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As per recent ASX announcement on 7th December 2018, Cue Energy Resources Limited (ASX:CUE), through its 100% owned subsidiary Cue Sampang Pty Ltd, has been successful in a major gas discovery with 13.8 MMscfd gas flow rate, at the Paus Biru-1 exploration well.
Cue Energy Resources Limited (CUE) is an oil and gas exploration company with its key operations and assets across Australia, Indonesia and New Zealand. The company was founded in 1981 and listed on ASX in 1995.
As per companyâs data, the Paus Biru-1 exploration well, located in the Sampang PSC- Indonesia, was drilled to a total measured depth of 710 metres and produced gas pay of 29 metres. The initial Drill Stem Test was successful in gas glow of 11.2 MMscfd. Post which operations stopped at the well for pressure built up. The well is currently abandoned, and the facilities will now chart out the plan for regulatorâs approval.Â
Sampang PSC, located in East Java, constitutes two major sites namely Oyong field and Wortel gas field. It is formed a partnership of 45% ownership of Santos Sampang Pte Ltd, 40% stakes of Singapore Petroleum Company and remaining 15 % by Cue Energy stakes. Cue Energy announces plans of processing and expanding Paus Biru expansion well through Oyong site.
According to financial results of 2017-18, Cue earned a net profit after tax of $7.74 million, majorly contributed by Maari field in New Zealand and Sampang PSC in Indonesia. The production costs of $16.53 million turned out to be impressive, being 24% lower than previous year. However, the revenue reduced to $24.55 million owing to cessation of oil production from Oyong field and lower Sampang gas production. The Cash position increased by whooping 37% to $16.98 million.
As per Q1FY19 quarterly report, there was $3.9 million net cashflow for the quarter, increasing cash to $20.86m. Company reported $20.86 million cash and no debt. Company projected major success on WA-359-P Suspension and Extension application approval in Australia, for 12 months until 25 April 2019. The
Shares opened at $0.067 at ASX earlier today and closed at $0.068 (up by 4.62%). Cueâs stock has witnessed a drastic fall of around 10% with $0.072 price at 2018 beginning.
However, its stock holds a positive outlook in near future with companyâs long run strategy of business expansion and excellent growth trajectory projects. Â On its successful completion, the Paus Biru-1 well will add immense reserves to Paus Biru-1 well and further extend major support to Oyong and Wortel fields
Cue Energy has a market capitalisation of $ 45.38 million. The earnings per share looks pretty sold at around 0.011 AUD with Price Earnings ratio of 5.860 and Price-Book ratio of 5.86, with a zero debt on its balance sheet.
Cue management assures expanding its oil & gas mining, processing and production activities and maintain a strong presence in the competitive Australian exploration market. It continues to take strong pride in its past discoveries and series of acquisitions.
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