Agreed Dargie they have a good amount of cash holding at the moment. Costs could soon escalate on the development of these wells in Malaysia if they are successful with Scomi Group. “The value of Tembikai and Cenang of between US$200mil to US$400mil is based on capital expenditure and operating expenditure" (see article linked below).
CUE are aiming for 20-30% in their future permits I recall from previous presentations.
Hence my concern that a Capital raising may be on the cards. Hope you are right though.
I have listed the article that mentions CUE in the tender process for these permits. Also mentions AWE being in the running.
http://biz.thestar.com.my/news/story.asp?file=/2012/8/25/business/11911007&sec=business
They will also have to fund their share of the next stage of Maari development. Some of which is at 20% as well as the Indonesia appraisal drilling next year.
Still in all a very positive sign for CUE and here's hoping they are successful in the Malaysian joint tender with Scomi.
Agreed Dargie they have a good amount of cash holding at the...
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