Dividend or Share Buy-back, page-5

Totally agree with this. All I would add is that IMO all directors have a responsibility to act for all SH's interests.

A number of SH's have already contacted the CEO to voice their concerns that the company is not acting in all SH's interests. The next step is to formalise these concerns with the board. We need a minimum 5% of SH's to allow us to either call a shareholder meeting or deliver a resolution for consideration by the board.

The current situation is essentially NZO/OG is running CUE to their benefit. They are in CUE for the long haul and are happy to defer the payment of dividends and to direct all of the companies profits to capital expenditure. This conflicts with many of the minority SH's interests who are investing for more incremental capital gain/return.

There is a clear precedent for this currently occurring in O&G in the USA. SH's are not content to see all current superprofits being re-invested in the business and are demanding that an amount of profit is set aside for dividends or capital return.

Obviously a T/O of CUE remains a possibility and any resolution to the board would be in the absence of a T/O. Given that no T/O is currently on the table minorities need to attempt to have some say on the direction CUE is headed.