Cue Energy Resources Limited (CUE)



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General Information
Company Name: Cue Energy Resources Limited
Stock Code: CUE
Website: www.cuenrg.com.au
GICS Sub-Industry: Oil & Gas Exploration & Production
Market Cap ($M): 66
Equiv. Shares (M): 698

Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
$ 0.095 $ 0.095 $ 0.095 $ 0.090 $ 0.095 274,216 0%

Company Overview

Business Description:
Cue Energy Resources Limited (CUE) is an oil and gas exploration, development and production company with petroleum assets located in Australia, New Zealand, Indonesia and Papua New Guinea.

Strategy Analysis:
CUE's strategy is to grow through the acquisition of exploration areas and producing assets and participating in exploration and appraisal drilling. The company also aims to maintain a lean, cost effective organisation. CUE's production comes from the SE Gobe oil field in PNG and the Oyong field in Indonesia. Cue is also involved in the development of the Maari oil field in New Zealand which, from 13 October 2010, has been producing oil. Cue Energy Resources reported NPAT down 18.1% to $3.22m for the half-year ended 31 December 2012. Revenues from ordinary activities were $28.47m, up 41.4% from last year. Basic and Diluted EPS were 0.46 cents compared to 0.57 cents last year. Net operating cash flow was $17.45m compared to $10.77m last year. No dividend was declared.


Financial Summary
Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2014  A -2.2 -0.3 -- 0.0 0.0 0.0 --
2013  A 6.4 0.9 12.3 15.3 0.0 0.0 --
2012  A 5.7 0.8 -70.5 30.4 0.0 0.0 --
Source: Aspect actuals / Thomson IBES estimates

Peer Comparison
EPS Growth (%) P/E (%) Dividend Yield (%)
Company Mkt Cap 2012 A 2013 F 2014 F 2012 A 2013 F 2014 F 2012 A 2013 F 2014 F
Beach Energy (BPT) $1,291 M 0.8455 -0.4098 -0.5423 5.0151 8.4970 18.5634 2.01 4.02 4.02
Cue Energy Resources (CUE) $59 M -- -- -- -- -- -- 0.00 -- --
Oil Search (OSH) $11,664 M 0.5489 1.2684 0.3993 44.7953 19.7474 14.1120 0.58 1.68 2.61
Santos (STO) $7,799 M 0.1518 0.0112 0.1502 15.3075 15.1382 13.1609 3.78 5.08 5.90
Woodside Petroleum (WPL) $30,938 M -0.0512 0.4309 -0.3771 16.2470 11.3547 18.2299 7.41 7.01 4.38

Market Comparison
Earnings P/E Ratio P/B Ratio P/E Growth P/S Ratio
CUE -- -- 0.51 -- 1.95
Market 0.91 15.2 1.19 2.02 1.50
Sector 1.04 9.87 0.66 1.04 2.92

Directors
Name Position Start Date
Mr Geoffrey John King Non-Executive Chairman 24 November 2011
Mr Stuart Anthony Brown Non-Executive Director 24 July 2014
Ms Rowena Sylvester Non-Executive Director 30 May 2014
Mr Andrew Alexander Young Non-Executive Director,Interim Chief Executive Officer 13 December 2011

Management
Name Position
David Biggs Chief Executive Officer
Andrew Melville Knox Chief Financial Officer,Company Secretary
Pauline Moffatt Joint Company Secretary

Substantial Shareholders
Holding Name
112,996,671 (16.19%) Singapore Petroleum Company Limited
189,023,314 (27.08%) Todd Petroleum Mining Company Ltd
59,566,296 (8.53%) Zeta Resources Ltd

Calendar of Events
Date Event
30 October 2015 Report (Quarterly)
09 October 2015 Report (Annual)
25 September 2015 Report (Annual)
25 August 2015 Report (Prelim)
27 July 2015 Report (Quarterly)
28 April 2015 Report (Quarterly)
19 February 2015 Report (Interim)
29 January 2015 Report (Quarterly)
© 2011 Morningstar, Inc. All rights reserved. The data and content contained herein are not guaranteed to be accurate, complete or timely. Neither Morningstar, nor its affiliates nor their content providers will have any liability for use or distribution of any of this information. To the extent that any of the content above constitutes advice, it is general advice that has been prepared by Morningstar Australasia Pty Ltd ABN: 95 090 665 544, AFSL: 240892 (a subsidiary of Morningstar, Inc.), without reference to your objectives, financial situation or needs. Before acting on any advice, you should consider the appropriateness of the advice and we recommend you obtain financial, legal and taxation advice before making any financial investment decision. If applicable investors should obtain the relevant product disclosure statement and consider it before making any decision to invest. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). DISCLOSURE: Employees may have an interest in the securities discussed in this report. Please refer to our Financial Services Guide (FSG) for more information at www.morningstar.com.au/fsg.asp.

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