Ann: Board Changes, page-5

Let's look at CUE:
-earnings from NZ oil/gas still OK
-earnings from Indonesian Gas (price set last year at a higher than current spot) very good
-East Kalimantan oil well (potentially oil field (ann last Jan)
-WA offshore gas tenements (not costing anything to hold) Could flog.
-still making good money despite the downturn in the price of oil
-$29 mil cash
-no debt

It all looks rosy , but:

-3 board members have been dumped and replaced by 2 NGO nominees
( one the CEO of NGO & the other a PPP and ex BP executive with a
consultancy service of his own)
-NGO tried on a takeover last year securing 48% of CUE
-NGO's profit made up mostly of CUE stake for the 6 months to Dec.

If this were to be a Shakespearian play we would be itching in our seats for the grand finale;
or at least the next head to roll.

So where does all this leave retail investors ?

IMO, in a good position because :
-NGO did the board transplant after the CUE oil strike.
-it will not likely hang around now that the price of oil is still low
and (to quote a variation on Oscar Wilde)
-" little oil wells are cheaper this year , much cheaper than last year".

IMO, the board has been loaded with pro NZO directors for the final assault.
At what price do I hear you ask?

You tell me.

What would you sell at?

Mm