Cue Energy Resources Limited · ASX:CUE
Cue Energy Resources — Good Oil Conference 2008
33 slides from Cue Energy Resources's conference presentation, Sep 2, 2008
Slide 1: ASX announcement cover note
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: Cue Energy Resources Limited Good Oil Conference
For personal use only Cue Energy Resources Limited Good Oil Conference 2 September 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 Australian Registered Company Shareholder Ordinary Shares Held Shareholders 4,805 1 Todd Petroleum Mining Company Limited 135,919,429 21.63% 2 UOB Kay Hian Privated Limited 58,316,805 9
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 8 offshore permits in three years ¾ Operate 4 permits ¾ Farmed out four Australian areas
Slide 8: Cue Hydrocarbon Inventory
CUE HYDROCARBON INVENTORY Cue Energy Resources Limited For personal use only … drives cashflow increase OIL RESERVES 0.37 mmbls (2P*) 0.20 mmbls (2P) Oyong SE Gobe (Indonesia) (PNG) 2.5 mmbls (2P) Maari (New Zealand) GAS RESOURCES ~30 BCF (2P equiv) 120 BCF Kimu (2P equiv) 4 BCF (PNG) Maple/ Cash SE
Slide 9: Net Oil Production Forecast
NET OIL PRODUCTION FORECAST Cue Energy Resources Limited For personal use only 800 SE Gobe# Oyong¤ Maari# Barrels of Oil Per Day Barrels of Oil Per Year 700 … Plus gas production 2009 onwards -1500 600 500 X 1000 400 -1000 300 200 - 500 100 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 # Cue estima
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 For personal use only NT QLD HIDES GAS FIELD MORAN OIL FIELD AGOGO OIL FIELD Fo HEDINIA/ IAGIFU OIL FIELD re lan d GOBE, SE GOBE OIL FIELDS PPL 190 KIMU GAS FIELD PRL 8 Fol PDL 3 dB elt KUTUBU PIPELINE BARIKEWA GAS FIELD PRL 9 Proposed Pipeline KUMUL MARINE TERMINAL To Port More
Slide 14: Papua New Guinea 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 Hedinia Sandstone Top Iagifu Sandstone
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 Development
OYONG DEVELOPMENT Cue Energy Resources Limited For personal use only Well Head Deck OIL PHASE Stacked Template Structure (STS) • First oil September 2007, 2Q 6700 bopd gross Conductor Pile • 6-10 million barrels recoverable 12.5m • 2.0 million barrels produced to 30 June 2008 Sea 10m Surface GAS PHA
Slide 19: 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 POTENTIAL (BCF) Limit of Wortel reservoir LOW MID HIGH ? 30 90 150 Depth Map … tie to Oyong
Slide 20: 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 Tie back to Oyong Development approval 1Q 2009 First gas –mid 2010 Estimated CAPEX US$100 million Cue s
Slide 21: New Zealand 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 Manaia -1 (prop) Tui area fields Kaimiro Maui- Maui
Slide 22: Maari Development Scheme
Cue Energy Resources Limited MAARI DEVELOPMENT SCHEME For personal use only Source OMV New Zealand … development underway
Slide 23: Maari Oil Development
Cue Energy Resources Limited MAARI OIL DEVELOPMENT For personal use only • Platform & FPSO installed • First oil 4Q 2008, full production 2Q 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 ~ +10-20 mmbbls)
Slide 24: NZ Permit PEP38494
NZ Permit: PEP38494 Cue Energy Resources Limited For personal use only Pike Paua Matariki Cue interest 20% Source : Todd Energy, 2008
Slide 25: 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 Rose 3D Seismic Survey WA-409-P Cue 50% Cue 20% Cue 20% Zeus Cue 20% … adjacent to large fields
Slide 26: WA-361-P Zeus Prospect
WA-361-P : ZEUS PROSPECT Cue Energy Resources Limited For personal use only Cue 20% Zeus -1 (prop) Cue 20% Source : MEO, 2008
Slide 27: Ashmore Cartier Lease Australia
Cue Energy Resources Limited ASHMORE CARTIER LEASE AUSTRALIA For personal use only Location Map detail map area Sunrise- Troubadour Evan Shoals Western Australia Bayu-Undan AC/RL7 Cash-Maple Field 00 k m Cue 20% ~2 ~ 700km Recoverable gas (BCF) 1P 2P 3P Challis/ Cassini 290 640 1430 Skua Crux Gas Fi
Slide 28: Bass Basin Permits Australia
BASS BASIN PERMITS AUSTRALIA Cue Energy Resources Limited For personal use only CUEBASS08 2D Seismic Survey outline gas pipeline (Cue 10% interest) … focus of renewed industry interest
Slide 29: Spikey Beach Prospect
Cue Energy Resources Limited SPIKEY BEACH PROSPECT For personal use only Spikey Beach-1 Top Eastern View objective POTENTIAL Recoverable oil 30 mmbbls Pelican gas field Cue share 10%
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 P
Slide 31: Net Oil Production Forecast
NET OIL PRODUCTION FORECAST Cue Energy Resources Limited For personal use only SE Gobe# Oyong¤ Maari# Risked Maari upside & Manaia# Risked exploration success # 1000 … Plus gas production 2009 onwards Barrels of Oil Per Day Barrels of Oil Per Year 900 -1500 800 700 X 1000 600 -1000 500 400 300 - 500
Slide 32: 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 33: 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