Cue Energy Resources Limited · ASX:CUE
Cue Energy Resources — Shareholder Meeting (November 2011)
22 slides from Cue Energy Resources's shareholder meeting presentation, Nov 24, 2011
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: Annual General Meeting 24th November 2011
For personal use only ANNUAL GENERAL MEETING 24th November 2011 ASX: CUE; NZX: CUE; POMSOX: CUE; ADR/OTCQX: CUEYY Good to great!
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 … Board established 1981 For personal use only Australian Registered RICHARD TWEEDIE, LL.B Company Non-Executive Chairman Shareholders 5,217 Former MD Todd Energy NZ, LEON MUSCA, LL.B Listings ASX : Cue; NZX : Cue; POMSOX : Non-Executive Director, Lawyer Cue; ADR/OTCQX : CUEYY
Slide 5: 2011 Financial Results
2011 FINANCIAL RESULTS • Revenue steady with lower oil production offset by higher oil prices and gas production For personal use only • Strong positive cash flows increasing cash balance to AUD 62 million on 30th September • Gross profit steady but net profit after tax lower due to T37P/T38P Explor
Slide 6: Oil and Gas Production
For personal use only OIL AND GAS PRODUCTION • Maari production fell short of expectations due to a number of electrical submersible pump failures • Oyong had exceptionally high production availability and reservoir continues to perform better than expected • SE Gobe reservoir performance has been b
Slide 7: Current Asset Portfolio
Current Asset Porfolio For personal use only EXPLORATION Mahakam Hilir PSC OIL PRODUCTION Cue 40% PDL3 Cue 5.568892% MALAYSIA (SE Gobe Unit 3.285651%) CONTINGENT GAS RESOURCES PNG PRL14 OIL, GAS PRODUCTION INDONESIA Cue 10.947% Sampang PSC Cue 15% CONTINGENT GAS RESOURCE PRL9 Cue 14.894% EXPLORATION
Slide 8: 2010 Portfolio Changes
2010 PORTFOLIO CHANGES For personal use only • Withdrew from Bass Basin, T37/P & T38/P • Sold Kimu (PRL8) in PNG - A$5.14m • Sold AC/RL7 Cash/Maple in Timor Sea - A$8m • Farm out 65% of WA-389-P to Woodside for back costs, seismic and 1 well carry • Farm out 40% of WA-359-P & 409-P to Apache for sei
Slide 9: Hydrocarbon Inventory
Hydrocarbon Inventory For personal use only Oil Reserves Gas Reserves/ Resources TOTAL Oil : 2.94 mmbbls TOTAL Gas : 120 BCF (20 mmbbls BOE) 2.63 mmbbls (2P) Maari (NZ) 91 BCF (2C†) Barikewa (PNG) 0.2 mmbbls (2P*) Oyong (Indonesia) 14 BCF (2P) Wortel (Indonesia 0.11mmbbls (2P) SE Gobe (PNG) 12 BCF (
Slide 10: FY 2010/11 Activities
For personal use only FY 2010/11 ACTIVITIES
Slide 11: Papua New Guinea
Papua New Guinea For personal use only Mt Hagen P’nyang Hides Goroka Juha Moran Agogo Kutubu Gobe PDL3 SE Gobe PRL14 Kimu Barikewa PRL9 Elk/ Antelope Kerema Construction of the Associated Gas Processing Kumul facilities at SE Gobe will Oil terminal PNG LNG allow SE Gobe gas to be commercialised via
Slide 12: Indonesia
Indonesia For personal use only Kutei Basin Mahakam Hilir PSC (Cue 40%) • Farmed in to Mahakam Hilir PSC. Singapore Petroleum operator. • Preparing to drill Naga Utara and Naga Seletan exploration prospects in December and January Kutei Basin East Java Basin Sampang PSC (Cue 15%) • Installed Wortel
Slide 13: Wortel Project Execution
WORTEL PROJECT EXECUTION For personal use only • On schedule for production by end of 2011 or early January 2012 • Expenditure expected to be within USD105.1 million budget • Production from Sampang PSC will increase to approximately 2700BOEPD from 1Q 2012
Slide 14: Mahakam Hilir PSC
Mahakam Hilir PSC For personal use only • Permit onshore Kalimantan • Farmed into permit for 40% interest • SPC operator • Two near term drillable prospects Naga Utara (80BCF gas prospect) and Naga Seletan (20mmbbl oil prospect) • Drilling to commence in December 2011 …final preparations being made
Slide 15: Maari Development Phase
Maari Development Phase 2 For personal use only Phase 1 Completed • Platform, FPSO, 7 oil wells, 3 water injectors • First oil 1Q 2009, Phase 2 Development Planning Underway • Appraisal of F Sands • Development of Manaia Moki Sands • Development of Maari Mangahewa Sands • Water injection into M2A an
Slide 16: New Zealand Exploration
New Zealand Exploration PEP 51313 For personal use only PEP 51149 Recent & Planned Activity Recent & Planned Activity • Matariki 3D interpreted • Te Kiri 3D interpreted, • Pike prospect - potential tie-in to • Tohu section of permit relinquished Maari development • New 2D seismic acquired over Punga
Slide 17: Carnarvon Basin – Recent Activity
Carnarvon Basin – Recent Activity 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 2012 - Cue 35% free carry
Slide 18: Net 2P / 2C Indicative Production Forecast
Net 2P / 2C Indicative Production Forecast For personal use only 6500 6000 5500 B 5000 Potential O 4500 Gas E 4000 P 3500 Potential Oil D 3000 2500 2000 1500 Calendar 2011 • 420,000 barrels oil • 2.6 billion cubic ft gas 1000 500 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 SE GOBE OIL SE GOBE GAS
Slide 19: From Good to Great
from Good… Current Status 3-5 Year Vision For personal use only • $160 million market capitalisation • >$1 billion market capitalisation @ $0.23/share @ over $1 / share • In the range 15th-25th largest E&P Consistently Out Perform • In the range 5th-10th largest E&P companies on the ASX companies on
Slide 20: Activity Timing
Activity Timing 2011 2012 For personal use only CUE INDICATIVE TIME LINE 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q EXPLORATION SEISMIC PEP51149 (2D) Pungarehu PEP51313 (3D and 2D) Matariki/ Te Whatu WA-389-P (3D) WA-359-P, 409-P (3D) DRILLING Mahakam Hilir PSC Naga Selatan Mahakam Hilir PSC Naga Utara Sampang PSC Wor
Slide 21: Why Continue to Invest in Cue?
WHY CONTINUE TO INVEST IN CUE? For personal use only Experienced & energetic board and management • A track record in successful company building • New management with engineering, field development and operational experience • Good regional network and proven business development record • Strong vi
Slide 22: Thank you for your ongoing support and loyalty
For personal use only Thank you for your ongoing support and loyalty! www.cuenrg.com.au mail@cuenrg.com.au +61 3 9670 8668
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