Cue Energy goes dry

The investment thesis hasn’t worked out, but the stock looks cheap. Should investors hold or sell?

It was a permit with huge promise. Cue Energy had attracted industry heavyweights—first Woodside Petroleum then BHP Billiton—to pay for the drilling of permit WA-389-P in the Carnarvon Basin. Pre-well data was compelling, the real estate top notch and the probability of success high. Unfortunately WA-389-P came up dry. Cue Energy shares fell more than 10% after the result.

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