FYI - to those that are not aware CUE management have decided to sell out completely of the Cash-Maple prospect. The board have indicated that they are close to finalisation of a deal
My question is how much could they hope to receive from this transaction
Below is a brief history of CUE's involvement in the prospect
In 2005, Cue obtained a 20% interest in the AC/P20 permit. AC/P20, which contains the Cash-Maple gas field, is located in the Timor Sea some 200 kilometres southwest of the Bayu-Undan gas condensate development. The field is estimated to contain 600 billion cubic feet of recoverable gas in a mid case (Cue estimated share is 120 billion cubic feet of recoverable gas).
A Retention lease AC/RL 7 has been granted over the 5 granticular bocks that contain the Cash-Maple gas field in consideration of a 5 year work programme that includes investigating the market opportunities and a feasibility/front end engineering design study (FEED) to evaluate the commerciality of the field.
The field is operated by PTTEP Australasia (Ashmore Reef) Pty Ltd.
PTTEP has reprocessed that portion of the existing Omnia 3D seismic survey that covers the Cash-Maple field. Depending on the results of the reprocessing and feasibility studies of potential development modes, it is likely that appraisal drilling will be required on the field before a development decision can be made.
CUE Price at posting:
39.5¢ Sentiment: ST Buy Disclosure: Held
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