Below is a summary of Cue's activities over the next quarter with a synopsis of the company
This info was taken from an article on the internet
Cue puts $53M in the rack
Wednesday, 20 July 2011
CUE Energy has $52.8 million cash in the bank and is aiming to ramp up its development spend in the next quarter.
Drilling operations in the Maari field, courtesy Cue Energy
Oil production at Oyong, courtesy Cue Energy
Borrowings have been reduced by about 20% to $US5.4 million, down from $US20 million at the end of 2009.
Cue posted hydrocarbon sales of $14 million during the quarter on the sale of 112,136 barrels of oil and 737 million cubic feet of gas.
Its Australian interests based on the North West Shelf moved closer to drilling during the quarter with the Zeebries 3D seismic survey taken on WA-359-P and WA-409-P.
Meanwhile a 3D seismic survey is expected to take place over part of WA-361-P in the fourth quarter.
Its 5% stake in the producing Maari and Manaia fields in New Zealand netted the company $7.5 million in revenue, accounting for more than half its sales, but production was below forecast due to electrical submersible pump problems.
About $3.9 million of the company?s sales came from the Santos-operated Oyong field in Indonesia, while its entire gas sales for the quarter came from the same field and generated $1.86 million.
Expenditure over the next quarter is expected to be mainly taken up in the Mahakam Hilir production sharing contract in Indonesia, where, subject to government approval, Cue will take a 40% stake.
Under a farm-in agreement with local producer SPC, Cue can earn its interest by refunding 40% of the past exploration costs to SPC.
The past expenditure from SPC relates to 200 square kilometres of 2D seismic, data which Cue says is good enough to identify drilling targets, with drilling planned for the fourth quarter.
Cue says it expects to spend about $23.76 million in the next quarter, with $10.7 million to be spent on development and $7.84 million on exploration and evaluation.
CUE Price at posting:
27.5¢ Sentiment: LT Buy Disclosure: Held
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