going no where, page-5

Litagant,

Yeah well I have seen plenty of western flank business models do just as you fear wrt CUE, eg STU, COE,GOG,BPT a few years back.

As for the Canterbury basin, well it is still just a concept after a decade of talk, plus an earlier era of exploration.

Reserves and cash are a moving target, and all are not equal, eg some of our gas yields a gross revenue less than USD20/bbl ( and near nothing after costs and tax).

The question of CUEs value is separate to that of whether it has it's strategic direction right, Mr Market is notorious for whimsically changing his valuation by even an order of magnitude with no change in strategy.

Junior oilers are probably not a good investment, I say with hindsight, however imho CUE remains one of the most worthy of backing. Maari and Sampang give it a fair bit of breathing space. I'd like some dividend payout though, before renewables cooks it's goose.

I will exercise some patience wrt strategy, until the new CEO has had a chance to formulate, articulate and add some credibility to his vision.

EL