CUE 0.00% 12.5¢ cue energy resources limited

cellar dweller, page-4

  1. 3,636 Posts.
    lightbulb Created with Sketch. 13
    r u shaw?? might be a good buying op

    Whereas the bulletin is counting on further
    exploration success to make COE a successful
    recommendation, in CUE’s case it is relying mainly
    on the timely development of discoveries already
    made, or announcements to that effect, to push the
    share price up to levels that are not even dreamed
    about now. One thing the bulletin has going for it in
    seeing this wish come true, is that in all the
    developments it is thinking about, the operator is
    Santos (STO) which must surely be desperate to get
    all the market analysts off its back with their
    constant harping on what they perceive to be the
    company’s almost stagnant growth in both
    production and revenue. For its part, the bulletin is
    a great admirer of, and believer in the present STO
    management. And, it must admit it came as a very
    pleasant surprise to find out that company is to be
    the operator for virtually every project in which CUE
    is involved. It makes the bulletin even more
    thankful it took the plunge with CUE this year. Just
    have a look at some of the developments the
    company is involved in! First, there is the 5.6%
    stake in the South East Gobe Oil Field in Papa New
    Guinea where production has just been lifted from
    9,500 – 10,000 b/d to around 11,000 b/d,
    guaranteeing that the US$883,804 received by CUE
    from oil sales in the December quarter should go
    close to topping the US$1 million mark in the
    current March quarter. So far, CUE has shown
    excellent judgement and considerable courage in
    not hedging any of its production. The bulletin has
    always regarded SE Gobe as being about a “break
    even” proposition for CUE, but that higher
    production and continuing strong oil prices should
    make it more than that for a while, at least. And,
    then there’ll be the recent nearby Bilip oil discovery,
    where CUE’s stake is almost 11%, to further boost
    the company’s PNG oil production. The oil here is
    of very high quality, and while recoverable reserves
    are still to be estimated, it is generally thought they
    are somewhere around 20 – 30 million barrels,
    perhaps more, and certainly large enough to be
    commercially exploited. Elsewhere in PNG, CUE
    holds a stake verging on 15% in the Barikewa Gas
    Field whose recoverable reserves have been
    estimated at 800 billion cubic feet, and which is only
    3 km from the proposed route of the PNG -–Qld. gas
    pipeline. If that project does get the go-ahead, and
    there’s surprisingly strong confidence in the right
    quarters that it will, the market will have no choice
    but to give some realistic value to its 120 BCF share
    of proven reserves. A retention licence has just
    been granted for this field, as has one for the Kimu
    Gas Field where recoverable gas reserves are
    estimated at more than one trillion cubic feet and in
    which CUE’s interest is approaching 11%. And,
    there’s been further good news from Indonesia,
    where the entire recoverable gas reserves of the
    Oyong Oil and Gas Field estimated at more than 90
    BCF, have been sold to one of Indonesia’s leading
    power generating companies. CUE will hold a 15%
    stake in this project where first gas production is
    expected late next year at a planned rate of 60
    million cubic feet a day during the likely 10-year life
    of the field. This means CUE’s share will be a
    robust 9 million cubic feet a day. Oil reserves,
    conservatively estimated at five million barrels
    recoverable which will be developed separately
    from wells dedicated for that purpose at a yet to be
    decided rate, and presumably at the same time as
    the gas With all this already happening, or soon
    going to happen, achieving that Estimated High of
    12 cents will surely be a piece of cake for this,
    incidentally, cashed-up company which was
    web site 5 e-mail [email protected]
    holding $4.195 million in kitty at the beginning of
    this year.
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