Ann: Quarterly Activities Report, page-16

Yes Volf you cover the issues I had with CUE ..INDO isn't the greatest place to invest capital as the GOVT want 50% of production once you have made back CAPEX invested in FCF (well that's what I recall in talking with the MD years ago)...

CUE best way forward is with a scrip deal from ECH .. less admin less- mgmt wages -

ECH is trading only on A$10mill EV .. a merger with CUE would see CASH balance move well past A$55mill .. (OGs controlling stake ECH to reduce towards 45-50% which I think the ASX punters would stomach much better than the present 70%!!)

then the one larger entity would be a much smarter way forward esp if ECH major S/H is happy to see ECH grow into a much larger O&G player supporting placements alongside S/Hs build cash balance to secure more AUS O&G assets