the intentions of cue

Spoke with CUE HQ today to get a better feel for the company. As they say keep your friends close and your enemys closer.
For those who dont know much about CUE i have summarised my discussion below:

CUE currently has stakes in 3 oil producing permits these being situated in NZ, Indonesia and New Guinea.
Currently CUE has no interest in any producing fields within Australia but has ownership in 7 + licences.
In terms of S/T CUE have a stake in both Artemis and Catarina (Of which they are currently trying to farm out)

Note: currently CUE has no producing permits more specifically Catarina is still in pre Farmin stage.

The top 20 Shareholders hold greater than 60% of the stock however total share holders numbers somewhere around 4900. This is evident in the fact that there are very few shares traded on a daily basis. The two major shareholders are Todd Petroleum (NZ Coy) & PetroChina (Whats in a name) they control a approx 45% share of CUE.

Investor relations were highly reluctant to discuss Artemis in anyway, my feeling from the conversation was MEO bears the risk in terms of the drilling and as far as CUE is concerned the hole will be drilled and who drills its is immaterial.

What I have noted in the past 1 week:
- CUE has obstructed the side agreements from being executed, however i am not convinced this is due to the Chinese interest. Currently Catarina is not producing so any agreement CUE is working on for the Farmin for Catarina is immaterial to the outcome of Artemis as this may or may not occur.
- If the PF for Artemis is as part of the JV offering to either sell or process the LNG extracted from the drill why would CUE oppose this.
Follow the logic:
1. CUE has derisked its exposure to Artemis by giving up ownership of a percentage of its stake to MEO.
2. MEO is in turn derisking by bringing in a Farmee.
3. If CUE was happy to derisk by using MEO to drill Artemis, why now is CUE not interested in derisking its exposure to the sale of the LNG.
4. CUE will need a major to market its LNG. Question: What if Caterina is a duster then has CUE has shafted itself = Yes.
5. MEO has a major willing to drill and market the LNG, what does CUE currently have? Nothing signed, just a possible farmin. (Look at the past 12 months for MEO still nothing on paper can CUE be sure that the same wont happen for them?)
6. MOG has not had any issues with side agreement (MOG has less to bargain with granted).

I guess it leaves the question as to what exactly CUE disputes in the side agreements?

The above is my opinion only and im sure there will be alot of you whom disagree. My thoughts sorry its so messy.