Cue Energy Resources Limited · ASX:CUE
Cue Energy Resources — Investor Presentation (March 2012)
30 slides from Cue Energy Resources's investor presentation, Mar 20, 2012
Slide 1: ASX announcement cover sheet: Investor Presentation March 20 2012
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 March 20th 2012
For personal use only Investor Presentation March 20th 2012
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 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 : TIMOTHY DIBB, BSc, PhD Cue; ADR/OTCQX : CUEYY Non-Executive Director Ordinary Shares 695,153,053
Slide 5: Cue Key Management
Cue Key Management For personal use only 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-foun
Slide 6: 2011 Financial Results
For personal use only 2011 Financial Results • Revenue steady with lower oil production offset by higher oil prices and gas production • Gross profit steady but net profit after tax lower due to T37P/T38P exploration write off exchange rate losses and accounting treatment of oil hedging activities •
Slide 7: 2012 YTD Results
For personal use only 2012 YTD Results • First half oil and gas production lower due to natural decline in Maari production and shut in of Oyong facilities for tie in of Wortel project and drilling of Oyong 11 infill well. • Further ESP failures experienced in the Maari field but overall trend is im
Slide 8: Location Map
- Location Map EXPLORATION Mahakam Hilir PSC OIL PRODUCTION Cue 40% eet | Cue 5.568892% | ($EGobe Unit 2.285851%) /, EXPLORATION PEP 51313 & PEP 51149 _ Cue 20% F@Npersonal use onl} ea oS OIL. PRODUCTION CUE WwW PMP 38160 Head Office 7 ai a Melbourne, Victoria ..-geographically focused
Slide 9: Hydrocarbon Inventory
Hydrocarbon Inventory For personal use only Oil Reserves Gas Reserves/ Resources TOTAL Oil : 2.7 mmbbls TOTAL Gas : 118 BCF (20 mmbbls BOE) 2.4 mmbbls (2P*) Maari (NZ) 91 BCF (2C†) Barikewa (PNG) 0.2 mmbbls (2P*) Oyong (Indonesia) 14 BCF (2P) Wortel (Indonesia 0.1 mmbbls (2P) SE Gobe (PNG) 11 BCF (2
Slide 10: Net 2P / 2C Indicative Production Forecast
Net 2P / 2C Indicative Production Forecast For personal use only … long term production with potential upside9
Slide 11: From Good to Great: Current Status and 3-5 Year Vision
from Good… For personal use only Current Status 3-5 Year Vision • $201 million market capitalisation Consistently Out Perform • >$1 billion market capitalisation @ $0.29/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 WA-389-P PNG LNG SCALE •Banambu PRL 9 GAS deep/Caterina Barikewa WA-359-P & WA-409-P NZ: PEP 51313 NZ: • Matariki Indonesia Maari phase1 • Te Whatu Jeruk OIL • Pike Indonesia: N
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 • Cue has ~3.3% unitised interest Mt Hagen P’nyang Hides • ~ 70bopd to Cue Juha Goroka • Long term oil production Moran • SE Gobe Gas to be sold into PNG LNG Agogo from mid 2014 at 35 MMscfd gross Kutubu Gobe PDL3 Exploration &
Slide 15: 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. • Naga Utara drilled January to March 2012. Discovered hydrocarbon bearing sands. Discovery to be evaluated with drill stem Kutei Ba
Slide 16: Sampang PSC – Indonesia
Sampang PSC – Indonesia For personal use only MADURA ISLAND Jeruk field development studies being completed in 2012 with possible development decision inSampang 2013 Pamekasan Herbras Kentang Persik Utara LEGEND OYONG AREA 3 Surabaya AREA 1 WORTEL Cue Contract AREA 4 JERUK Pare AREA 2 Paus Ubur-Ubur
Slide 17: Oyong + Wortel Development
Oyong + Wortel Development For personal use only 2011 Gross Production • 60MMscf/d • 2300bopd average Projects completed Wortel Development Gresik • 2 wells, platform & pipeline first production Sumenep on 31st January 2012 Sampang • Oyong-11 infill oil well completed and Surabaya onstream on 25th F
Slide 18: Mahakam Hilir - Kutei Basin
Mahakam Hilir - Kutei Basin 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 hav
Slide 19: 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 being drilled Exploration Drilling • Drilled Naga Utara January to March and intersected hydrocarbon bearing sandstones. • Nag
Slide 20: Mahakam Hilir Drilling Update
Mahakam Hilir Drilling Update For personal use only Well Results to Date • Naga Utara -1 encountered hydrocarbon bearing sandstones • Three zones in 8.5 inch hole evaluated with electric wire-line logs • Two overpressured hydrocarbon zones in 6 inch hole evaluated with wireline logs • Production tes
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 Pike Manaia -1 JV Participants Participating Interest Maui -4 OMV (Operator) 69% Todd 16% 0 5 km Horizon 10% Cu
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 with all wells producing. Cue share ~ 700 bopd • Moki 2P oil EUR ~ 52 million barrels Cue share ~ 2.6 million barrels • M2A
Slide 23: Maari Phase Appraisal and Development
Maari Phase 2 Appraisal and Development For personal use only Objectives • Develop the proven Mangahewa reserves in the Maari structure • Appraise and develop the Moki, M2A and Mangahewa reserves in Maari South. Maari South appraisal well approved by the JV for drilling in 4Q2012 or 1Q 2013. • Appra
Slide 24: Maari Phase Appraisal and Development
Maari Phase 2 Appraisal and Development For personal use only 23
Slide 25: 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 (Operator) 50% Todd Exploration (Operator) 61.425% Horizon Oil (New Zealand) Ltd 30% Cue Taranaki Pty Limited 20% Cue Ta
Slide 26: 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 2Q, 2012 - Cue 35%
Slide 27: WA-389-P
WA-389-P For personal use only Following farmout to Woodside in 2010 • New Movida 3D seismic and existing 3D seismic reprocessing completed • 8 prospects and leads • Cue retains 35% carried interest • Planning to drill Banambu Deep prospect in 2Q 2012 …potential to supply an LNG development26
Slide 28: Banambu Deep
Banambu Deep For personal use only Banambu Deep Prospect Water Depth 320m Proposed Total Depth 4780m Gas Potential volumes of up to 1.5 TCF 27
Slide 29: Activity Timing: Cue Indicative Time Line
Activity Timing For personal use only 2011 2012 2013 2014 CUE INDICATIVE TIME LINE 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q EXPLORATION SEISMIC NZ (3D Pike & Maari / Manaia) FIRM DRILLING Mahakam Hilir PSC Naga Selatan Mahakam Hilir PSC Naga Utara Sampang PSC Wortel Development (2) Sampang PSC Oyong D
Slide 30: 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 • Aggressively screening new ventur
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