Shrewd,

Following our discussions via PM on SS, I have been doing a bit more research on CUE, reading your posts on SS also.

As I advised you then I have been in CUE (small holding) for about 2 months now and am more than happy with the gains so far. Bought in @ 18c so up 22% now. I haven't added to my position yet, too busy topping up on something that I said I wouldn't top up on...... NWE!! Been good buying there of late.

Now back to CUE;

Oyong will come on eventually, whilst this has been far from a stellar project, fundamentally it will be good for the company. Oyong will not add greatly to the share price until production, it may even cause negativity if their is more bad news to be announced or gets out and about. As we all know these projects always experience delay. With pretty meagre flows and CUE only having a 15% interest, I don't believe Oyong will be a great driver of the share price. I do however believe it will give it some solid depth.

Maari will be delayed, as is always with these projects, it is not a matter of if and when, but for how long. But, once production starts and those 35000 bbopd start flowing on to the Raroa, share price will rise most definitely. The interesting thing will be how much CUE gets re-rated as Maari production nears.

I haven't had a chance to get on the Raroa yet and have a look around as I promised. Off to Pakistan for a few days this week, once I get back I will definitely get on board. Will try then to get an accurate gauge of status / progress / completions.

Also to note that we should soon start getting announcements out regarding the Kimu seismic survey. If all looks good with the survey and interpretations are for the +ve, I'm of the opinion this should also be a small driver to SP.

Another thing that I don't think people are completely aware of, is the connection between OMV and CUE. OMV is a massive Austrian oil company. They have just been awarded exploration permits to the GSB in conjunction with Todd Energy. Todd Energy is the by far the largest holder in CUE with approx 25% of CUE, being held through to different entities. If all goes well with the Maari JV and OMV make a significant discovery in the GSB, hopefully CUE will be farmed in as a JVP. Obviously all this is speculation on my part, but if all said "planets were to line up", then we could have a ripper here.

I think it was you who said "CUE will limp into 2008", I wholly agree with this, but come production of Oyong, Maari and some exciting news from some of their other interests, they will be able to throw their crutches away and start running.

Exciting times ahead.

Cheers,
Roo