CUE-> Pantheon of small oil stocks

Quote:

---

Originally Posted by JBmurc

My understanding is that the gas contracts low fixed prices expire in 2023/2024 .
Looks like this could be timely.
Russia has just announced it is cutting gas supply to Germany by more than half .

---

Yes along with more Gas Flows from NT Aus from new discoveries[/QUOTE]

No doubt Russia is forcing up the price of gas
Australian domestic wholesale gas prices have increased from 5 to 40 in the last 2 years ($80 on the ghost market despite the government cap at 40 )
LNG prices not quite so much but still multiples
By my rough calculation the 20% of gas not on fixed contracts will be earning more than the 80 on the fixed contracts which will be expiring shortly .
Cue,NZo and central petroleum sell their gas as a bundle together to save costs and get better prices-improved netback for all .The pipelines enable them to send gas to the highest bidder (‘bad weather on the east coast and coal generation unreliable means really high need for gas there-will the government intervene to stop lpg exports ? )

Cash receipts of $14.5 million were 41% higher than the previous quarter, in part resulting from a
larger than expected Maari oil sale in May which benefited from high oil prices, increased receipts
from short-term Australian gas sales and $0.9m in delayed Mahato receipts from last quarter which
Cue received this quarter.
Daily sales of uncontracted spot gas from the Mereenie joint venture linked to East Coast trading
hubs, including Brisbane and Sydney Short Term Trading Markets (STTMs), received prices up to
$40/GJ. Approximately 15% of Cue’s Mereenie production is sold into the short-term market daily.
The average price received for all oil sales during the quarter was A$148.6/bbl.
As announced on 24 June 2022, Cue executed an agreement with New Zealand Oil & Gas for a
$7.0 million loan to support Cue’s existing exploration and development activities and ensure
sufficient working capital remains available during expected periods of high expenditure in the near
term.
Cash balance at the end of the quarter increased to $23.2 million, including $7.0m in loans, an
increase of $9.4 million from the previous quarter.....

>>> well what we expected .. strong cashflows... 2.4mill net profit from operations ..16.2mill in cash at the bank 7mill loan from NZO

---Outlook

Amadeus Basin(who knows costs here when the deep drills getting deferred)

The PV-12 exploration well is currently being drilled. As previously announced on 11 May
2022, Central Petroleum (CTP), the operator of Cue’s Amadeus Basin assets, forecast $3.1
million in additional costs for the PV-12 and Dingo-5 wells to 30 April 2022. Since then, drilling
of PV-12 has been slower than expected which could result in further cost increases. As part
of the sale and purchase agreement with CTP, Cue is obligated to pay CTP’s share of certain
exploration and development costs up to a $12 million cap.

Cue’s commitment, including the CTP carry, for the remaining expected cost for this drilling
program is currently estimated as $12.2 million.
In the Mereenie field, the joint venture is considering 6 well workovers and 2 infill wells during
FY2023.

Mahato PSC

Fourteen more wells are planned to be drilled in the PB oilfield over the next 12-14 months,
with extra processing facilities also being constructed. Twelve of these are oil production wells
which are expected to deliver revenue, however the timing of costs and revenue is a
consideration of this financing. Cue’s estimated expenditure commitment for this phase of
development is approximately $13 million.
Sampang PSC

The Paus Biru Final Investment Decision (FID) is expected to be made by the Joint Venture
in the coming months, with development expenditure, if and when approved, expected to be
incurred over the following 24 months before first gas production. Cue’s estimated share of
Paus Biru development funding is approximately $15 million.

Thanks . Ive punted into 3 or 4 small oilers now in a small way for the still great value down here, they havnt run yet like the big uns.Most of my money is in big guns like Woodside. I believe the oil price is going to hold up for years( with the usual up and down volatility) and that these little guys have alot more upside to come when the mkt finally realises its higher, for longer ,albeit with more risk down here. DYOR not advice.

I'm now at a point with CUE ....I'll be happy to take 10c in a NZO or OG energy T/O ... I just don't think the ASX market cares much at all about the NZO/CUE doesn't really matter what they announce now with their projects with the larger deep Gas targets in NT Aus out of the picture till some time well into the future..

its taken away a major kicker had we seen success as both NZO/CUE prospective Gas resource would have more than doubled CUE's net BOE in NT Aussie some 3MMboe (@$10bbl that 30mill AUD value!!)

Still I'd rather be in CUE than pretty much most Non energy stocks.. Energy Cliff is coming and will see new record high energy costs many bankruptcies to come

Quote:

---

Originally Posted by JBmurc

I'm now at a point with CUE ....I'll be happy to take 10c in a NZO or OG energy T/O ... I just don't think the ASX market cares much at all about the NZO/CUE doesn't really matter what they announce now with their projects with the larger deep Gas targets in NT Aus out of the picture till some time well into the future..

its taken away a major kicker had we seen success as both NZO/CUE prospective Gas resource would have more than doubled CUE's net BOE in NT Aussie some 3MMboe (@$10bbl that 30mill AUD value!!)

Still I'd rather be in CUE than pretty much most Non energy stocks.. Energy Cliff is coming and will see new record high energy costs many bankruptcies to come

---

I am more sure natural gas prices will have sustained highs than oil.
Also indicated by the futures market.
OGOG have said they are not going to make anymore takeover offers so I think you are not going to get the takeover offer.
I have told you this before

Quote:

---

Originally Posted by fish

I am more sure natural gas prices will have sustained highs than oil.
Also indicated by the futures market.
OGOG have said they are not going to make anymore takeover offers so I think you are not going to get the takeover offer.
I have told you this before

---

I agree hindsight I was wrong thinking much higher O&G prices would see some action so looking like you right OG happy to sit on their hands ....for how long I do wonder the point holding 70% of NZO ?? and NZO holding 50.04% CUE.. I guess it's more so stop anyone else making a move..

Quote:

---

Originally Posted by JBmurc

I agree hindsight I was wrong thinking much higher O&G prices would see some action so looking like you right OG happy to sit on their hands ....for how long I do wonder the point holding 70% of NZO ?? and NZO holding 50.04% CUE.. I guess it's more so stop anyone else making a move..

---

NZO have looked into the possibility of both a cash buy for cue or for nzo shares and hold the belief that insufficient major shareholders of cue will sell out .
I guess if the major shareholders of cue have no need to sell and believe cue is a valuable asset an impasse has been reached.

Quote:

---

Originally Posted by fish

NZO have looked into the possibility of both a cash buy for cue or for nzo shares and hold the belief that insufficient major shareholders of cue will sell out .
I guess if the major shareholders of cue have no need to sell and believe cue is a valuable asset an impasse has been reached.

---

they should try again JAN 2015 long time ago ..https://www.odt.co.nz/business/nzog-...expected-later

I'm sure if NZO came back with a decent offer they would get to the important 75% ... then force a delisting of CUE put a time limit for the rest of the stubborn holders dreaming of higher return then I'm sure within the timeframe NZO would get to 90.1% and take full control ...

Then OG could (and should have) done the same with NZO ...then OG Energy could add all the CUE/NZO assets along with their Otway Gas interests and save 10mill+ in admin costs pa..not have to deal with the ASX/NZX or shareholders..



>ASX has released a draft guidance note on removing entities from the ASX official list.

A vote of minority shareholders may be required in some circumstances within 12 months of a takeover bid or if the delisting is intended to avoid the application of a listing rule.

No vote would be required if a delisting intention is disclosed in a bidder’s statement, the bidder controls at least 75% and other conditions are met.
Towards the end of a takeover bid, attention frequently turns to what a bidder can do if it gains control over a target but fails to achieve a 90% compulsory acquisition threshold.

Quote:

---

Originally Posted by JBmurc

they should try again JAN 2015 long time ago ..https://www.odt.co.nz/business/nzog-...expected-later

I'm sure if NZO came back with a decent offer they would get to the important 75% ... then force a delisting of CUE put a time limit for the rest of the stubborn holders dreaming of higher return then I'm sure within the timeframe NZO would get to 90.1% and take full control ...

Then OG could (and should have) done the same with NZO ...then OG Energy could add all the CUE/NZO assets along with their Otway Gas interests and save 10mill+ in admin costs pa..not have to deal with the ASX/NZX or shareholders..



>ASX has released a draft guidance note on removing entities from the ASX official list.

A vote of minority shareholders may be required in some circumstances within 12 months of a takeover bid or if the delisting is intended to avoid the application of a listing rule.

No vote would be required if a delisting intention is disclosed in a bidder’s statement, the bidder controls at least 75% and other conditions are met.
Towards the end of a takeover bid, attention frequently turns to what a bidder can do if it gains control over a target but fails to achieve a 90% compulsory acquisition threshold.

---

My impression of ogog is that they are not that kind of player.

Quote:

---

Originally Posted by fish

My impression of ogog is that they are not that kind of player.

---

Well they should have been then all would have been better off than present disdain the market gives to the two companies

Quote:

---

Originally Posted by JBmurc

Well they should have been then all would have been better off than present disdain the market gives to the two companies

---

Market perception is not what ogog are about.
Just wait for the dividends-ogog are financially prudent but do not leave money idle.
With current and futures natural gas prices and legacy contracts expiring expect to see a massive increase in income and dividends quickly following.
We will then also see the sp more than double-estimate 2 years if the market fails to anticipate before

Quote:

---

Originally Posted by fish

Market perception is not what ogog are about.
Just wait for the dividends-ogog are financially prudent but do not leave money idle.
With current and futures natural gas prices and legacy contracts expiring expect to see a massive increase in income and dividends quickly following.
We will then also see the sp more than double-estimate 2 years if the market fails to anticipate before

---

I would love to see CUE move towards a solid Yield return to S/H's 5%+pa .... but last time I talked with "Matt Boyall" the focus was in funding the many projects CAPEX/OPEX demands which were looking so high as to having to borrow 7mill off NZO .. "Paus Biru" if going ahead will take up to 2yrs to see any cashflows.

--Jeruk could well be another drain on funds if the JV decide to take it to development stage..

Yes new Gas contracts will add more to the bottomline ... But I wouldn't be surprised if the excess funds aren't just funnelled back into further development costs ...farm ins etc... also both CUE/NZO have a history of sitting on cash ... why would this change?

You seem pretty confident in OG Have you spoken with OGOG directors ? what makes you think they will want NZO/CUE to start to pay Dividends they have been holding controlling stake in NZO for some 5yrs zero talk of becoming a Dividend player..as I explained they could quite easily take 100% control ..but that would then mean OG Energy mgmt would have to be more involved in operations ... From what I heard OG very much like to sit in the back round and don't even take a wage...

I think more so OG Energy see their NZO investment as purely a good place to park capital (like the MEGA rich do with homes all round the world) ...OG Global (owner of OG Energy) I understand is 100% owned by Billionaire "Eyal Ofer" ...
with assets worth north of $16 Billion USD ...

I don't think Eyal Ofer companies with the hundreds of millions in FCF would be sitting around concerned about when NZO was going pay his company some cash ... I think his issues is where to put all the Free cashflows ... a Shipping magnate and we all know how FAT profits have grown in that sector..

OG Energy of course purchased 40% interest in Beach Energy's Victorian Otway assets in May 2019...yet again buying O&G assets but happy to let the locals run the day to day business ...

I hope I'm wrong but I wouldn't be surprised to see NZO / CUE only move up in value few cents from the interest from small time retail punters hoping for much higher SP driven by other punters thinking the same on much higher O&G prices and profits etc (Like I stupidly did) ...

But most investors and esp. traders will give them a wide berth

I guess a development in time when Eyal Children inherit the assets..he has four children .... could be 10yrs++ away though

Quote:

---

Originally Posted by fish

Market perception is not what ogog are about.
Just wait for the dividends-ogog are financially prudent but do not leave money idle.
With current and futures natural gas prices and legacy contracts expiring expect to see a massive increase in income and dividends quickly following.
We will then also see the sp more than double-estimate 2 years if the market fails to anticipate before

---

If you do want more CUE shares FISH .. I've still got 3.3mill I'll let go for a good price

Quote:

---

Originally Posted by JBmurc

I would love to see CUE move towards a solid Yield return to S/H's 5%+pa .... but last time I talked with "Matt Boyall" the focus was in funding the many projects CAPEX/OPEX demands which were looking so high as to having to borrow 7mill off NZO .. "Paus Biru" if going ahead will take up to 2yrs to see any cashflows.

--Jeruk could well be another drain on funds if the JV decide to take it to development stage..

Yes new Gas contracts will add more to the bottomline ... But I wouldn't be surprised if the excess funds aren't just funnelled back into further development costs ...farm ins etc... also both CUE/NZO have a history of sitting on cash ... why would this change?

You seem pretty confident in OG Have you spoken with OGOG directors ? what makes you think they will want NZO/CUE to start to pay Dividends they have been holding controlling stake in NZO for some 5yrs zero talk of becoming a Dividend player..as I explained they could quite easily take 100% control ..but that would then mean OG Energy mgmt would have to be more involved in operations ... From what I heard OG very much like to sit in the back round and don't even take a wage...

I think more so OG Energy see their NZO investment as purely a good place to park capital (like the MEGA rich do with homes all round the world) ...OG Global (owner of OG Energy) I understand is 100% owned by Billionaire "Eyal Ofer" ...
with assets worth north of $16 Billion USD ...

I don't think Eyal Ofer companies with the hundreds of millions in FCF would be sitting around concerned about when NZO was going pay his company some cash ... I think his issues is where to put all the Free cashflows ... a Shipping magnate and we all know how FAT profits have grown in that sector..

OG Energy of course purchased 40% interest in Beach Energy's Victorian Otway assets in May 2019...yet again buying O&G assets but happy to let the locals run the day to day business ...

I hope I'm wrong but I wouldn't be surprised to see NZO / CUE only move up in value few cents from the interest from small time retail punters hoping for much higher SP driven by other punters thinking the same on much higher O&G prices and profits etc (Like I stupidly did) ...

But most investors and esp. traders will give them a wide berth

I guess a development in time when Eyal Children inherit the assets..he has four children .... could be 10yrs++ away though

---

I commend you for starting to do wider research.
Keep an open mind and beware of false lazy assumptions.
Yes my wife and I have had a very useful meeting with AJ and OGOG directors.
IT was very pleasant.
Do not expect any coffee-there are no perks with OGOG-they run a very tight ship.

Quote:

---

Originally Posted by fish

I commend you for starting to do wider research.
Keep an open mind and beware of false lazy assumptions.
Yes my wife and I have had a very useful meeting with AJ and OGOG directors.
IT was very pleasant.
Do not expect any coffee-there are no perks with OGOG-they run a very tight ship.

---

And you expect dividends lol 😂

6.3 cents - lowest price since September last year.

Need a good war and a huge increase in oil/gas pricing to spark this thing up.....oh wait :sleep: Hopefully their FY result might help....

Quote:

---

Originally Posted by Sideshow Bob

6.3 cents - lowest price since September last year.

Need a good war and a huge increase in oil/gas pricing to spark this thing up.....oh wait :sleep: Hopefully their FY result might help....

---

6.1c soon to go under 6c ? if PV-12 clusterfk results at the shallow depth isn't positive one could see the Buyers run away to the low 5's even though CUE has great Cashflows ...just horror run while AUD O&G prices are still at record high levels ... I so very wish I didn't continue to add to my position over the last couple years .. broke golden rule don't buy more shares than weekly av. volumes

Quote:

---

Originally Posted by JBmurc

6.1c soon to go under 6c ? if PV-12 clusterfk results at the shallow depth isn't positive one could see the Buyers run away to the low 5's even though CUE has great Cashflows ...just horror run while AUD O&G prices are still at record high levels ... I so very wish I didn't continue to add to my position over the last couple years .. broke golden rule don't buy more shares than weekly av. volumes

---

You might be happier if you gave up trading shares.
Just buy those that you believe will be good dividend payers such as NZog!

Quote:

---

Originally Posted by fish

You might be happier if you gave up trading shares.
Just buy those that you believe will be good dividend payers such as NZog!

---

Know love trading shares ... don't like boring snail pace stocks ...If I was after yield I'd buy another commercial property or fund some peer to peer lending ... not interested in sub 8% yields ... NZO dividends ????

Did have some nibbles on my 6.9c CUE sell order so one positive for my CUE holding reducing ...just over 3mill more to go ..

Quote:

---

Originally Posted by JBmurc

Know love trading shares ... don't like boring snail pace stocks ...If I was after yield I'd buy another commercial property or fund some peer to peer lending ... not interested in sub 8% yields ... NZO dividends ????

Did have some nibbles on my 6.9c CUE sell order so one positive for my CUE holding reducing ...just over 3mill more to go ..

---

Another successful mahotu drill announced after you sold-by my rough calculation this field is earning cue $100,000 per day and next drill started so likely to be 200,000 in next 12 months
Natural gas futures really good for imminent Amadeus low gas price contracts to roll off.
I have no intention of selling NZo-they are going to pay dividends-likely starting in approx 12 months imho .
Looks to me that cue sp will incrementally increase as production increases but big increases next year as Amadeus gas sales increase several times in value.

Quote:

---

Originally Posted by fish

Another successful mahotu drill announced after you sold-by my rough calculation this field is earning cue $100,000 per day and next drill started so likely to be 200,000 in next 12 months
Natural gas futures really good for imminent Amadeus low gas price contracts to roll off.
I have no intention of selling NZo-they are going to pay dividends-likely starting in approx 12 months imho .
Looks to me that cue sp will incrementally increase as production increases but big increases next year as Amadeus gas sales increase several times in value.

---

Yes CUE has a great future ..a great BUY if your a true believer ....you can have my last 2.6mill for 7.2c ....

JB I love this...being a none believer in the almighty...(apart from you off course)...may CUE follow the path of LRS....perhaps ...maybe...

Quote:

---

Originally Posted by troyvdh

JB I love this...being a none believer in the almighty...(apart from you off course)...may CUE follow the path of LRS....perhaps ...maybe...

---

I'd say VERY VERY unlikely to follow the likes of LRS path ... CUE hasn't got any major impact exploration drilling I know of anytime soon(esp as we seen CTP ditch the two large deep GAS exploration wells) ...CUE pathway is minor interest in mature Oil Gas field development over many months to years ... CUE isn't involved in big impact exploration upside ... like LRS or better comparison MAY
most of my sold CUE funds have moved into another O&G player CE1 ...lower risk producer like CUE but I see more upside and double the boepd

CUE is a safer O&G play with upside from either NZO/OG T/O or merger .....Oil Gas price upside with around 2000boepd nett production and likely higher Boepd over the next couple years + Cashflows ....maybe CUE will have the funds to see a interest in a much larger target ?

My SELL target on CUE was always somewhere in the teens 12-18c .... but then I found out INDO royalty with Mahato ... CUE gets to take only 50% of their 12.5%( ... so even though Mahato has been a great cashcow project but CUE only takes a fraction of the 5500bopd at present CUE will net around 343bopd ... (going off last Qty CUE net bopd was much lower!!)

Step up more cheap CUE shares for sale today as I realise some tax losses and move onto better opportunities.. so line up ....>> Fish your a rich Doc

Quote:

---

Originally Posted by JBmurc

Step up more cheap CUE shares for sale today as I realise some tax losses and move onto better opportunities.. so line up ....>> Fish your a rich Doc

---

Not going to wait until FY results? Must be this week? Or just lightening the load??

Quote:

---

Originally Posted by Sideshow Bob

Not going to wait until FY results? Must be this week? Or just lightening the load??

---

will still have some shares for any FY result lift in interest .... I see PV-12 P2-P3 has hit zero gas just water what a massive F.U that well was ... they will try sidetrack operations into the P1 which will just drain present P1 resources faster ... what could have been at the deeper target

Quote:

---

Originally Posted by JBmurc

will still have some shares for any FY result lift in interest .... I see PV-12 P2-P3 has hit zero gas just water what a massive F.U that well was ... they will try sidetrack operations into the P1 which will just drain present P1 resources faster ... what could have been at the deeper target

---

Further carnage following Iron Bark 18 months or so ago ..

Quote:

---

Originally Posted by nztx

Further carnage following Iron Bark 18 months or so ago ..

---

yes and worse how long it took ...that drill team making millions drilling slow as possible taking the piss IMHO ...

really sad state of affairs, poor capital allocation, as JB said - drill boys made a killing

Quote:

---

Originally Posted by NZSilver

really sad state of affairs, poor capital allocation, as JB said - drill boys made a killing

---

Do you really believe this ?
Exploration is always more likely to fail than succeed .
Now the exploration part of this drill is over we are back to enhancing production .
YOU HAVE TOTALLY IGNORED THE REWARD .
Try looking at the price of natural gas/lpg.
Look at futures
Estimate future income as new contracts will be signed at multiples of existing

Quote:

---

Originally Posted by fish

Do you really believe this ?
Exploration is always more likely to fail than succeed .
Now the exploration part of this drill is over we are back to enhancing production .
YOU HAVE TOTALLY IGNORED THE REWARD .
Try looking at the price of natural gas/lpg.
Look at futures
Estimate future income as new contracts will be signed at multiples of existing

---

If you believe in the rewards you should be loaded up in cheap shares got the last of my lot 6.4c cheap as chips

$16.1m Net Profit, EPS 2.3cps means a PE of just over 3.

2924-02558289-3A600170 (markitdigital.com)

Whats going on....I smell a rat here.

Quote:

---

Originally Posted by troyvdh

Whats going on....I smell a rat here.

---

How do you mean, Troy? It's all pretty great news, isn't it?

Lion..no question it was..quite stellar. Shares traded...$16k.Ive been around a while...was this result factored in already..hence the muted response ?.Yes the SM is an indifferent beast..I suppose eh.

Quote:

---

Originally Posted by troyvdh

Lion..no question it was..quite stellar. Shares traded...$16k.Ive been around a while...was this result factored in already..hence the muted response ?.Yes the SM is an indifferent beast..I suppose eh.

---

Absolutely.
My problem with cue is knowing if they will pay a dividend in the next few years .
I would buy back in if they gave at least some indication what they are thinking.
The eps next year will be around double and probably double again in2024

Quote:

---

Originally Posted by fish

Absolutely.
My problem with cue is knowing if they will pay a dividend in the next few years .
I would buy back in if they gave at least some indication what they are thinking.
The eps next year will be around double and probably double again in2024

---

Far too much CAPEX/OPEX for divi's next 12-24m .. plus they want to farm into more production in a very bullish O&G market ..

Looking like dumping CUE was the smart move already made back the losses pretty quickly after the slow painful hold of going nowhere fast CUE/NZO

What the heck..you once proclaimed that Cue was a significant holding....have you lost the faith...like LRS....cheers.

Quote:

---

Originally Posted by troyvdh

What the heck..you once proclaimed that Cue was a significant holding....have you lost the faith...like LRS....cheers.

---

Yes I was like 9th largest holder of CUE stock a month or so ago ... but I got sick and tired of seeing other stocks trade decent volumes and have market attentions

...PV-12 drill was the last straw and decided to take the loss and move on .also talking with the MD didn't fill me with great confidence of anything material attracting market attention now NT deep Gas targets are out of the picture ..

I haven't lost the faith in LRS ... its got real major upside to come IMHO ....I actually added more recently

I have moved up a notch in my trading now its my main income source(and I have a family to support and wealth to grow:) ... investing Qtr Mill into a snail stock didn't make sense...

...

Quote:

---

Originally Posted by JBmurc

Looking like dumping CUE was the smart move already made back the losses pretty quickly after the slow painful hold of going nowhere fast CUE/NZO

---

That was a big loss for you.
How have you made it back so quick?

Go well guys....I'm now a grandfather...cheers.

Quote:

---

Originally Posted by fish

That was a big loss for you.
How have you made it back so quick?

---

smart trading ...fish .... LOL .... sadly I might have jumped the gun as some of my runners today closed lower ....

from my number I took around a $30k loss on my CUE holdings ...(was selling since JULY)

from CUE funds re-invested ..I some quick trades in the likes of CNJO 3.3c sold 3.8c-3.9c.. made $$4.5k ....trade amount of MAY 9.5c sold 12.5c made over 15k...
purchased some AHQ 11c (touched 12c today but did close back down 11c)

...I did also buy a good chunk of BSE 34c ... thats paying a 3c divi ex date soon,,,sadly closed down 1.5c but was holding purchase price when I posted,,, had some small positive trades in CPN / TGP ... purely as shares ran away from my position build so sold and took the money rather than hold small position


So still some way to got to make back 30k loss but think the companies I've shifted into can do it much sooner than CUE

Quote:

---

Originally Posted by troyvdh

Go well guys....I'm now a grandfather...cheers.

---

Nice ... I'm hoping many years away for me ....

Dividend certainly done (much needed) wonders to the share price - From about mid 6c' last week to 11c today.

I still think it's undervalued if they are going to pay this as a special div and then half yearly on a regular basis. It has taken a long time to get to an earning and paying basis after the loss of Ironbark. I hope to see more. If you bought at 6 cents you could see more than half of that back in 12 months.

Im hopeless with numbers...with this div...what is the yield % .