Cue Energy Resources Limited A.B.N

Transcription

1 Cue Energy Resources Limited A.B.N Level William Street Melbourne Victoria 3000 Australia Telephone: (03) Facsimile: (03) Website: TO : Company Announcements Office 10th Floor 20 Bond Street Sydney NSW 2000 DATE : 3 May 2010 PAGES (including this page): 32 FROM : Andrew Knox RE : Presentation May 2010 Attached please find Cue Energy Resources Limited's release with respect to the above mentioned. Yours faithfully Andrew M Knox Public Officer

2 Presentation May 2010 It s all about performance

3 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 important factors that could cause those future acts, events and circumstances to differ from the way or manner in which they are expressly or impliedly portrayed herein. Some of the more important of these risks, expectations and uncertainties are pricing and production levels from the properties in which the Company has interests, and the extent of the recoverable reserves at those properties. In addition, the Company has a number of exploration permits. Exploration for oil and gas is expensive, speculative and subject to a wide range of risks. Individual investors should consider these matters in light of their personal circumstances (including financial and taxation affairs) and seek professional advice from their accountant, lawyer or other professional adviser as to the suitability for them of an investment in the Company.

4 Cue Energy Statistics 20 Largest Shareholders Shareholder Ordinary Shares Percentage Held Todd Petroleum Mining Company Limited 163,103, % UOB Kay Hian Private Limited 115,396, % Octanex NL 43,656, % Todd Tasman Oil Ltd 25,920,000, 3.74% Berne No 132 Nominees Pty Ltd 11,494, % Portfolio Securities Pty Ltd 10,737, % CIMB GK Securities Pte Ltd 9,217, % JP Morgan Nominees Australia Limited 8,863, % Peter Neville Findlay + Richard Norman Martin 8,017, % ANZ Nominees Limited 4,782, % The Albers Companies Incorporated 4,440, % Ernest Geoffrey Albers 4,010, % Colin Robert MacEwan & Bronwyn Beder 4,000, % Finot Pty Ltd 4,000, % Mr Neil Clifford Abbott & Gellert Ivanson Trustee 3,800, % SCFI Pty Ltd 3,700, % Richard Tweedie 3,159, % Adziel Pty Ltd 3,000, % Charles Arthur John Whyte 2,797, % National Nominees Limited 2,674, % Australian Registered Company Shareholders 4,883 Listings Australia New Zealand Papua New Guinea Ordinary Shares 693,319, Top 20 Shareholders 437 Million (63%) Market A30 $A208Million Cash at 31 March2010 A$ 23.6Million Project Loan 31/03/2010 US $14.3 Million Half year profit A$ 8.4 Million Employees 7 Top 2 Shareholders Todd Petroleum 27% Singapore Petroleum 16.7%

5 BOARD & MANAGEMENT 160+ Years of fcombined Oil & Gas Experience

6 Asset Location Map MALAYSIA OIL PRODUCTION PDL3 Cue % % (SE Gobe Unit %) OIL, GAS PRODUCTION Sampang PSC Cue 15% CONTINGENT GAS RESOURCE AC/RL 7 Cue 20% INDONESIA PNG EXPLORATION PPL190 Cue % CONTINGENT GAS RESOURCE PRL9 Cue % EXPLORATION WA-389-P *Cue 100% CONTINGENT GAS RESOURCE PRL8 Cue 10.72% EXPLORATION WA-359-P WA-409-P *Cue 50% AUSTRALIA EXPLORATION WA-360-P Cue 15% EXPLORATION WA-361-P Cue 15% EXPLORATION PEP & PEP Cue 20% * Cue Operator EXPLORATION T/37P & T/38P * Cue 50% OIL PRODUCTION PMP 38160/ PEP Cue 5% NEW ZEALAND

7 Hydrocarbon Inventory Oil Reserves/Resources Gas Reserves/ Resources TOTAL Oil : 3.52 mmbbls TOTAL gas : 297 BCF (52 mmbbls BOE) 2.6 mmbbls (2P) Maari (NZ) 120 BCF (2P ) Barikewa (PNG) 0.5 mmbbls (2P) Manaia/ Maari Other (NZ) 0.3 mmbbls (2P*) Oyong (Indonesia) 30 BCF (2P ) Kimu (PNG) 2.5 BCF (2P ) SE Gobe (PNG 0.12 mmbbls (2P) SE Gobe (PNG) 120 BCF (2P ) Cash-Maple (Australia) *Cue estimate 2P equivalent Volumes at 31/12/ BCF (2P ) Wortel (Indonesia 12 BCF (2P) Oyong (Indonesia)

8 Net 2P Production Forecast 3500? B O E P D ?? SE Gobe gas Barikewa gas Cash Maple gas SE Gobe Oil Oyong Oil Manaia, M2A Oil Maari Oil Oyong Gas Wortel Gas Other Gas

9 Growth Path Australasian & SE Asian Focus To develop a highly valued E & P company with market capitalisation greater than A$ 1 Billion Indigenous Growth EXPLORATION APPRAISAL DEVELOPMENT Acquisitions/Mergers PRODUCTION balanced portfolio

10 Opportunities for Growth Exploration Appraisal Development Production LNG SCALE GAS Carnarvon Basin Artemis Caterina AC/RL7: Cash Maple PNG: Barikewa Oil NZ: PEP51313 Matariki Te Whatu Pike NZ: Maari Indonesia: Oyong PNG: SE Gobe Gas & Condensate NZ: PEP51149 Te Kiri Tohu Indonesia: Wortel PNG: SE Gobe Indonesia: Oyong

11 Opportunities for Growth EXPLORATION

12 Carnarvon Basin Permits LEGEND Oil Field Gas Field Cue Operated Permit Cue Non-Operated Permit Planned Wheatstone development Artemis prospect Caterina prospect WA-361-P WA-389-P WA-409-P WA-359-P Rose 3D and 2D seismic survey 5 permits on trend with major discoveries and new developments Significant existing and planned LNG processing capacity in the region WA-360-P Possible 3rd party access NWSV Existing LNG WA-360-P: Artemis -1 Gorgon LNG Pluto LNG Drilling in 3Q/ 4Q 2010 WA-389-P: Caterina km 3D seismic in 2010 Drilling in 2011 adjacent to LNG developments

13 WA-389-P: Prospects & Leads WA-389-P Caterina Ezard Donovans The Point Caterina prospect Strong amplitude, AVO response Inversion study predicts 80% chance of gas Significant upside, P 50 gas in place for all objectives is 10.7 TCF Farmout to Woodside 3D seismic in 2010 Drilling one well in 2011 Rockpool Movida Cue retains 35% interest Scale 10km Intimo Gas-in-Place Low Mid High (Tcf) (Tcf) (Tcf) Caterina-1 Prospect Rockpool lead Ezard lead (primary Top Mungaroo objective only) potential to supply an LNG development

14 WA-389-P: Caterina Prospect Rose 2D seismic Rose 3D seismic WA-389-P CUE 100% Near Top Mungaroo - Depth Map 4300mSS closing contour P 50 Top Mungaroo 4 Tcf Significant upside P 50 GIP for all objectives ~ 10.7 Tcf Scale 5km

15 PEP Matariki Kiwa 1 Hector - 1 Paikea PEP Pukeko - 1 Te Whatu-2 Pukeko Hine Maari - 1 Maari - 2 PEP Dev Maui -4 PMP Maari Moki - 1 Moki - 2 Pike Paua Maari Manaia Matariki 3D acquisition in 2Q, 2010 Te Whatu 2D acquisition in early 2011 PEP Matariki Strat-Play Matariki Legend Cue Permit Maari 3D Rehua North Tasman -1 Puanga JV Participants Participating Interest Matariki 3D 2D Lines Oil Fields Prospects Leads Wells Scale 10km Fresne-1 3D seismic Takurua Puanga-iti Tasman-1 Todd Exploration 50% (Operator) Horizon Oil (New Zealand) Limited 30% Cue Taranaki Pty Limited 20% Source: Todd Petroleum 2010 Oil in Place Oil Resource Solution Gas Mean (MMstb) Mean (MMstb) Mean (BCF) Matariki structural Matariki stratigraphic Pike structural Te Whatu structural Pukeko and Paikea

16 PEP Te Kiri Source: Todd Petroleum 2009 Scale 5km New Plymouth Drilling decision on Te Kiri in 3Q, 2010 Kaimiro Gas Field PEP Cue 20% Burgess-1 Tipoka Rahotu-1 Tohu Goldie Oil Field Mt Taranaki Ngatoro Gas and Oil Field JV Participants Participating Interest Todd Exploration 40% (Operator) Mighty River Power Gas Investments Ltd 30% Cue Taranaki Pty Limited 20% Mosaic Oil Limited 10% Legend Cue Permit Te Kiri 3D 2D Lines Oil Fields Prospects Leads Te Kiri Kina Te Kiri-1 Kapuni Gas Field Te Kiri prospect Mean GIP (Bcf) Mean Rec. Res. (Bcf) Mean Cond. Res. (MMbbls) Tohu lead Source: Todd Petroleum 2009 Pangerahu lead

17 T/37P + T/38P Bass Basin Permits Yolla Gas Pipeline Cormorant 1 Rockhopper 1 Trefoil 1 Yolla White Ibis 1 Bass 3 T/38P T/37P Tilana 1 NW Nangkero CueBass08 2D seismic area Pelican Recent industry success reported at Trefoil and Rockhopper NW Nangkero prospect Potential mean GIP: 372 BCF 20km SE of Yolla field Cue seeking to farmout Spikey Beach 1 Peejay 1 Durroon 1 Legend Cue Permit JV Participants Cue Energy Resources Ltd Participating Interest 50% (Operator)* Farmout block Gas Fields Prospects Pipelines Scale 20km Exoil Limited 50%* *10% interest on Spikey Beach Block, Beach Energy Limited 80% focus of renewed industry interest

18 Opportunities for Growth APPRAISAL

19 Papua New Guinea Legend Cue Permit Oil Fields Gas Fields Proposed Gas Pipeline Oil Pipeline P nyang Hides Juha Agogo Moran Kutubu Gobe PRL8 SE Gobe Kimu Barikewa PDL3 Mt Hagen PPL190 PRL9 Goroka Elk/ Antelope Kerema Kumul Oil terminal PNG LNG km Port Moresby

20 PRL9 - Barikewa Gas Field Proposed PNG LNG Pipeline Location Oil Pipeline Barikewa is a potentially large resource Toro and Hedinia 2P 700 BCF Mean (all zones unrisked) 1.5 TCF P 10 (all zones unrisked) 2.6 TCF (Source Oil Search 2009) Potential Barikewa-3 location Recently acquired 60km 2D seismic data over field Planning to drill Barikewa-3 appraisal well in Q1/Q Scale 10km JV Participants Santos Ltd Participating Interest % (Operator) Oil Search (PNG) Ltd % Cue PNG Ltd % adjacent to PNG LNG infrastructure

21 AC/RL7 - Cash Maple Gas Field Sunrise- Troubadour Evan Shoals Bayu-Undan Scott Reef Cash-Maple Ichthys Crux Blacktip Petrel Darwin AC/RL7 Cash-Maple Field Pequalin-1 Cash-2 (proposed) Cash-1 Calliance Maple-1 Scale 5km Scale 100km Modified from PTTEP 2010 Recoverable gas (BCF) POTENTIAL 1P equiv 2P equiv 3P equiv JV Participants Participating Interest Cue Energy Resources Ltd 20% PTTEP 80%* future floating LNG potential

22 Opportunities for Growth DEVELOPMENT

23 Sampang PSC Indonesia MADURA ISLAND Sampang Pamekasan Surabaya AREA 1 JERUK Kentang Persik OYONG WORTEL Pare AREA 2 Herbras Utara AREA 3 AREA 4 Paus Ubur-Ubur Bakung Bengkoang Legend Cue Permit Gas Field Oil Field JAVA Grati MADURA STRAIT Prospect Gas Pipeline Scale 20km Probolinggo Besuki

24 Wortel Gas Discovery Wortel-1 Wortel-2 RECOVERABLE GAS POTENTIAL (BCF) Pare Prospect LOW MID HIGH Limit it of Oyong 3D seismic i Scale 2km Top Mundu Formation Depth Map tie to Oyong

25 Opportunities for Growth PRODUCTION

26 South East Gobe Field - PNG PPL190 Gobe 5 Gobe 4 PPL219 Gobe Main Field APRL 14 PPL190 Gobe 6 Gobe 2X Gobe 2 Wasuma 1 Legend Cue Permit PDL4 PPL206 PDL3 South East Gobe Field Gobe 7X Gobe 74 SEG 9 SEG 3 SEG 8 SE Gobe SEG 1 10 SEG 1 Gobe 3X Gobe 3 SEG 7 SEG 13 SEG 2 SEG 5,6 SE Gobe 12SEG 14 SEG 12 SEG 11 Saunders 1 Saunders_1 PDL4 PDL 3 Bilip Bilip_1 1 Cobra -1A PPL 190 Beaver_1 Oil Field Gas Field NW Iehi 1 Tabe Prospects/ Leads PPL190 PPL190 Proposed Gas Pipeline Oil Pipeline Iehi-1 Seismic Fault Development well Scale 20km provides base income

27 Oyong Development Gresik Surabaya Wortel Wellhead Platform Sampang Sumenep FUTURE DEVELOPMENT Onshore gas Processing plant FSO Production Barge Oyong Platform DEVELOPMENT COMPLETED OIL PHASE Grati GAS PHASE Probolinggo Trans Java pipeline Leces Source: Santos Ltd three stage development JV Participants Participating Interest Santos (Operator) 45% SPC 40% Cue 15%

28 Maari Oil Field New Zealand PMP38160 Tui Maui Kapuni Maari -1 Moki -1 PEP38413 Maari -2 Maari Well Head Platform Moki -2A Maari Kupe South Scale 20km Manaia -1 Maui km JV Participants Participating Interest OMV (Operator) 69% Todd 16% Horizon 10% Cue 5% upside potential in Maari & Manaia

29 Maari Development Scheme Wellhead Platform Floating Production Storage Offloading (FPSO) development completed

30 Maari Oil Development Platform, FPSO installed, Development drilling completed First oil 1Q 2009 Initial rate ~ 35,000 bopd Cue share ~ 1,750 bopd P 50 oil reserves ~ 58 million barrels* Cue share ~ 2.9 million barrels* (area upside ~ 20+ mmbbls) Capital cost ~ US$660 million gross Cue share ~ US$33 million Project loan facility US$20 million * Cue estimate substantial oil production increase Source: Horizon

31 Activity Timing CUE INDICATIVE TIME LINE Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q EXPLORATION SEISMIC Barikewa (2D) PEP51313 (3D and 2D) Matariki/ Te Whatu WA-389-P (3D) WA-409-P(2D) PEP51149 (2D) Pungaheru DRILLING WA-360-P Artemis-1 AC/RL7 Cash -2 PRL8 WA-389-P Sampang PSC Barikewa-3 Caterina-1 Wortel Development PEP51313 Matariki -1 PEP51149 Te Kiri -1 DEVELOPMENT PROGRAM MAARI OYONG Oil Production Oil Production OYONG WORTEL WORTEL Gas Production Gas Development Gas Production FID *

32 SUMMARY WHY INVEST IN CUE Balanced portfolio Very large gas upside Quality exploration acreage Exploration drilling Appraisal drilling Large increase in oil production Gas production It s all about performance