Ann: US Majors Join in Rangers Well, page-113

Today CUE announce a development well which they have a 12.5% WI , (of which the Indonesian Govt takes 50%) comes in at 1000 BOPD ( max flow), and the share price responds with a 9 % gain for that 60 BOPD increase in net oil production and less than 100,000 barrels increase in net proven reserves. Compare that to BRK when it announced Rangers flow of 1000 BOEPD, ~ 800 BOPD of which the BRK WI is ~ 80% , royalties 20% giving a net oil flow ( still increasing at the time ) of~ 500 BOPD to BRK ( plus NGl and gas) and ~ 1.2 MMBOE in net reserves increase.

Don’t get me wrong, as a CUE shareholder I’m very happy but in regards to the market response for a much more material well on a comparative level, I’m just saying…