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 January 2011 PAGES (including this page): 28 FROM : Andrew Knox RE : Cue Energy Resources Presentation January 2011 Attached please find Cue Energy Resources Limited's release with respect to the above mentioned. Yours faithfully Andrew M Knox Public Officer

2 Presentation January 2011 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 Australian Registered Company established 1981 Shareholders 5,576 Todd Petroleum Mining Company Limited 163,103, % UOB Kay Hian Private Limited 115,101, % Octanex NL 43,656, % Todd Tasman Oil Ltd 25,920, % JP Morgan Nominees Australia Limited 12,526, % Portfolio Securities Pty Ltd 10,737, % Berne No 132 Nominees Pty Ltd 9,314, % Peter Neville Findlay & Richard Norman Martin 8,017, % Finot Pty Ltd 5,000, % HSBC Custody Nominees (Australia) Limited 4,983, % The Albers Companies Incorporated Pty Ltd 4,440, % Grizzley Holdings Pty Limited 4,312, % Ernest Geoffrey Albers 4,010, % Mr Neil Clifford Abbott & Gellert Ivanson Trustee 3,800, % SCFI Pty Ltd 3,764, % Listings Ordinary Shares 693,319,718 Top 20 Shareholders 434Million (63%) Todd Petroleum Singapore Petroleum (Petrochina) Market A30 Australia, New Zealand, Papua New Guinea 27% 16.6% A$ 207 Million YTD Trading Range Average Daily Volume 1,000,000 + Cash at 31/12/2010 Project Loan 31/12/2010 Profit 30/06/2010 Employees 7 A$ 41 Million US $8 Million A$ 27.5 Million Mr Richard Tweedie 3,363, % Adziel Pty Ltd 3,060, % Mr Colin MacEwan & Ms Bronwyn Beder 3,000, % Custodial Services Limited 2,896, % Charles Arthur John Whyte 2,797, %

5 DIRECTORS & EXECUTIVES RICHARD TWEEDIE, LL.B Non-Executive Chairman MD Todd Energy NZ (27% of shares) LEON MUSCA, LL.B Non-Executive Director Lawyer (1.8% of shares) STEVEN KOROKNAY, B Eng Non-Executive Director 30 years experience Joined Cue in 2009 MARK PATON, BSC (Hons 1) C Eng Chief Executive Officer 30 years experience, oil & gas Joining Cue in Feb 2011 ANDREW KNOX, B Com Chief Financial Officer 24 years experience, oil & gas Joined Cue in 1994 TERRY WHITE, B Sc (Hons) Exploration Manager 29 years experience, oil & gas Joined Cue in years of combined 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 35% EXPLORATION WA-359-P WA-409-P Cue 30% AUSTRALIA EXPLORATION WA-360-P Cue 15% EXPLORATION WA-361-P Cue 15% EXPLORATION PEP & PEP Cue 20% * Cue Operator OIL PRODUCTION PMP Cue 5% NEW ZEALAND

7 Hydrocarbon Inventory Oil Reserves Gas Reserves/ Resources TOTAL Oil : 3.17 mmbbls TOTAL Gas : 268 BCF (45 mmbbls BOE) 2.42 mmbbls (2P) Maari (NZ) 0.31 mmbbls (2P) Manaia (NZ) 0.31 mmbbls (2P*) Oyong (Indonesia) 0.13 mmbbls (2P) SE Gobe (PNG) *Cue estimate Contingent resource Volumes remaining to be produced at 31/12/ BCF (2C ) Barikewa (PNG) 120 BCF (2C ) Cash-Maple (Australia) 14 BCF (2P) Wortel (Indonesia 12 BCF (2P) Oyong (Indonesia) 2.5 BCF (2C ) SE Gobe (PNG

8 Net 2P Production Forecast B O E P D Calendar ,000 barrels oil 2.4 billion cubic ft gas SE GOBE OIL OYONG OIL MAARI/MANAIA OIL OYONG GAS WORTEL GAS OTHER GAS large gas potential

9 Growth Path Australasian & SE Asian Focus To develop a highly valued E & P company with market capitalisation greater than A$ 1 Billion Organic Growth PRODUCTION DEVELOPMENT APPRAISAL EXPLORATION 3 fields 1 field 2 fields 9 areas Acquisitions/Mergers ONGOING balanced portfolio

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

11 PROJECTS

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

13 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 Licence 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

14 PRL9 - Barikewa Gas Field Proposed PNG LNG Pipeline Location Oil Pipeline Barikewa is a potentially large resource Toro and Hedinia (2P equiv) 700 BCF Mean (all zones) 1.5 TCF P 10 (all zones) 2.6 TCF (Source Oil Search 2009) Recently acquired 60km 2D seismic data over field Potential Barikewa-3 location Planning to drill Barikewa-3 appraisal well early 2012 Potential to supply to PNG LNG Scale 10km JV Participants Participating Interest Santos Ltd % (Operator) Oil Search (PNG) Ltd % Cue PNG Ltd % adjacent to PNG LNG infrastructure

15 Sampang PSC Indonesia LEGEND MADURA ISLAND Cue Contract Gas Field Sampang Pamekasan Oil Field Prospect Gas Pipeline Surabaya AREA 1 JERUK Kentang Persik OYONG WORTEL Pare AREA 2 AREA 3 Paus Herbras Utara Ubur-Ubur AREA 4 Bakung Bengkoang JV Participants Participating Interest JAVA MADURA STRAIT Santos (Operator) 45% Singapore Petroleum 40% Grati Cue 15% Scale 20km Probolinggo Besuki

16 Oyong + Wortel Development Gresik Surabaya Wortel Wellhead Platform Sampang Sumenep 2011 DEVELOPMENT Onshore gas Processing plant FSO Production Barge Oyong Platform DEVELOPMENT COMPLETED OIL PHASE Grati GAS PHASE Probolinggo East Java pipeline Leces three stage development Source: Santos Ltd

17 Wortel Gas Field 10km pipeline Wortel-1 Wortel-2 2 Development wells RECOVERABLE GAS POTENTIAL (BCF) Pare Prospect LOW MID HIGH Limit of Oyong 3D seismic Scale 2km Top Mundu Formation Depth Map Capital cost Cue share US$100 million US$15 million tie to Oyong

18 New Zealand Maari Oil Field PMP38160 Tui Maui Kapuni Maari -1 Moki -1 Oil producers Maari -2 Maari Well Head Platform Moki -2A Maari Kupe South Maari South Scale 20km Manaia -1 Maui km JV Participants Participating Interest OMV (Operator) 69% Todd 16% Horizon 10% Cue 5% long term oil production

19 Maari Development Scheme Wellhead Platform Floating Production Storage Offloading (FPSO) facilities completed

20 Maari Development Platform, FPSO, 7 oil wells, 3 water injectors First oil 1Q 2009, 11 million barrels produced Current rate ~ 20,000 bopd Cue share ~ 1,000 bopd Moki 2P oil reserves ~ 52 million barrels Cue share ~ 2.6 million barrels M2A 2P initial reserves 3.2 million bbls Manaia 2P initial reserves 6.3 million bbls Area upside mmbbls* * Cue estimate Source: Horizon substantial upside oil potential

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

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

23 Australia Carnarvon Basin Permits Planned Wheatstone Development 8.6 Mtpa Pluto LNG 4.3 Mtpa Phase 1 LEGEND Oil Field Gas Field Cue Non-Operated Permit Artemis 1 WA-360-P Caterina Prospect WA-361-P BANAMBU 3D NEW ZEEBRIES 3D SEISMIC WA-359-P WA-409-P WA-389-P NWSV Existing LNG 16.3 Mtpa large gas potential adjacent to LNG developments 5 permits on trend with major discoveries and new developments Significant existing and planned LNG processing capacity in the region Possible 3rd party access WA-360-P - Petrobras - Artemis -1: Dry hole - Cue 15% free carry WA-389-P - Woodside - 3D seismic in 1Q Drilling late 2011/ Cue 35% free carry WA-359-P, WA-409-P - Apache - 3D seismic underway - Drilling Cue 30% seismic free carry,15% well free carry

24 WA-389-P: Prospects & Leads WA-389-P Caterina Movida Ezard Donovans The Point Farmout to Woodside 1440km 2 new 3D seismic in 2010 Reprocess existing 3D seismic Drill one well in large prospects and leads Cue retains 35% interest Rockpool Scale 10km Intimo Gas-in-Place PRIMARY TARGET POTENTIAL Low (Tcf) Mid (Tcf) High (Tcf) Caterina-1 Prospect Rockpool lead Ezard lead (upside in up to 3 other objectives) potential to supply an LNG development

25 Intra-Triassic Channel Play LEGEND NW SHELF ANALOGUES Intra Triassic Channels on current 3D seismic Intra Triassic Channels 2D seismic PRODUCTION Goodwyn Gas Field Existing 3D seismic New Movida 3D seismic Planned 3D seismic Cue Permit Gas Filled Channel WA-389-P New Zeebries 3D seismic APPRAISAL Julimar Gas Filled Channel WA-409-P Gas Filled Channel WA-359-P EXPLORATION Noblige and Larsen deep

26 AC/RL7 - Cash Maple Gas Field Bayu-Undan Sunrise- Troubadour Evan Shoals Scott Reef Cash-Maple Ichthys Crux Blacktip Petrel Darwin AC/RL7 Cash-Maple Field Paqualin-1 Cash-1 Cash-2 (proposed) 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 Cue in process of selling interest

27 Activity Timing CUE INDICATIVE TIME LINE Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q EXPLORATION SEISMIC PEP51149 (2D) Pungarehu PEP51313 (3D and 2D) Matariki/ Te Whatu WA-389-P (3D) WA-359-P, 409-P (3D) DRILLING WA-360-P Sampang PSC WA-389-P Artemis-1 Wortel Development Caterina-1 PEP51313 Matariki -1 PRL8 Barikewa-3 DEVELOPMENT PROGRAM WORTEL WORTEL PRODUCTION SE GOBE MAARI OYONG OYONG Gas Development Gas Production Oil Production Oil Production Oil Production Gas Production FID *

28 SUMMARY WHY INVEST IN CUE Balanced portfolio Very large gas upside High potential exploration acreage Ongoing exploration drilling Appraisal drilling Oil production Gas production It s all about performance