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Cue, Santos surge on Jeruk speculation

Brendan Egan


Thursday, November 25, 2004

JUNIOR partner Cue Energy can only guess there will be good news coming out of the follow-up drilling of the Jeruk discovery in Indonesia, as operator Santos yesterday put on 21 cents to close at a record high. $16 million dollars of Cue stock was traded as the junior leapt from 29c to 38c on heavy turnover.

A Santos spokesman told EnergyReview.Net he'd be surprised if there was an announcement within the next 24 hours as their drillers had experienced minor delays in sealing pipe joints early this week.

He said Santos waslikely to test the well later this week when repairs had been completed.

Cue CEO Bob Coppin could only attribute the heavy turnover to speculative investors. He said he had been away from the office on meetings but had been advised of the trading activity in the company.

"I can only presume it is speculation on the Jeruk well," he told EnergyReview.Net.

"We don't have any views on that � I know Santos are wanting to test it shortly."

"We're in the dark like everyone else."

This morning Cue rose two more cents to be trading at 40c.