Cue Energy Resources Limited · ASX:CUE
Cue Energy Resources — Investor Presentation (November 2008)
31 slides from Cue Energy Resources's investor presentation, Nov 6, 2008
Slide 1: ASX announcement cover note: Presentation November 2008
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: Cue Energy Resources Limited Presentation November 2008
For personal use only Cue Energy Resources Limited Presentation November 2008
Slide 3: Disclaimer & Important Notice
Cue Energy Resources Limited DISCLAIMER & IMPORTANT NOTICE For personal use only Various statements in this document constitute statements relating to intentions, te t o s, future utu e acts and a d events. e e ts Such Suc statements state e ts aare e ge generally ea y classified as forward looking
Slide 4: Cue Energy Resources Ltd
CUE ENERGY RESOURCES LTD For personal use only SMALL CAP AUSTRALIAN INDEPENDENT OIL & GAS PRODUCING COMPANY ¾ Established in 1981, SE Asia, Australasia focus ¾ Market Cap ~ US$60 (A$ 87) million,= US$ 1.14 / BOE, US$ 19.54 / bbl 2P ¾ Ordinary shares 628.2 million ¾ Top 20 shareholders 398 million (6
Slide 5: 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 6: 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 (US$350) million 1. Indigenous Growth EXPLORATION APPRAISAL DEVELOPMENT PRODUCTION 2. Acquisitions / Mergers … balanc
Slide 7: Achievements
ACHIEVEMENTS Cue Energy Resources Limited For personal use only PRODUCTION ¾ SE Gobe oil (PNG) ¾ Oyong oil (Indonesia) DEVELOPMENT ¾ Maari oil (New Zealand) ¾ Oyong gas (Indonesia) ¾ Wortel gas (Indonesia) APPRAISAL ¾ Manaia oil (New Zealand) ¾ Barikewa gas (PNG) EXPLORATION ¾ Acquired 8 offshore pe
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 Barrels of Oil Per Day y arrels of Oil Per Yearr -1500 … Plus gas production 2009 onwards -1000 X 1000 - 500 B Ba # Cue estimate ¤ Cue C entitlement titl t estimate ti t ((after ft governmentt
Slide 10: Net Gas Production Forecast
NET GAS PRODUCTION FORECAST Cue Energy Resources Limited For personal use only Oyong Wortel Per Year 5 - 750 ear Per Ye quivalent P 4 1000 - 500 Billiion Cubic Feet 3 X1 F els of Oil Eq 2 - 250 Barre 1 0 2008 2009 2010 2011 2012 2013 2014 2015 ¤ Cue entitlement estimate after government take, using
Slide 11: Projects
For personal use only PROJECTS
Slide 12: 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 13: South East Gobe Field
PAPUA NEW GUINEA SOUTH EAST GOBE FIELD Cue Energy Resources Limited 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 14: Cobra Seismic Line
COBRA 1 SEISMIC LINE Cue Energy Resources Limited PN99--215 PN99 For personal use only Cobra-1A Gobe Thrust Darai Limestone Ieru Formation GAS + CONDENSATE 34 metre column Top Hedinia Sandstone Top Iagifu Sandstone
Slide 15: 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 16: Oyong Development Concept
OYONG DEVELOPMENT CONCEPT Cue Energy Resources Limited For personal use only Oil Storage Tanker Oil Phase Gas Phase Source Santos Ltd … two stage development
Slide 17: Oyong Development
OYONG DEVELOPMENT Cue Energy Resources Limited For personal use only Well Head Deck OIL PHASE Stacked Template Structure (STS) ¾ First oil September 2007, 2Q 6700 bopd gross ¾ 6-10 million barrels recoverable Conductor Pile 12.5m ¾ 2.0 million barrels produced to 30 June 2008 Sea 10m Surface GAS PHA
Slide 18: 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 19: Wortel Gas Discovery
WORTEL GAS DISCOVERY Cue Energy Resources Limited 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 20: 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 21: Maari Development Scheme
Cue Energy Resources Limited MAARI DEVELOPMENT SCHEME For personal use only Source OMV New Zealand … development underway
Slide 22: Maari Oil Development
Cue Energy Resources Limited MAARI OIL DEVELOPMENT For personal use only ¾ Platform & FPSO installed ¾ First oil YE 2008, 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 (area upside ~ +10-20 mmbbls)
Slide 23: NZ Permit: PEP38494
NZ Permit: PEP38494 Cue Energy Resources Limited For personal use only Pike Paua Matariki Cue interest 20% Source : Todd Energy, 2008
Slide 24: Location Carnarvon Basin Permits
LOCATION 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 25: 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 26: 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 27: 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 28: Spikey Beach Prospect
Cue Energy Resources Limited SPIKEY BEACH PROSPECT For personal use only Spikey Beach-1 Top Eastern View objective POTENTIAL Recoverable oil 16 - 30 mmbbls Pelican gas field Cue share 10%
Slide 29: 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 Zeus -1 1 PEP38413 Manaia -1 PEP38494 Matariki -1 PRL -9 B
Slide 30: Net Oil Production Forecast
NET OIL PRODUCTION FORECAST Cue Energy Resources Limited For personal use only # SE Gobe# Oyong ¤ M aar i # Ri sked M aar i upsi de & M anai a # Ri sked expl or at i on success … Plus gas production 2009 onwards Barrels of Oil Per Day y -2500 2500 arrels of Oil Per Yearr 900 800 -2000 700 X 1000 600
Slide 31: 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
Cue Energy Resources — Investor Presentation (November 2008) on 6ix