CUE 0.00% 7.0¢ cue energy resources limited

anything new on this one?????, page-2

  1. 1,747 Posts.
    The Oil and Gas Bulletin is pretty keen on CUE this issue.

    Regards M.


    11. CUE ENERGY RESOURCES (CUE)
    2003 High – 5.6c 2003 Low – 4.2c May 30
    Close – 4.6c % Movt. on 2003 Open (-8.0)
    The bulletin never ceases to be amazed by the
    market’s extremely miserly valuation of CUE
    because it couldn’t be any more adamant that the
    company is now performing brilliantly despite what
    anyone may say, after what was, admittedly, a
    pretty chequered career earlier on, and especially
    when for a short time it fell into completely the
    wrong hands. But, those sorry days are well and
    truly over, even if the market is showing no signs of
    being aware of this, with CUE now focusing its
    attention on just two areas, Papua New Guinea
    where the company is far more favourably placed
    than most people seem to realise, and in Indonesia
    where it is well into a truly company-making project
    – something else nobody seem to be aware of, or
    interested in, anyway. If they were, and the bulletin
    is talking about both areas, CUE’s shares would
    most certainly be far higher than they are. In PNG,
    the company has a nice little earner in the small
    stake held in the SE Gobe Oil Field which,
    nevertheless, is generating revenue for CUE at a
    rate of around $6.5 million a year (and rising), but
    the big upside for the company in PNG appears to
    be in the meaningful stakes (say around 15%) held
    in large, strategically located petroleum
    accumulations that must inevitably be developed.
    In fact, the bulletin reckons CUE could sell its
    prized stake in the Indonesian Oyong gas/oil
    accumulation, that is currently being developed,
    and still rate as a very exciting company just on its
    PNG interests. Why CUE shares are so
    undervalued is because of that tired and grossly
    overworked misconception that both Indonesia and
    Papua New Guinea are places to be avoided. The
    same thing was said about Turkey until recently!
    But, if John Ellice-Flint, who has spent much of his
    web site http://petroleum.co.nz 6 e-mail [email protected]
    career in Indonesia, is allowing his precious charge,
    Santos, to become more and more embroiled in that
    country recently, then that’s good enough for the
    bulletin. As far as PNG is concerned, just look at
    the money that very shrewd and worldly wise
    operator, InterOil Corporation, is pouring into the
    country, and how PNG old-timer, Oil Search, is
    intent on increasing its interest there rather than in
    reducing it. The way the bulletin sees it, CUE is one
    of the truly exciting stocks on the oil boards.
 
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