Cue Energy Resources Limited · ASX:CUE
Cue Energy Resources — Shareholder Meeting (November 2010)
28 slides from Cue Energy Resources's shareholder meeting presentation, Nov 11, 2010
Slide 1: ASX announcement cover note: CEO Presentation
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: CEO Presentation Annual General Meeting November 2010
For personal use only CEO PRESENTATION ANNUAL GENERAL MEETING 11 NOVEMBER 2010
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 Statistics
Cue Energy Statistics For personal use only 20 Largest Shareholders Australian Registered Company established 1981 Ordinary Percentage Shareholder Shares Held Shareholders 5,434 Australia, New Zealand, Papua New Todd Petroleum Mining Company Limited 163,103,314 23.52% Listings Guinea UOB Kay Hian Pr
Slide 5: Directors & Executives
For personal use only DIRECTORS & EXECUTIVES RICHARD TWEEDIE, LL.B BOB COPPIN, B Sc (Hons) Non-Executive Chairman Chief Executive Officer MD Todd Energy NZ 45 years experience, oil & gas (27% of shares) Joined Cue in 1994 LEON MUSCA, LL.B ANDREW KNOX, B Com Non-Executive Director Chief Financial Off
Slide 6: Asset Location Map
Asset Location Map For personal use only OIL PRODUCTION PDL3 Cue 5.568892% MALAYSIA (SE Gobe Unit 3.285651%) OIL, GAS PRODUCTION Sampang PSC EXPLORATION Cue 15% PNG PPL190 INDONESIA Cue 10.947% CONTINGENT GAS RESOURCE AC/RL 7 CONTINGENT GAS RESOURCE Cue 20% PRL9 Cue 14.894% EXPLORATION WA-389-P Cue
Slide 7: Hydrocarbon Inventory
Hydrocarbon Inventory For personal use only Oil Reserves Gas Reserves/ Resources TOTAL Oil : 2.91 mmbbls TOTAL Gas : 268 BCF (45 mmbbls BOE) 2.2 mmbbls (2P) Maari (NZ) 120 BCF (2C†) Barikewa (PNG) 0.32 mmbbls (2P) Manaia (NZ) 120 BCF (2C†) Cash-Maple (Australia) 0.24 mmbbls (2P*) Oyong (Indonesia) 1
Slide 8: Net 2P Production Forecast
Net 2P Production Forecast For personal use only 5000 4500 4000 3500 B O 3000 E 2500 P D 2000 1500 Calendar 2010 • 530,000 barrels 1000 oil • 3.2 billion cubic ft gas 500 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 SE GOBE OIL OYONG OIL MAARI OIL MANAIA OIL OYONG GAS WORTEL GAS OTHER GAS … l
Slide 9: Growth Path
Growth Path For personal use only …Australasian & SE Asian Focus To develop a highly valued E & P company with market capitalisation greater than A$ 1 Billion Organic Growth PRODUCTION 3 fields DEVELOPMENT 1 field APPRAISAL 2 fields EXPLORATION 9 areas Acquisitions/Mergers ONGOING …balanced portfoli
Slide 10: Opportunities for Growth
Opportunities for Growth For personal use only Exploration Appraisal Development Production LNG Carnarvon Basin • Artemis AC/RL7: Cash - Maple SCALE GAS • Caterina PNG: Barikewa NZ: PEP51313 NZ: Maari • Matariki Oil • Te Whatu Indonesia: Oyong PNG: SE Gobe • Pike Gas & NZ: PEP51149 Indonesia: Wortel
Slide 11: Projects
For personal use only PROJECTS 10
Slide 12: Papua New Guinea
Papua New Guinea For personal use only Mt Hagen P’nyang Hides Goroka Juha Moran Agogo Kutubu PDL3 Gobe SE Gobe PPL190 Kimu Barikewa PRL9 Elk/ Antelope LEGEND Cue Licence Oil Fields Kerema Gas Fields Proposed Gas Pipeline Oil Pipeline Kumul Oil terminal PNG LNG 0 100 km Port Moresby 11
Slide 13: South East Gobe Field - PNG
South East Gobe Field - PNG For personal use only PPL190 PPL219 Gobe 5 Gobe 4 Gobe Main Field APRL 14 PPL190 Gobe 6 Gobe 2X Gobe 2 Wasuma 1 Gobe 7X South East Gobe Field PDL4 Gobe Gobe74 SEG 9 PPL 190 SEG 8 SEG 10 PPL206 PDL3 SEG 3 SEG 1 SE Gobe 1 Gobe 3X Gobe 3 PDL4 SEG 7 SEG 13 SEG 2 SEG 5,6 Gobe
Slide 14: PRL9 - Barikewa Gas Field
PRL9 - Barikewa Gas Field For personal use only Proposed PNG LNG Pipeline Location • Barikewa is a potentially large Oil Pipeline resource • Toro and Hedinia (2P equiv) 700 BCF • Mean (all zones) 1.5 TCF • P10 (all zones) 2.6 TCF (Source – Oil Search 2009) • Recently acquired 60km 2D seismic data ov
Slide 15: Sampang PSC – Indonesia
Sampang PSC – Indonesia For personal use only MADURA ISLAND LEGEND Cue Contract Gas Field Sampang Pamekasan Oil Field Herbras Kentang Persik Utara Prospect OYONG AREA 3 Surabaya AREA 1 WORTEL Gas Pipeline AREA 4 JERUK Pare AREA 2 Paus Ubur-Ubur Bakung Bengkoang Participating JV Participants Interest
Slide 16: Oyong + Wortel Development
Oyong + Wortel Development For personal use only Gresik Sumenep Sampang Wortel Wellhead Surabaya Platform FUTURE DEVELOPMENT Oyong OIL Platform PHASE FSO Production Barge DEVELOPMENT COMPLETED Onshore gas Processing plant East Java pipeline GAS PHASE Grati Probolinggo Leces Source: Santos Ltd …three
Slide 17: Wortel Gas Field
Wortel Gas Field For personal use only 7km pipeline Wortel-1 Wortel-2 2 Development wells RECOVERABLE GAS POTENTIAL (BCF) Pare Prospect LOW MID HIGH 85 118 146 Limit of Oyong 3D seismic Scale 2km Capital cost US$105 million Cue share US$15.8 million Top Mundu Formation Depth Map …tie to Oyong 16
Slide 18: 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 Maari Head Platform Kupe South Moki -2A Maari South Scale 20km Manaia -1 Maui -4 JV Participants Participating Interest OMV (Operator) 69% Todd 16% 0 5 km Horizon 10% Cue 5%
Slide 19: Maari Development Scheme
Maari Development Scheme For personal use only Wellhead Platform Floating Production Storage Offloading (FPSO) …facilities completed 18
Slide 20: Maari Development
Maari Development For personal use only • Platform, FPSO, 7 oil wells, 3 water injectors • First oil 1Q 2009, 10 million barrels produced • Initial rate ~ 35,000 bopd Cue share ~ 1,750 bopd • Moki 2P oil reserves ~ 52 million barrels Cue share ~ 2.6 million barrels • M2A 2P initial reserves 3.2 mill
Slide 21: PEP 51313 - Matariki
PEP 51313 - Matariki For personal use only Kiwa – 1 Hector - 1 PEP • Matariki 3D acquisition 51313 Hine Pukeko - 1 PMP 38160 Maari completed - Processing underway Pukeko Maari - 1 Maari - 2 Moki - 1 Maari Moki - 2 Dev Manaia Pike • Te Whatu 2D acquisition in Te Whatu-2 Maui -4 Paikea PEP Paua 2011 M
Slide 22: PEP 51149 – Te Kiri
PEP 51149 – Te Kiri For personal use only Source: Todd Petroleum 2009 Scale 5km New Plymouth JV Participants Participating Interest Todd Exploration 40% (Operator) Mighty River Power Gas 30% Investments Ltd Kaimiro Gas Field Cue Taranaki Pty 20% Limited PEP 51149 Mosaic Oil Limited 10% Goldie Oil Fi
Slide 23: Australia – Carnarvon Basin Permits
Australia Carnarvon Basin Permits For personal use only LEGEND • 5 permits on trend with major discoveries and new developments Oil Field Gas Field Cue Non-Operated Permit WA-389-P • Significant existing and planned LNG Caterina Prospect processing capacity in the region • Possible 3rd party access
Slide 24: WA-389-P: Prospects & Leads
WA-389-P: Prospects & Leads For personal use only WA-389-P Ezard • Farmout to Woodside Donovans 1440km2 new 3D seismic in 2010 The Point Reprocess existing 3D seismic Drill one well in 2011 Caterina • 8 large prospects and leads Movida • Cue retains 35% interest Rockpool PRIMARY TARGET POTENTI
Slide 25: Intra-Triassic Channel Play
Intra-Triassic Channel Play For personal use only LEGEND NW SHELF ANALOGUES Intra Triassic Channels on PRODUCTION current 3D seismic Goodwyn Gas Field Intra Triassic Channels 2D seismic Existing 3D seismic Planned 3D seismic Gas Filled Channel New Movida Cue Permit 3D seismic WA-389-P APPRAISAL Juli
Slide 26: AC/RL7 - Cash Maple Gas Field
AC/RL7 - Cash Maple Gas Field For personal use only Sunrise- Troubadour Evan Shoals Bayu-Undan AC/RL7 Cash-Maple Cash-Maple Cash-2 (proposed) Field Cash-1 Crux Petrel Darwin Paqualin-1 Scott Reef Ichthys Blacktip Calliance Maple-1 Scale 5km Scale 100km Modified from PTTEP 2010 Recoverable gas (BCF)
Slide 27: Activity Timing
Activity Timing 2010 2011 CUE INDICATIVE TIME LINE 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q For personal use only EXPLORATION SEISMIC Barikewa (2D) PEP51313 (3D and 2D) Matariki/ Te Whatu WA-389-P (3D) WA-359-P, 409-P (3D) PEP51149 (2D) DRILLING WA-360-P Artemis-1 PRL8 Barikewa-3 AC/RL7 Cash-2 Sampang PSC Wortel Dev
Slide 28: Summary: Why Invest in Cue
For personal use only SUMMARY WHY INVEST IN CUE Balanced portfolio • Very large gas upside • High potential exploration acreage • Ongoing exploration drilling • Appraisal drilling • Oil production • Gas production It’s all about performance 27
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