It's not really thast bad. The last two wells were exploratory at moderate depths to check out anomolies in the PSC area. No play, but little outlay when split between all members of PSC. The Big action is still very much in play. Oyong will come into production next quarter adding immensly to CUE's cash flow. And their PNG holdings are growing in production. Jeruk, while posssibly a huge find, is not so important as CUE has reduced their exposure by half, gaining immediate payments and their re-entry cash back.
But here's a curly one. Todd, unless they lay off some of this SPP, will own more than 20% of CUE.
Regarding the SP of .19: seems about right ATM considering TODD will probably take all new shares with underwriter's discount. But what happens after next Monday?
CUE Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
