Production Forecast For personal use only 6500 6000 5500 5000 Potential Gas 4500 B 4000 O E 3500 Potential Oil 3000 P 2500 D 2000 1500 Calendar 2011 • 390,000 barrels oil 1000 • 2.7 billion cubic ft gas 500 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 SE GOBE OIL SE GOBE GAS
Slide 28: Why Invest in Cue?
Why Invest in Cue? For personal use only 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 net debt, able to fund existing planned acti
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