Cue Energy Resources Limited · ASX:CUE
Cue Energy Resources — Investor Presentation (May 2010)
32 slides from Cue Energy Resources's investor presentation, May 3, 2010
Slide 1: Cue Energy Resources Limited ASX announcement cover
Cue Energy Resources Limited A.B.N. 45 066 383 971 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 Sydney NSW 2000 DATE :
Slide 2: Presentation May 2010
Presentation May 2010 It’s all about performance
Slide 3: Disclaimer & Important Notice
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 important factors that could ca
Slide 4: Cue Energy Statistics
Cue Energy Statistics 20 Largest Shareholders Ordinary Percentage Shareholder Australian Registered Company Shares Held Todd Petroleum Mining Company Limited 163,103,314 23.52% Shareholders 4,883 UOB Kay Hian Private Limited 115,396,671 16.64% Australia Listings New Zealand Octanex NL 43,656,168 6.3
Slide 5: Board & Management
BOARD & MANAGEMENT 160+ Years off Combined C bi d Oil & Gas Experience
Slide 6: Asset Location Map
Asset Location Map OIL PRODUCTION PDL3 C Cue 5 5.568892% 568892% MALAYSIA (SE Gobe Unit 3.285651%) OIL, GAS PRODUCTION Sampang PSC EXPLORATION Cue 15% % PNG G PPL190 INDONESIA Cue 10.947% CONTINGENT GAS RESOURCE AC/RL 7 CONTINGENT GAS RESOURCE Cue 20% PRL9 Cue 14.894% EXPLORATION CONTINGENT GAS RESO
Slide 7: Hydrocarbon Inventory
Hydrocarbon Inventory Oil Reserves/Resources Gas Reserves/ Resources TOTAL Oil : 3.52 mmbbls TOTAL gas : 297 BCF (52 mmbbls bbl BOE) 2.6 mmbbls (2P) Maari (NZ) 120 BCF (2P†) Barikewa (PNG) 0.5 mmbbls (2P) Manaia/ Maari Other (NZ) 30 BCF (2P†) Kimu (PNG) 0.3 mmbbls (2P*) Oyong (Indonesia) 2.5 BCF (2P
Slide 8: Net 2P Production Forecast
Net 2P Production Forecast 3500 ? 3000 ? SE Gobe gas Barikewa gas Cash Maple gas 2500 ? B O 2000 E P D 1500 1000 500 0 2010 2011 2012 2013 2014 2015 2016 2017 SE Gobe Oil Oyong Oil Manaia, M2A Oil Maari Oil Oyong Gas Wortel Gas Other Gas
Slide 9: Growth Path
Growth Path …Australasian & SE Asian Focus To develop a highly valued E & P company with market capitalisation greater than A$ 1 Billion Indigenous Growth EXPLORATION APPRAISAL DEVELOPMENT Acquisitions/Mergers PRODUCTION …balanced portfolio
Slide 10: Opportunities for Growth
Opportunities for Growth 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 • Te Kiri Indonesia:
Slide 11: Exploration
Opportunities for Growth EXPLORATION
Slide 12: Carnarvon Basin Permits
Carnarvon Basin Permits LEGEND Caterina Oil Field G Field Gas Fi ld prospect WA-389-P • 5 permits on trend with major Cue Operated Permit Cue Non-Operated Permit Rose 3D and 2D seismic survey discoveries and new Artemis WA-409-P developments prospect Planned WA 359 P WA-359-P • Significant existing
Slide 13: WA-389-P: Prospects & Leads
WA-389-P: WA 389 P: Prospects & Leads Caterina prospect WA-389-P • Strong amplitude, AVO response • Inversion I i study t d predicts di t 80% chance h off gas • Significant upside, P50 gas in place for all Ezard objectives is 10.7 TCF Donovans The Point Farmout to Woodside Caterina • 3D seismic in 2
Slide 14: WA-389-P: Caterina Prospect
WA-389-P: WA 389 P: Caterina Prospect Rose 2D seismic WA-389-P CUE 100% Rose 3D seismic Near Top Mungaroo - Depth Map 4300mSS closing contour • P50 GIP @ Top Mungaroo – 4 Tcf Scale 5km • Significant upside – P50 GIP for all objectives ~ 10 10.7 7 Tcf
Slide 15: PEP 51313 - Matariki
PEP 51313 - Matariki Kiwa – 1 Hector - 1 PEP 51313 Hine • Matariki 3D acquisition in 2Q 2Q, Pukeko - 1 PMP 38160 Maari - 1 Maari 2010 Pukeko Moki - 1 Maari - 2 Maari Moki - 2 PEP Dev Manaia Te Whatu-2 38413 Maui -4 Pike • Te Whatu 2D acquisition q in Paikea early 2011 Paua PEP Matariki Strat-Play 51
Slide 16: PEP 51149 – Te Kiri
PEP 51149 – Te Kiri Source: Todd Petroleum 2009 Scale 5km N New Pl Plymouth th • Drilling decision on Te Kiri in 3Q, 2010 Kaimiro Gas Field JV Participants Participating Interest PEP 51149 Goldie Oil Field Cue 20% Todd Exploration 40% (Operator) Ngatoro Gas and Oil Field Mighty River Power Gas 30% T
Slide 17: T/37P + T/38P Bass Basin Permits
T/37P + T/38P Bass Basin Permits Yolla Gas Pipeline Cormorant 1 • Recent industry success reported at Trefoil and Rockhopper Rockhopper 1 T/37P Trefoil 1 Yolla Tilana 1 • NW NNangkero k prospectt White Ibis 1 Bass 3 NW Nangkero • Potential mean GIP: 372 BCF T/38P • 20km SE of Yolla field CueBass08 2
Slide 18: Appraisal
Opportunities for Growth APPRAISAL
Slide 19: Papua New Guinea
Papua New Guinea Mt Hagen P’nyang Hides Goroka Juha Moran Agogo Kutubu PDL3 Gobe SE Gobe PPL190 PRL8 Kimu Barikewa PRL9 Elk/ Antelope Legend Cue Permit Oil Fields Kerema Gas Fields Proposed Gas Pipeline Oil Pipeline Kumul Oil terminal PNG LNG 0 100 km Port Moresby
Slide 20: PRL9 - Barikewa Gas Field
PRL9 - Barikewa Gas Field Proposed PNG LNG Pipeline Location • Barikewa is a potentially large Oil Pipeline resource • Toro and Hedinia 2P 700 BCF •Mean (all zones unrisked) 1.5 TCF • P10 (all zones unrisked) 2.6 TCF (Source – Oil Search 2009) • Recently acquired 60km 2D seismic data over field Pote
Slide 21: AC/RL7 - Cash Maple Gas Field
AC/RL7 - Cash Maple Gas Field Sunrise- Sunrise Troubadour Evan Shoals Bayu-Undan AC/RL7 Cash-Maple Cash-Maple Cash-2 (proposed) Field Cash-1 Crux Petrel Darwin Pequalin-1 Scott Reef Ichthys Blacktip Calliance Maple-1 Scale 5km Scale 100km Modified from PTTEP 2010 Recoverable gas (BCF) POTENTIAL JV P
Slide 22: Development
Opportunities for Growth DEVELOPMENT
Slide 23: Sampang PSC – Indonesia
Sampang PSC – Indonesia MADURA ISLAND Pamekasan Sampang Herbras Kentang Persik Utara OYONG AREA 3 Surabaya AREA 1 WORTEL AREA 4 JERUK Pare AREA 2 Paus Ubur-Ubur Bakung Bengkoang Legend Cue Permit Gas Field MADURA STRAIT JAVA Oil Field Grati Prospect Probolinggo Besuki Gas Pipeline Scale 20km
Slide 24: Wortel Gas Discovery
Wortel Gas Discovery Wortel-1 Wortel-2 RECOVERABLE GAS POTENTIAL (BCF) Pare Prospect LOW MID HIGH 75 105 130 Li it off Oyong Limit O 3D seismic i i Scale 2km Top Mundu Formation Depth Map …tie to Oyong
Slide 25: Production
Opportunities for Growth PRODUCTION
Slide 26: South East Gobe Field - PNG
South East Gobe Field - PNG 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 3 SEG 8 SEG 10 PPL206 PDL3 SEG 1 SE Gobe 1 G Gobe 3X Gobe 3 PDL4 SEG 7 SEG 13 SEG 2 SEG 5,6 Gobe 12SEG 14 SE Legend S
Slide 27: Oyong Development
Oyong Development Gresik Sumenep Sampang Wortel Wellhead Surabaya Platform FUTURE DEVELOPMENT Oyong OIL Platform PHASE FSO Production Barge DEVELOPMENT COMPLETED Onshore gas Processing plant Trans Java pipeline GAS PHASE Grati Probolinggo Leces Source: Santos Ltd JV Participants Participating Intere
Slide 28: Maari Oil Field New Zealand
Maari Oil Field New Zealand Tui PMP38160 Kapuni Maui Maari -1 Moki -1 PEP38413 Maari -2 Maari Well Kupe South Head Platform Maari Moki -2A 2A Scale 20km Manaia -1 Maui -4 JV Participants Participating Interest OMV (Operator) 69% Todd 16% 0 5 km Horizon 10% Cue 5% …upside potential in Maari & Manaia
Slide 29: Maari Development Scheme
Maari Development Scheme Wellhead Platform Floating Production Storage Offloading (FPSO) …development completed
Slide 30: Maari Oil Development
Maari Oil Development • Platform, FPSO installed, Development drilling g completed p • First oil 1Q 2009 • Initial rate ~ 35,000 bopd Cue share ~ 1,750 bopd • P50 oil reserves ~ 58 million barrels* Cue share ~ 2.9 million barrels* (area upside ~ 20+ mmbbls) • Capital cost ~ US$660 million gross • Cu
Slide 31: Activity Timing
Activity Timing 2010 2011 CUE INDICATIVE TIME LINE 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q EXPLORATION SEISMIC Barikewa (2D) PEP51313 (3D and 2D) Matariki/ Te Whatu WA-389-P (3D) WA-409-P(2D) PEP51149 (2D) Pungaheru DRILLING WA 360 P WA-360-P Artemis 1 Artemis-1 AC/RL7 Cash -2 PRL8 Barikewa-3 WA-389-P Caterina-1 Sa
Slide 32: Summary: Why Invest in Cue
SUMMARY WHY INVEST IN CUE Balanced portfolio • Very large gas upside • Quality exploration acreage • Exploration drilling • Appraisal drilling • Large increase in oil production • Gas production It’s all about performance
Cue Energy Resources — Investor Presentation (May 2010) on 6ix