Have you expressed your concerns to management?
Regarding reserves. The operator will determine what they believe the reserves are but then it is up to the respective partners as to whether they adopt the operators number. And in this case HZN commissioned an independant consultant to review the reserve position. Each partner will use different "economics" to determine the field life and what reserves can be ultimately produced profitably. Having said this, I would take the independent assessment as fairly reliable.
Reserves are important. However, cash conversion is paramount and the major dissapointment with Maari has always been the rate the oil could be extracted. This doesn't mean I don't like CUE!
HZN will be adding 4,000bopd in production by Q1/2013 from China. The drilling results have only added to the potentially profitability of this development. This will be partially driving their share price.
There is a lot going on behind the scenes in PNG.
Anyway. I rate CUE and will keep buying!
Sorry rushed post.