Forget the dividend but how about a buyback?, page-4

Yes I agree that if CUE did buy back shares then they would be cancelled.

I am assuming that as CUE made a profit this year, and paid tax they could potentially consider an off market buyback. This means that shares are actually bought at a discount of 8-14% to the current SP. Because of the way the buyback is structured however shareholders on a low/no marginal tax rate actually receive an after tax premium to the current SP. (JB HiFi and MMS are 2 recent examples) While its not a dividend it would allow some SH to sell shares at a premium to the current market.

For SH that didn't participate their SH in the company would increase by10%. As you said normally it would equate to an uplift in SP but with CUE who knows

The major consideration is that if a buyback proceeded it would have an impact on the current majority holders. NZO to 55% and Petrochina to 18.6%. Assuming the two majors could agree it would get them to 73.6% which is extremely close to the 75% needed for a Scheme of Arrangement to be successful.

I agree with you in that I'm mystified by the low share price and the tiny amount of shares traded these days. Perhaps this could be a way to break up the log jam.