Cue Energy Resources Limited · ASX:CUE
Cue Energy Resources — Excellence in Oil and Gas (May 2008)
32 slides from Cue Energy Resources's conference presentation, May 27, 2008
Slide 1: ASX announcement cover fax
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: Excellence in Oil and Gas
For personal use only Cue Energy Resources Limited Excellence in Oil and Gas May 2008
Slide 3: Corporate
For personal use only CORPORATE
Slide 4: Cue Energy Statistics and Largest Shareholders
CUE ENERGY STATISTICS Cue Energy Resources Limited For personal use only 20 Largest Shareholders Update Percentage Shareholder Ordinary Shares Held Australian Registered Company 1 Todd Petroleum Mining Company Limited 135,919,429 21.63% Shareholders 4,800 2 UOB Kay Hian Privated Limited 54,305,026 8
Slide 5: Directors & Executives
DIRECTORS & EXECUTIVES Cue Energy Resources Limited For personal use only NON EXECUTIVE CHAIRMAN MD Todd Energy NZ – Richard Tweedie LL.B 25% of shares NON EXECUTIVE DIRECTORS Geoffrey Albers LL.B Founder – 7.7% of shares Leon Musca LL.B Lawyer - 1.6% of shares CHIEF EXECUTIVE OFFICER 40 years exper
Slide 6: Corporate Plan
CORPORATE 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 million 1. Indigenous Growth EXPLORATION APPRAISAL DEVELOPMENT PRODUCTION 2. Acquisitions … balanced portfolio
Slide 7: Achievements
ACHIEVEMENTS Cue Energy Resources Limited For personal use only PRODUCTION ¾ SE Gobe oil ¾ Oyong oil DEVELOPMENT ¾ Maari oil ¾ Oyong gas ¾ Wortel gas APPRAISAL ¾ Manaia oil ¾ Barikewa gas EXPLORATION ¾ Acquired 7 offshore permits in three years ¾ Operate 4 permits ¾ Farmed out four Australia areas t
Slide 8: Cue Hydrocarbon Inventory
CUE HYDROCARBON INVENTORY Cue Energy Resources Limited For personal use only …Large future gas potential GAS RESOURCES 120 BCF 97 BCF Maple/Cash Kimu (Aust) (PNG) 12 BCF* Wortel (Indonesia) OIL RESERVES 12 BCF 2P* 4 BCF 0.24 mmbls (2P) Oyong SE Gobe 0.55 mmbls (2P*) (Indonesia) SE Gobe 120 BCF (PNG)
Slide 9: Net Oil Production Forecast
NET OIL PRODUCTION FORECAST Cue Energy Resources Limited For personal use only 900 SE Gobe# Oyong¤ Maari# 800 … gas production 2009 onwards Barrels of Oil Per Day Barrels of Oil Per Year 700 -1500 600 500 X 1000 -1000 400 300 - 500 200 100 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 # Cue estimat
Slide 10: Net Gas Production Forecast
NET GAS PRODUCTION FORECAST Cue Energy Resources Limited For personal use only Barrels of Oil Equivalent Per Year Oyong Gas Wortel Gas Billion Cubic Feet Per Year -1000 6 5 - 750 X 1000 4 - 500 3 2 - 250 1 0 2009 2010 2011 2012 2013 2014 ¤ Cue entitlement estimate after government take, using contra
Slide 11: Projects
For personal use only PROJECTS
Slide 12: Joint Venture Interests
JOINT VENTURE INTERESTS Cue Energy Resources Limited For personal use only PDL 3 *Santos 15.921718% SHP 40.149650% Oil Search 36.35974% MALAYSIA Cue 5.568892% (SE Gobe Unit 3.285651%) PRG 2.0% Sampang PSC PPL 190 * Oil Search 62.556% * Santos 45% SPC 40% IRIAN JAYA Murray 26.497% Cue 15% Cue 10.947%
Slide 13: Papua New Guinea
PNG PAPUA NEW GUINEA Cue Energy Resources Limited For personal use only NT QLD HIDES GAS FIELD MORAN OIL FIELD AGOGO OIL FIELD HEDINIA/ IAGIFU OIL FIELD Fo GOBE, SE GOBE OIL FIELDS re lan PPL 190 KIMU GAS FIELDd PDL 3 F PRL 9 old Be PRL 8 BARIKEWA GAS FIELD lt KUTUBU PIPELINE Proposed Pipeline KUMUL
Slide 14: 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 15 PDL4 Gobe 4 PN99-2 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
Slide 15: Cobra Seismic Line
COBRA 1 SEISMIC LINE Cue Energy Resources Limited PN99-215 For personal use only Cobra-1A Gobe Thrust Darai Limestone Ieru Formation Top Toro Sandstone (Reservoir 1) Top Iagifu Sandstone (Reservoir 2)
Slide 16: Sampang PSC – Indonesia
SAMPANG PSC – INDONESIA Cue Energy Resources Limited For personal use only 112°30’E 113°00’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 r a Konang-1 Gunung Geger O
Slide 17: 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 18: Oyong Production Barge
OYONG PRODUCTION BARGE Cue Energy Resources Limited For personal use only
Slide 19: Export Tanker Loading from FSO
Cue Energy Resources Limited EXPORT TANKER LOADING FROM FSO For personal use only
Slide 20: Oyong Development
OYONG DEVELOPMENT Cue Energy Resources Limited For personal use only Well Head Deck OIL PHASE Stacked Template Structure (STS) • First oil September 2007, 8-9,000 bopd gross Conductor Pile • 6-10 million barrels recoverable 12.5m • 1.6 million barrels produced to May Sea 10m Surface GAS PHASE • Gas
Slide 21: Wortel Gas Discovery
WORTEL GAS DISCOVERY For personal use only Limit of Oyong 3D seismic Wortel-1 Wortel-2 Gas Gas above oil Oil ? Probable gas RECOVERABLE GAS Limit of Wortel reservoir POTENTIAL (BCF) Possible well LOW MID HIGH ? 30 90 150 Depth Map … tie to Oyong
Slide 22: Wortel Gas Discovery
WORTEL GAS DISCOVERY Cue Energy Resources Limited For personal use only 140 metre gas column above gas/water contact Reservoir younger than at Oyong 2D seismic infill – interpreted Wortel -3 appraisal well – may not be needed Tie back to Oyong First gas – early 2010 Estimated CAPEX US$
Slide 23: Maari Oil Field
NEW ZEALAND Cue Energy Resources Limited MAARI OIL FIELD For personal use only 5km Maari Maari-1 Moki- Moki-1 Proposed well Maari- Maari-2 Moki- Moki-2A OMV (Operator) 69% Todd 16% Horizon 10% Cue 5% PMP 38160 PEP 38413 Pohokura Manaia New Plymouth Kaimiro Tui area fields Maui- Maui-4 Maui Kapuni Ku
Slide 24: Maari Development Scheme
Cue Energy Resources Limited MAARI DEVELOPMENT SCHEME For personal use only Source OMV New Zealand … development underway
Slide 25: Maari Oil Development
Cue Energy Resources Limited MAARI OIL DEVELOPMENT For personal use only • Platform installed, FPSO on location • First oil 3Q 2008, full production 1Q 2009 • Initial rate ~ 35,000 bopd Cue share ~ 1,750 bopd • P50 oil reserves ~ 50 million barrels Cue share ~ 2.5 million barrels (area upside ~ +10-
Slide 26: Maari Development
Cue Energy Resources Limited MAARI DEVELOPMENT For personal use only FPSO at Wellington Harbour Jacking up on location
Slide 27: 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 • Cue 100% 0 25km WA-389-P WA-409-P Cue 20% Cue 20% Zeus Cue 20% … adjacent to large fields
Slide 28: Ashmore Cartier Lease Australia
Cue Energy Resources Limited ASHMORE CARTIER LEASE AUSTRALIA For personal use only Location Map detail map area Sunraise- Troubadour Evan Shoals Western Australia Western Australia NT Bayu-Undan AC/RL7 m 00 k Cash-Maple Cash-Maple Field ~2 Cue 20% ~ 700km Challis/ Cassini Skua Crux Gas Field Scott R
Slide 29: Bass Basin Permits Australia
BASS BASIN PERMITS AUSTRALIA Cue Energy Resources Limited For personal use only CUEBASS08 Seismic Survey outline gas pipeline (Cue 10% interest) … focus of renewed industry interest
Slide 30: 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 Zeus -1 SAMPANG PSC (2 wells) PEP38413 Manaia -1 PRL -9 Barikewa -3 D
Slide 31: Summary
Cue Energy Resources Limited SUMMARY For personal use only • Balanced portfolio Large increase in oil production Gas production beginning Appraisal drilling Exploration drilling Quality exploration acreage Large gas upside
Slide 32: Disclaimer & Important Notice
Cue Energy Resources Limited DISCLAIMER & IMPORTANT NOTICE For personal use only 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, unc
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