Cue Energy Resources Limited · ASX:CUE
Cue Energy Resources — Investor Presentation (August 2010)
29 slides from Cue Energy Resources's investor presentation, Aug 24, 2010
Slide 1: ASX announcement fax 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: Presentation August 2010
For personal use only Presentation August 2010 It’s all about performance
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 important
Slide 4: Cue Energy Statistics
Cue Energy Statistics For personal use only 20 Largest Shareholders Australian Registered Company Ordinary Percentage Shareholder Shares Held Shareholders 5,371 Australia, New Zealand, Papua New Todd Petroleum Mining Company Limited 163,103,314 23.52% Listings Gu ea Guinea UOB Kay Hian Private Limit
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 40 years experience, oil & gas (27% of shares) Joined Cue in 1994 LEON MUSCA, LL.B ANDREW KNOX, B Com Non Executive Director Non-Executive Chief
Slide 6: Asset Location Map
Asset Location Map For personal use only 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% EXPLORATI
Slide 7: Hydrocarbon Inventory
Hydrocarbon Inventory For personal use only Oil Reserves Gas Reserves/ Resources TOTAL Oil : 3.52 mmbbls TOTAL gas : 267 BCF (45 mmbbls bbl BOE) 2.6 mmbbls (2P) Maari (NZ) 120 BCF (2P†) Barikewa (PNG) 0.5 mmbbls (2P*) Manaia/ Maari Other (NZ) 2.5 BCF (2P†) SE Gobe (PNG 0.3 mmbbls (2P*) Oyong (Indone
Slide 8: Net 2P Production Forecast
Net 2P Production Forecast For personal use only 5000 4500 4000 3500 SE Gobe gas B Barikewa gas Cash Maple gas O 3000 E 2500 P D 2000 1500 Calendar 2010 1000 • 605,000 barrels oil • 25% hedged forward @ US$86/bbl 500 • 3.1 billion cubic ft gas 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 SE G
Slide 9: Financial Summary
FINANCIAL SUMMARY For personal use only Income EBITDA 70 60000 60 Other income 50000 50 Production income 40000 MILLION LLION 40 30000 A$ MIL A$ M 30 20000 20 10 10000 0 0 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 Cash Balance Borrowings 35 30 30 25 25 20 MILLION LLION 20 15 A$ MIL A$ M 15 1
Slide 10: 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 11: 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 12: Projects
For personal use only PROJECTS 11
Slide 13: 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 PRL8 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
Slide 14: 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 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 Gob
Slide 15: 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 16: Sampang PSC – Indonesia
Sampang PSC – Indonesia For personal use only 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 Participating JV Participants Cue Contract Interest Santos (Operator) 45% Gas Field MADURA ST
Slide 17: 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 O s o e gas Processing plant East Java pipeline GAS PHASE Grati Probolinggo Leces Source: Santos Lt
Slide 18: 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 75 105 130 Li it off Oyong Limit O 3D seismic i i Scale 2km Capital cost US$100 million Cue share US$15 million Top Mundu Formation Depth Map …tie to O
Slide 19: New Zealand
New Zealand M i Oil Field Maari Fi ld 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 2A Maari South Scale 20km Manaia -1 Maui -4 JV Participants Participating Interest OMV (Operator) 69% Todd 16% 0 5 km Horizo
Slide 20: Maari Development Scheme
Maari Development Scheme For personal use only Wellhead Platform Floating Production Storage Offloading (FPSO) …facilities completed
Slide 21: Maari Development
Maari Development For personal use only • Platform, FPSO, 7 oil wells, 3 water injectors j • First oil 1Q 2009, 9.2 million barrels produced • Initial rate ~ 35,000 bopd Cue share ~ 1,750 bopd • Moki oil reserves ~ 60 million barrels* Cue share ~ 3 million barrels* • Area upside + 20 - 40 mmbbls* *
Slide 22: PEP 51313 - Matariki
PEP 51313 - Matariki For personal use only Kiwa – 1 Hector - 1 PEP 51313 Hine • Matariki 3D acquisition Pukeko - 1 PMP 38160 Maari - 1 Maari completed Pukeko Moki - 1 Maari - 2 Maari Moki - 2 Dev Manaia Te Whatu-2 Maui -4 Pike • Te Whatu 2D acquisition q in Paikea early 2011 Paua PEP Matariki Strat-
Slide 23: PEP 51149 – Te Kiri
PEP 51149 – Te Kiri For personal use only 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
Slide 24: Australia
Australia Carnarvon Basin Permits For personal use only 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 WA-409-P developments Artemis Planned prospect Wheatston
Slide 25: WA-389-P: Prospects & Leads
WA-389-P: WA 389 P: Prospects & Leads For personal use only WA-389-P Ezard • Farmout to Woodside Donovans ¾ 1440km2 new 3D seismic in 2010 The Point ¾ Drill one well in 2011 Caterina • 8 large prospects and leads • Cue retains 35% interest Movida Rockpool PRIMARY TARGET POTENTIAL Intimo Low Mid High
Slide 26: WA-389-P: Caterina Prospect
WA-389-P: WA 389 P: Caterina Prospect For personal use only Rose 2D seismic WA-389-P Rose 3D seismic CUE 100% Caterina prospect • Strong amplitude, AVO response • Inversion study predicts 80% chance of gas • Significant upside, upside P50 gas in place for all objectives is 10.7 TCF • Water Depth 110
Slide 27: AC/RL7 - Cash Maple Gas Field
AC/RL7 - Cash Maple Gas Field For personal use only 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 ga
Slide 28: Activity Timing
Activity y Timing g 2010 2011 For personal use only 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) DRILLING WA-360-P Artemis-1 PRL8 Barikewa 3 Barikewa-3 AC/RL7 Cash-2 PEP51149 T
Slide 29: Summary: Why Invest in Cue
For personal use only SUMMARY WHY INVEST IN CUE Balanced portfolio • Very y large g ggas upside p • High potential exploration acreage • Ongoing exploration drilling • Appraisal drilling • Oil production • Gas production It’s all about performance
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