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 : 24 November 2005 PAGES (including this page):28 FROM : Andrew Knox RE : CEO Presentation Attached please find Cue Energy Resources Limited's release with respect to the above mentioned. Yours faithfully Andrew M Knox Public Officer

2 Cue Energy Resources Limited ANNUAL GENERAL MEETING 2005

3 Cue Energy Resources Limited CEO PRESENTATION MELBOURNE 24 NOVEMBER 2005

4 Cue Energy Resources Limited CUE ENERGY STATISTICS Shareholders 6,700 Listings Ordinary Shares Top 20 Shareholders Market A0.25 cents Cash at 1 November 2005 Australia/PNG Million 188 Million Shares A$130 Million A$ 14 Million Australian Registered Company

5 CORPORATE PLAN Cue Energy Resources Limited SHORT TERM Existing Exploration & Production - PNG, Indonesia, Australia, NZ Commercialise Current Assets - Oyong Oil & Gas Field - Maari Oil Field Appraise Jeruk Discovery LONGER TERM Growth - New Exploration Areas - Acquisitions - Commercialise PNG Gas

6 Cue Energy Resources Limited CUE HYDROCARBON INVENTORY GAS RESOURCES 10 BCF 2P* Oyong (Indonesia) 4 BCF SE Gobe (PNG) 97 BCF Kimu (PNG) 120 BCF Barikewa (PNG) OIL RESOURCES 0.3 mmbls (2P) SE Gobe (PNG) 2.5 mmbls (2P) Maari (New Zealand) 0.8 mmbls (2P*) Oyong (Indonesia) * Cue estimate after government take

7 Cue Energy Resources Limited Sampang PSC * Santos 45% SPC 40% Cue 15% MALAYSIA I N D O N E S I A PDL 3 SHP % Orogen 20.5% Oil Search % *Santos % Cue % (SE Gobe Unit %) PRG 2.0% IRIAN JAYA PNG Gobe Development PORT MORESBY PPL 190 Santos % * Oil Search % Murray % Cue % WA360-P, 361-P *Cue 50% Gascorp 50% EP 363 *Apache 73.60% Kufpec 12.79% Tap 13.61% CUE 10.00% * Operator Option WA359-P *Cue 50% Exoil 50% PERTH W.A. LOCATION MAP JOINT VENTURE INTERESTS DARWIN N.T. S.A. ADELAIDE T/37P, T/38P * Cue 50% Exoil 50% QLD N.S.W. VIC MELBOURNE TAS HOBART SYDNEY CANBERRA BRISBANE PRL 9 PEP *OMV 69% Todd 16% Horizon 10% Cue 5% *Santos % Oil Search % Cue % PRL 8 *OilSearch 44.64% Mosaic 28.57% Gedd 16.07% Cue 10.72%

8 PAPUA NEW GUINEA LOCATION MAP Cue Energy Resources Limited P'NYANG GAS FIELD PRL4 APPL 228 PPL 202 PPL 157 PRL 3 PRL 5 JUHA GAS FIELD PPL 213 PPL 184 PPL 204 PRL 2 PPL 192 PPL 218 PPL 215 PDL 1 PPL 138 PRL 8 KIMU GAS FIELD PRL 9 BARIKEWA GAS FIELD PAPUA NEW GUINEA KUTUBU OIL FIELDS PPL 219 Koko-1 HIDES GAS FIELD PPL199 PPL138 PPL 219 PDL2 PDL4 PPL 206 APPL 227 KUTUBU PIPELINE PPL 203 PPL 179 GOBE & S.E. GOBE OIL FIELDS PPL 188 PPL 200 PDL 3 PPL 190 PPL 220 PPL 201 KUMUL MARINE TERMINAL Goroka PPL 208 Kerema THRUST FRONT 0 KILOMETRES 50 PPL 210 N.T. QLD. PRL1 PORT MORESBY

9 Papua New Guinea S.E. GOBE AREA Cue Energy Resources Limited

10 SAMPANG PSC LOCATION MAP Cue Energy Resources Limited E E E KE Field J a v a S e a 7 00 S Arosbaya-1 Gunung Geger Outcrop Lerpak-1 Bangkalan Geger-1 Lerpak Field Pakaan-1st Konang-1 Konang-2 Jambu-1 M Sumberlantang-1 Amih Iancak-1 Kecodu Barat-1 Tanjung-001 Bujur Tenjah-1 Bujur Tumur-1 Durbuk-1 a d u r a Sebaya-1 Kertegeneh-1 Prancak-1 Ketegeneh Field Mandala-1 Sumenep Gunung Kembar-1 Soemerep-1 Puteran Sekarkorong Field Bogomiring Field 7 30 S Lidah Field J a L E G E N D Oil Field Gas Field Mundu Play Kujung Play Plio-Pleistocene Play Miocene Sands Play Source Santos Ltd Sidoarjo Wunut Field 3D Seismic Survey Gresik v Kruka Field Kuti Field Palungan-1/1B Kerawai KE-11A Enau Gigir-1 Sampang Surabaya PSC Gunung-1 a Bakung KE-11C KE-11HA KE-11G Mangga-1 Anggur-1 JERUK - 1 Pasuruan Dukuh Grati Anggur Utara-1 Anggur-3 Anggur-2 KE-11E Flamboyan Sampang JERUK - 2 Persik MS1-1 BD-1st3 Jeruk Wortel BD-2 BD Field Probolinggo Pamekasan Camplong-1 M a d u r a S t r a i t mE mE Pare Gulgul-1 Oyong Jalar Paus Herbras 28 Diameter Pipeline Besuki XX-1st Raja S u m a t r a Gurita Location Genteng Ubur-Ubur Maleo Field M A L A Y S I A I N D O N E S I A J a v a MW mN Madura Offshore PSC 0 Maleo-1 CD-1 KILOMETRES 20 MDB-1

11 Cue Energy Resources Limited OYONG FIELD Top Mundu Depth Structure Line Location Oyong 2 Oyong 3 Oyong 1 Platform Source Santos Ltd

12 Cue Energy Resources Limited Top Mundu Fm N Source Santos Ltd OYONG - SEISMIC CROSS SECTION

13 OYONG DEVELOPMENT CONCEPT Cue Energy Resources Limited Oil Storage Tanker Source Santos Ltd

14 OYONG DEVELOPMENT STATUS Cue Energy Resources Limited Well Head Deck 12.5m 10m 31m 3m Stacked Template Structure (STS) Conductor Pile Sea Surface Sea Floor Platform installed Development drilling almost completed Capital costs ~ USD130 million gross Cue cost ~ USD19.5 million First oil production 1Q 2006 Gas development phase underway Gas Sales Agreement signed First gas production 1Q 2007 Source: Santos Ltd

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16 JERUK Top Kujung Depth Structure Cue Energy Resources Limited

17 SCHEMATIC MODEL OF JERUK Cue Energy Resources Limited Jeruk -1 Jeruk -2 Jeruk-1 Mixture - Oil and water 4700 bpd KUJUNG CARBONATE COMPLEX ST4 ST5 ST2 ST3 ST1 Jeruk-2 ST -5 Oil 3000 bopd Jeruk-2 ST 2 Shallow test - Oil 7488 bopd Jeruk-2 ST -4 Water Jeruk-2 ST 2 Deep test - Water Jeruk-2 ST 3 Middle test - Oil and Water

18 Cue Energy Resources Limited JERUK SUMMARY Variable reservoir rock quality Possibly more complex reservoir system 3D seismic indicates structural variation 3D processing & interpretation completed around year end Additional appraisal drilling required Jeruk 3 expected January 2006

19 SAMPANG PSC EXPLORATION Cue Energy Resources Limited New 3D seismic over prospects Up to 3 exploration wells in 2006 First well 1Q 2006 Nominated Indonesian company option to take 1/10 interest Cue equity reduces to 13.5% in PSC Cue paid 10% of its past costs ~ A$3.4 million in cash

20 MAARI DEVELOPMENT Cue Energy Resources Limited

21 MAARI DEVELOPMENT Cue Energy Resources Limited

22 MAARI DEVELOPMENT Cue Energy Resources Limited Development plan, platform & FPSO Development approved by joint venture Government approval shortly P 50 oil reserves ~ 50 million barrels CUE share 2.5 million barrels at acquisition cost of A$2.48 / barrel Capital costs ~ US$363 million gross CUE capital costs ~ US$18 million First oil 2Q 2008 Initial rate 35,000 bopd by 3Q 2008 CUE share 1,750 bopd

23 Cue Energy Resources Limited LOCATION CARNARVON BASIN PERMITS

24 Cue Energy Resources Limited LOCATION BASS BASIN PERMITS Pipeline

25 Cue Energy Resources Limited CUE PROJECTED FUTURE NET OIL PRODUCTION SE Gobe # Oyong Maari* Barrels of Oil Per Year x Barrels of Oil Per Day # Joint Venture estimate Cue estimate (after government take) * Cue estimate

26 CUE NET GAS PRODUCTION Cue Energy Resources Limited Oyong Gas Billion Cubic Feet Per Year Cue estimate after government take, using contract gas price.

27 Cue Energy Resources Limited ANTICIPATED 2006 ACTIVITY SE Gobe Oil Development Wells PNG Begin January Jeruk Appraisal Drilling Begin January Sampang Exploration Wells Indonesia Begin 2Q PPL 190 Exploration Well PNG 3Q Maari Oil Field Construction NZ Ongoing Oyong Gas Development phase Ongoing

28 DISCLAIMER & IMPORTANT NOTICE Cue Energy Resources Limited 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. Summaries of some of the risks inherent in an investment in Cue Energy are set out on pages 11 and 24 of our Prospectus dated 19 May 2005 and lodged with the Australian Securities and Exchange Commission. 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.