Announcement • Jun 26
Horizon Oil Limited (ASX:HZN) completed the acquisition of 19.99% stake in Cue Energy Resources Limited (ASX:CUE) from Echelon Resources Limited (ASX:ECH) for AUD 15.7 million. Horizon Oil Limited (ASX:HZN) proposed to acquire 19.99% stake in Cue Energy Resources Limited (ASX:CUE) from Echelon Resources Limited (ASX:ECH) for AUD 16.1 million on March 2, 2026. A cash consideration valued at AUD 0.115 per share will be paid by Horizon Oil Limited, subject to any applicable adjustments under the agreement. Completion of the is subject to applicable approvals in the Northern Territory and, subject to receiving those approvals, will occur shortly after the end of the offer period for the takeover offer (provided the takeover offer has become unconditional).
Horizon’s proposed off market takeover bid is subject to customary conditions, including regulatory approvals as set out in its announcement today. Echelon will update the market as the transaction progresses. The transaction was approved by Echelon’s board. The transaction is expected to close on June 5, 2026. On March 27, 2026, Horizon Oil Limited has fulfilled the minimum bid price condition for its off-market takeover bid. As of April 7, 2026 The Independent Board Committee unanimously recommends that to reject the Offer by taking no action. On April 8, 2026, Echelon Resources Limited (Echelon) undertakes to the Panel that, without the Panel’s consent, it will not accept the off-market takeover bid made by Horizon Oil Limited (Horizon) for all of the ordinary shares in Cue Energy Resources Limited (Cue) in which Horizon does not have an interest, in respect of any Cue shares held or controlled by Echelon (other than those the subject of the pre-bid agreement between Echelon and Horizon dated March 2, 2026), before April 13, 2026. As of April 13, 2026, Panel has declined to conduct proceedings stating that there was no reasonable prospect that it would make a declaration of unacceptable circumstances. The Panel will publish its reasons for the decision in due course. As of April 14, 2026, The Independent Board Committee continues to recommend that the shareholders REJECT the Offer. As of April 15, 2026, Echelon Resources Limited has accepted the off-market takeover offer from Horizon Oil Limited. As of May 14, 2026, the Cue IBC reminds Cue shareholders that to REJECT the Offer, Cue shareholders should DO NOTHING and TAKE NO ACTION in relation to all documents sent by Horizon. As per the announcement dated May 27, 2026 the transaction has fulfilled the Crown Minerals Act 1991 (NZ)) condition the now free of that condition. As per the announcement dated May 29, 2026 the transaction has received Ministerial consent under the Petroleum Act 1984 (NT) and the Petroleum (Prospecting and Mining) Act 1980 (NT). As of June 17, 2026. the offer is now UNCONDITIONAL and the Offer is scheduled to close on June 19, 2026. Completion is conditional on any required Ministerial consent under the Petroleum (Prospecting and Mining) Act 1980 (NT) in connection with the transfer of Cue Shares being obtained prior to the end of the Offer Period, and is expected to occur five Business Days after the end of the Offer Period.
Azure Capital Pty Ltd. acted as financial advisor to Cue Energy Resources Limited. Gilbert and Tobin acted as legal advisor to Cue Energy Resources Limited. Mallesons acted as legal advisor to Horizon Oil Limited.
Horizon Oil Limited (ASX:HZN) completed the acquisition of 19.99% stake in Cue Energy Resources Limited (ASX:CUE) from Echelon Resources Limited (ASX:ECH) for AUD 15.7 million on June 26, 2026. The proceeds from the transaction, will predominantly be applied towards repayment of Echelon's existing debt facilities, further strengthening the Company's balance sheet. Reported Earnings • Feb 28
First half 2026 earnings released: EPS: AU$0.007 (vs AU$0.006 in 1H 2025) First half 2026 results: EPS: AU$0.007 (up from AU$0.006 in 1H 2025). Revenue: AU$25.7m (down 5.2% from 1H 2025). Net income: AU$5.11m (up 18% from 1H 2025). Profit margin: 20% (up from 16% in 1H 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Announcement • Sep 22
Cue Energy Resources Limited, Annual General Meeting, Oct 22, 2025 Cue Energy Resources Limited, Annual General Meeting, Oct 22, 2025. Location: webinar conference, Australia Reported Earnings • Aug 22
Full year 2025 earnings released: EPS: AU$0.009 (vs AU$0.02 in FY 2024) Full year 2025 results: EPS: AU$0.009 (down from AU$0.02 in FY 2024). Revenue: AU$54.8m (up 10% from FY 2024). Net income: AU$6.32m (down 56% from FY 2024). Profit margin: 12% (down from 29% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Announcement • Feb 27
Cue Energy Resources Limited Declares Interim Dividend Cue Energy Resources Limited has declared an interim dividend of $0.01 (1 cent) per share. This aligns with Cue's ongoing dividend policy, which focuses on delivering sustainable returns to shareholders. Including this dividend, a total of $28 million will have been returned to shareholders since the start of 2024. Declared Dividend • Feb 27
First half dividend of AU$0.01 announced Shareholders will receive a dividend of AU$0.01. Ex-date: 11th March 2025 Payment date: 26th March 2025 Dividend yield will be 17%, which is higher than the industry average of 8.8%. Sustainability & Growth Dividend is not covered by earnings (148% earnings payout ratio). However, it is covered by cash flows (50% cash payout ratio). The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. The company's earnings per share (EPS) would need to grow by 64% to bring the payout ratio under control, which is more than the 12% EPS growth achieved over the last 5 years. Reported Earnings • Feb 27
First half 2025 earnings released: EPS: AU$0.006 (vs AU$0.013 in 1H 2024) First half 2025 results: EPS: AU$0.006 (down from AU$0.013 in 1H 2024). Revenue: AU$27.1m (down 7.4% from 1H 2024). Net income: AU$4.34m (down 52% from 1H 2024). Profit margin: 16% (down from 31% in 1H 2024). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. New Risk • Feb 26
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 20% Last year net profit margin: 31% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (20% net profit margin). Market cap is less than US$100m (AU$80.3m market cap, or US$51.0m). Announcement • Sep 20
Cue Energy Resources Limited, Annual General Meeting, Oct 23, 2024 Cue Energy Resources Limited, Annual General Meeting, Oct 23, 2024. Location: via a webinar, Australia Upcoming Dividend • Sep 04
Upcoming dividend of AU$0.01 per share Eligible shareholders must have bought the stock before 11 September 2024. Payment date: 26 September 2024. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 9.1%. Within top quartile of Australian dividend payers (6.2%). Higher than average of industry peers (6.7%). Reported Earnings • Aug 23
Full year 2024 earnings released: EPS: AU$0.02 (vs AU$0.022 in FY 2023) Full year 2024 results: EPS: AU$0.02 (down from AU$0.022 in FY 2023). Revenue: AU$49.7m (down 3.8% from FY 2023). Net income: AU$14.2m (down 6.7% from FY 2023). Profit margin: 29% (in line with FY 2023). Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Announcement • Aug 23
Cue Energy Resources Limited Declares Final Dividend for the Fiscal Year 2024, Payable on 26 September 2024 The Board of Cue Energy Resources Limited has declared a final FY2024 dividend of $0.01 (one cent) per ordinary share, equivalent to approximately $7 million. This dividend has been declared as Conduit Foreign Income and is unfranked. The record date for the dividend is 12 September 2024, with a payment date of 26 September 2024. Shareholders are reminded to update their banking details with Computershare, the company's registry, to facilitate the dividend payment. New Risk • Feb 29
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 18% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). High level of non-cash earnings (33% accrual ratio). Minor Risk Market cap is less than US$100m (AU$69.8m market cap, or US$45.4m). Announcement • Feb 29
Cue Energy Resources Limited Introduces Dividend Policy Cue Energy Resources Limited has introduced a dividend policy, outlining the Board's intention to review the financial position and performance of the Company on a half yearly basis and determine an appropriate dividend. Shareholders are reminded to update their details with Computershare, the company's registry, to facilitate the dividend payment. A notification will be sent to all shareholders with details of how to update their details. Announcement • Oct 26
Cue Energy Resources Limited Announces Change of Company Secretary Cue Energy Resources Limited announced that specialist professional services firm, Vistra Australia, continues to undertake the Company Secretarial role noting that Ms Melanie Leydin will step down as the Company Secretary and Ms Anita Addorisio being appointed as the Company Secretary effective today. Ms Leydin will retain the position of Chief Financial Officer of the Company. Ms Addorisio is an experienced finance professional with over 20 years' senior finance experience and 10 years' experience as a Company Secretary for ASX listed companies within several industry sectors, including Resources. She is a Fellow of CPA and holds a Masters in Accounting. Announcement • Sep 28
Cue Energy Resources Limited, Annual General Meeting, Oct 31, 2023 Cue Energy Resources Limited, Annual General Meeting, Oct 31, 2023, at 10:00 AUS Eastern Standard Time. Agenda: To consider adoption of remuneration report; to consider Re-election of Mr Peter Hood as a Director of the Company; to consider Re-election of Mr Roderick Ritchie as a Director of the Company; to consider Re-election of Mr Marco Argentieri as a Director of the Company; to consider Approval of 10% Placement Facility; and to consider other matter also. Board Change • Sep 02
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Lead Independent Director Peter Hood was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Aug 24
Cue Energy Resources Limited Provides Update on the BA-01 Exploration Well in the Mahato PSC, Indonesia Cue Energy Resources Limited provided an update on the BA-01 exploration well in the Mahato PSC, Indonesia. The well was spud on the 28 July 2023 and reached a depth of 2800ft. Upon the completion of drilling, wireline logging was conducted, which identified four zones of interest in the Duri and Bekasap formations. All four of these zones were tested and produced no hydrocarbons. Consequently, the decision was made to plug and abandon the BA-01 well and the rig has been demobilised. Cue has a 12.5% interest in the Mahato PSC. New Zealand Oil & Gas has a 50.04% interest in Cue. Announcement • Jun 02
Cue Energy Resources Limited Provides Update That Mn1 Oil Production Well in the Maari/Manaia Field, Located Offshore New Zealand Cue Energy Resources has provided an update that MN1 oil production well in the Maari/Manaia field, located offshore New Zealand, has successfully been repaired. The well is now operational again, with the latest test data indicating production of approximately 800 barrels of oil per day. Cue has a 5% interest in Petroleum Mining Permit (PMP) 38160 which contains the Maari and Manaia producing oilfields, and is located in the Taranaki Basin, New Zealand. New Zealand Oil & Gas has a 50.04% interest in Cue. MN-1 production well repaired and producing 800 barrels of oil per day (bopd) Field gross production now over 5,000 bopd. Production optimisation projects in the field ongoing. Cue Energy Limited announced the successful repair of the MN1 oil production well in The Maari/Manaiafield, located offshore New Zealand. The well is now operational once operational again, with the latest testing data indicating production of approximately 800 meters of oil per day (bOPd). Cue holds a 5% interest in Petroleum mining Permit (PMP)38160 which contains the Maari & Manaia producing oilfields, and is located in theTaranaki Basin, approximately 80 km offshore New Zealand. Field gross production is now over 5,000 bOPd. MN1 has been offline since May 2022, for installation of a new Electric Submersible Pump (ESP). Announcement • May 19
Cue Energy Resources Limited Announces Oil Production Well Pb-20 in the Mahato Production Sharing Contract Cue Energy Resources Limited announced that oil production well PB-20 in the Mahato Production Sharing Contract (PSC), Indonesia, has been successfully drilled and completed and is producing approximately 800 barrels of oil per day. Current field production of 6,300 bopd is 33% higher than the start of fiscal year23. Five further production wells to be drilled this year. Cue has a 12.5% interest in the Mahato PSC. The well is contributing to production of the PB field, which has now increased by 33% since the start of fiscal year23 to approximately 6,300 bopd currently. PB-20 is the eighth well to be drilled in the current drilling campaign announced by Cue on 14 June 2022. As part of the ongoing drilling program, five production wells and two water injection wells are yet to be completed. The next planned well, PB-14, has commenced drilling. Oil produced from the PB field is sold on a Dated Brent price basis, with an approximate discount of A$1- $2 per barrel. Reported Earnings • Feb 24
First half 2023 earnings released: EPS: AU$0.01 (vs AU$0.012 in 1H 2022) First half 2023 results: EPS: AU$0.01 (down from AU$0.012 in 1H 2022). Revenue: AU$23.9m (up 33% from 1H 2022). Net income: AU$6.78m (down 18% from 1H 2022). Profit margin: 28% (down from 46% in 1H 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Jan 28
Cue Energy Resources Limited Announces Exploration Drilling in Mahato PSC Cue Energy Limited announced that the high impact exploration well BA-01 is preparing for drilling in the Mahato PSC (Production Sharing Contract). Spudding of the well is expected to commence this quarter, subject to final environmental clearances. The well aims to test the presence of hydrocarbons in the BA prospect, with a primary target of the Miocene-age Telisa Formation sandstone reservoir at a depth of 900ft. A secondary target is the Menggala Formation, expected at approximately 2500ft. Both targets are producing reservoirs in the Central Sumatra Basin. BA-01 is planned as a vertical well approximately 2800ft in depth and will be suspended if successful. The Operator of the Mahato joint venture, Texcal Mahato, has assessed the following Prospective Resource estimates for the BA prospect. The geological chance of success of the BA-01 well has been assessed by the Operator as 38%. The BA prospect is one of a number of prospects and leads identified in the Mahato PSC, which could be suitable candidates for future drilling. Announcement • Dec 20
Cue Energy Resources Limited Announces Successful Completion of Mahato Pb-19 Well Cue Energy Limited announce oil production well PB-19 in the Mahato Production Sharing Contract, Indonesia, has been successfully drilled and completed and is producing approximately 800 barrels of oil per day (bopd). Cue has a 12.5% interest in the Mahato PSC. PB-19 is the sixth well drilled in the PB field in the current drilling campaign announced by Cue on 14 June 2022. The well was completed in the Bekasap C sand, which is the main production reservoir in the field. Total current production from the PB field is approximately 5500 bopd. The PB-10 development well was successfully drilled prior to PB-19. Production from the well has not performed as expected and a workover is underway planned at improving oil production levels. There are seven production and two water injection wells remain in the current drilling program. The drilling rig is currently moving to the next planned well, PB-11, which is expected to start shortly. Oil from the PB field is sold on a Dated Brent price basis with approximately a AUD 1- AUD 2 per barrel discount. Announcement • Dec 01
Cue Energy Resources Limited Announces Gas Production Commences from Pv-12 Central Petroleum Limited has advised that the Palm Valley 12 (PV12) well has been tied-in and commenced flow testing on 28 November 2022. After a period of ramp-up the well flowed at a stable, wellhead skid-limited rate of ~10TJ which exceeded pre-drill expectations. Palm Valley field capacity is expected to approach the maximum plant capacity of 15 TJ/d in mid- December once a scheduled compressor overhaul is completed. The added Palm Valley production will allow for new firm and spot sales into what continues to be strong Northern Territory and east coast gas markets. The PV12 well was drilled under a joint venture between Central (50% interest), New Zealand Oil & Gas Limited and Cue Energy Resources Limited. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Lead Independent Director Peter Hood was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Aug 26
Full year 2022 earnings released: EPS: AU$0.023 (vs AU$0.018 loss in FY 2021) Full year 2022 results: EPS: AU$0.023 (up from AU$0.018 loss in FY 2021). Revenue: AU$44.4m (up 98% from FY 2021). Net income: AU$16.1m (up AU$28.8m from FY 2021). Profit margin: 36% (up from net loss in FY 2021). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • Aug 25
Cue Energy Resources Limited, Annual General Meeting, Oct 27, 2022 Cue Energy Resources Limited, Annual General Meeting, Oct 27, 2022. Announcement • Aug 12
Cue Energy Resources Limited Provides Update Oil Production Well PB-17 in the Mahato Production Sharing Contract Cue Energy Limited announced that oil production well PB-17 in the Mahato Production Sharing Contract (PSC), Indonesia, is producing approximately 800 barrels of oil per day (bopd) after successful drilling and completion. Cue has a 12.5% interest in the Mahato PSC. PB-17 is the 10th production well in the PB field and the second well in the current 14-well drilling campaign announced by Cue on 14 June 2022. The well was completed in the Bekasap C sands, consistent with other production wells in the field. Total current production from the PB field is approximately 5500 bopd with the inclusion of PB-17. A workover on the PB-03 production well is underway with production expected to resume during August. Field production is expected to increase as new wells are drilled over the coming year, with 10 production and 2 water injection wells remaining. The drilling rig is currently moving to the next planned well, PB-21, which is expected to start shortly. Announcement • Jul 01
Cue Energy Resources Provides Update on Oil Production Well PB-18 in the Mahato PSC, Indonesia New Zealand Oil & Gas subsidiary, Cue Energy Resources has provided an update that oil production well PB-18 in the Mahato PSC, Indonesia, has been successfully drilled and completed and is producing approximately 1000 barrels of oil per day (bopd). Cue has a 12.5% interest in the Mahato PSC. New Zealand Oil & Gas has a 50.04% interest in Cue. Oil production well PB-18 in the Mahato PSC, Indonesia, has been successfully drilled andcompleted and is producing approximately 1000 barrels of oil per day (bopd). PB-18 is the ninth production well in the PB field and the first well in the current 14 well drilling campaign that was announced by Cue on 14 June 2022. The well was completed in the Bekasap B and C sands, consistent with other production wells in the field. Total current production from the PB field is approximately 5000 bopd with the inclusion of PB- 18. A workover is being undertaken on the PB-03 production well, which is expected to be completed and production resumed from this well in early July. Total field production is expected to increase as new wells are drilled over the coming months. The drilling rig is currently moving to the next planned well, PB-17, which is expected to start shortly. Oil from the PB field is sold on a Dated Brent price basis with approximately a one to two dollar per barrel discount. Announcement • Jun 14
Cue Energy Resources Limited Provides Update on Additional 12 Oil Production Wells Will Be Drilled in the PB Oil Field, Mahato PSC Cue Energy Resources Limited has provided an update that an additional 12 oil production wells will be drilled in the PB oil field, Mahato PSC, under a Field Development Optimisation (FDO) plan approved by SKKMigas, the Indonesian Regulator. Cue has a 12.5% interest in the Mahato PSC. New Zealand Oil & Gas has a 50.04% interest in Cue. An additional 12 oil production wells will be drilled in the PB oil field, Mahato PSC, under a Field Development Optimisation (FDO) plan approved by SKKMigas, the Indonesian Regulator. The total number of approved production wells in the FDO is 20, with 3 water injection wells. There are currently 8 oil production wells and 1 water injection well the field. The first development well in the current phase of drilling, PB-18 has commenced. Wells are expected to take approximately 1 month to drill and complete, so the current program is expected to take 12-14 months. The initial wells will be drilled from the existing well pad with later wells drilled from a new location in the northern area of the field, where additional oil processing capacity will also be constructed. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Lead Independent Director Peter Hood was the last independent director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Mar 29
Cue Energy Resources Reviews Reserves and Recoverable Volumes in the Mahato PSC as of January 1, 2022 Cue Energy Resources has undertaken a review of the reserves and recoverable volumes in the Mahato PSC as of 1 January 2022. This is following the successfully drilling of 8 production wells (PB-1 to PB-8) in 2021 with the field currently producing at approximately 5,500 barrels of oil per day (bopd). Given Cue's review, New Zealand Oil & Gas provides below a summary of the Company's combined net 2P Total, net 2C Contingent and net 2U Unrisked Prospective Resources as at 1 January 2022. This shows the impact of the Mahato upgrade, along with production volumes produced since 1 July 2021 and the potentially accessible resources across its assets. Cue Energy has significantly increased its reserves and resources estimate for the PB oilfield in the Mahato PSC, with a 322% increase in net 2P oil reserves to 1.4 million barrels (mmbbl) and an increase in 1P oil reserves to 1.1 mmbbl. Cue Energy holds a 12.5% participating interest in the Mahato PSC, located onshore Central Sumatra, Indonesia, through its 100% owned subsidiary Cue Mahato Pty Ltd. Due to the success of the ongoing drilling and the field production performance, Cue has undertaken a review of the PB field resource. The reserves and resources included in this statement are based on available geophysical and geological data and incorporate information from completed wells into an updated view on field performance. The range of uncertainty at this point is driven by the early nature of the production, evolving drilling results and some limitations on well data available to Cue. The PB field is assessed to contain 92.8 mmbbl of stock tank oil initially in place (STOIIP) at the P50 confidence level, with an upper estimate of 146 mmbbl. The gross recoverable oil volumes from the field represent the total oil expected to be recovered from the field to the current end of the PSC term in 2042. Cue's net share is the effective economic interest expected to be available to Cue after FTP, cost recovery, profit split and other sharing mechanisms under the Production Sharing Contract. Developed reserves volumes include the 8 production wells, PB-01 to PB-08, drilled as part of the original plan of development (POD). Reserves from five additional wells (PB-09 to PB- 13) approved in the 2022 WP&B are included as undeveloped reserves. An announcement on completion of the PB-09 well was released on 18 March 2022. A further view of resources available from future potential drilling opportunities is considered as contingent resource. Reported Earnings • Feb 24
First half 2022 earnings: EPS and revenues miss analyst expectations First half 2022 results: EPS: AU$0.012 (up from AU$0.021 loss in 1H 2021). Revenue: AU$18.0m (up 91% from 1H 2021). Net income: AU$8.24m (up AU$23.0m from 1H 2021). Profit margin: 46% (up from net loss in 1H 2021). The move to profitability was primarily driven by higher revenue. Revenue missed analyst estimates by 2.3%. Earnings per share (EPS) also missed analyst estimates by 1,482%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. Announcement • Feb 04
Cue Energy Resources Provides an Update on Oil Production Well PB-08 in the Mahato PSC, Indonesia Cue Energy Resources has provided an update that oil production well PB-08 in the Mahato PSC, Indonesia, has been successfully drilled and completed and is producing an average of approximately 600 barrels of oil per day (bopd). Cue has a 12.5% interest in the Mahato PSC. New Zealand Oil & Gas has a 50.04% interest in Cue. Oil production well PB-08 in the Mahato PSC, Indonesia, has been successfully drilled and completed and is producing an average of approximately 600 barrels of oil per day (bopd). The well is the eighth production well drilled in the PB field and was completed as an oil producer in the Bekasap A sand. This is a new production horizon and wells in the field now produce from the Bekasap A, B and C sands. Total production from the PB field is approximately 5,600 barrels of oil per day with the inclusion of PB-08. The oil is sold on a Dated Brent price basis with approximately a one to two dollar per barrel discount. PB-08 completes phase 1 of the Plan of Development of the PB field. The results of the 8 wells drilled to date indicate further development potential in the field and the operator isplanning 5 more production wells in the northern section of the field to further increase production. Drilling of the first of these wells may commence immediately in early February 2022. Announcement • Jan 27
Cue Energy Resources Limited Announces Planning Continues for the First Quarter 2022 Palm Valley and Dingo Exploration Well Drilling Program Cue Energy Resources Limited announced, planning continues for the First Quarter 2022 Palm Valley and Dingo exploration well drilling program. As a result of Buru Energy's ongoing operations, Ensign has advised that there will beapproximately a month delay to the Ensign 963 drilling rig's mobilisation to the Palm Valley field. The rig is now expected to mobilise to the Palm Valley well location in late February 2022, with commencement of the Palm Valley-12 well in March 2022. The Dingo-5 exploration well will be drilled back-to-back with Palm Valley-12. Announcement • Dec 13
Cue Energy Resources Limited Provides an Update on Oil Production Well PB-07 in the Mahato PSC, Indonesia Cue Energy Resources Limited has provided an update that oil production well PB-07 in the Mahato PSC, Indonesia, has been successfully drilled and completed and is producing approximately 650 barrels of oil per day (bopd). Cue has a 12.5% interest in the Mahato PSC. Mahato PB-07 production well online: Oil production well PB-07 in the Mahato PSC, Indonesia, has been successfully drilled and completed and is producing approximately 650 barrels of oil per day (bopd). The well is the seventh production well drilled in the PB field and was completed as an oil producer in the Bekasap B sand. Total production from the PB field is approximately 5,000 barrels of oil per day with the inclusion of PB-07. The oil is sold on a Dated Brent price basis with approximately a $2 per barrel discount. One more development well, PB-08 is planned for this drilling campaign to complete phase 1 of the Plan of Development. The results of the 7 wells drilled to date indicate further development potential in the field, which is currently under review. Announcement • Aug 27
Cue Energy Resources Ordinary Shares Deleted from Other OTC Cue Energy Resources Limited Ordinary Shares (Australia) has been deleted from Other OTC effective from August 26, 2021, due to Inactive Security. Reported Earnings • Aug 22
Full year 2021 earnings released: AU$0.018 loss per share (vs AU$0.002 profit in FY 2020) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2021 results: Revenue: AU$22.4m (down 6.1% from FY 2020). Net loss: AU$12.7m (down AU$14.1m from profit in FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 107 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 26
First half 2021 earnings released: AU$0.021 loss per share (vs AU$0.002 profit in 1H 2020) The company reported a poor first half result with weaker earnings, revenues and control over costs. First half 2021 results: Revenue: AU$9.41m (down 32% from 1H 2020). Net loss: AU$14.8m (down AU$16.3m from profit in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 68% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Jan 17
Cue Energy Resources Limited Commences Oil Production from Mahato PSC Commercial production of oil has commenced from the PB field in the Mahato PSC in Indonesia and the dispute between Cue and the Joint Venture partners has been settled. Cue Mahato Pty Ltd. (Cue), a 100% owned subsidiary of Cue Energy Resources Limited, holds a 12.5% participating interest in the Mahato PSC. The PB-1 well is producing at approximately 600 barrels of oil per day. The oil is processed and exported through existing third party facilities. A workover of exploration well PB-2 to bring it into production and the drilling of three further development wells is expected to commence during the current quarter. The PB-1 and PB-2 wells were drilled as exploration wells in late 2019 and early 2020. Cue and the Mahato PSC joint venture partners have agreed on a settlement to the dispute relating to the PB-1 and PB-2 wells. As part of the settlement, the Operator will issue Cue with a cash call for approximately $300,000 for the PB-2 exploration well. Additionally, Cue will pay $380,000 to the joint venture partners, of which $111,000 will be paid from Cue's cash reserves, with the remainder to be paid from Cue's share of the PSC performance bond, which is currently being held by the Operator. All payments are expected to be settled by the end of January 2021. Cue has previously paid for its participating interest in the field infrastructure, the PB-2 well workover and three upcoming development wells. Is New 90 Day High Low • Dec 22
New 90-day high: AU$0.21 The company is up 19% from its price of AU$0.18 on 23 September 2020. The Australian market is up 16% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Oil and Gas industry, which is up 24% over the same period. Announcement • Oct 13
Cue Energy Resources Limited Ironbark-1 Rig Mobilisation Cue Energy Resources Limited announced that the Ocean Apex semi-submersible drilling rig was handed over to BP, the operator of the WA-359-P joint venture, for the drilling of the Ironbark-1 exploration well at 1600hrs (AWST) on October 9, 2020. The rig is now being mobilised to the Ironbark-1 well location, with standard rig inspection and acceptance procedures being undertaken by BP. Mobilisation activities are expected to take approximately 10 days. Exploration permit WA-359-P is located in the Carnarvon Basin, offshore Western Australia, approximately 50km from existing North West Shelf LNG infrastructure. The Ironbark-1 well is expected to drill to approximately 5500 meters and will be the first test of the world class Ironbark gas prospect. Announcement • Sep 26
Cue Energy Resources Ltd and Cue Resources Inc. Announce US Litigation Conclusion In June 2018, Cue Energy Resources Ltd. and Cue Resources Inc. were named as defendants, along with a number of other companies, in litigation in Texas, USA in relation to the Pine Mills oilfield. The case is entitled Hammerhead Managing Partners, LLC v. Nostra Terra Oil & Gas Company, PLC, et al., In the United States District Court For the Northern District of Texas, No. 3:18-cv-1160. The parties to the litigation have entered into a settlement agreement that fully and finally concludes the litigation and dismisses it in its entirety. Cue's financial contribution to the settlement was USD 350,000. Announcement • Sep 23
Cue Energy Resources Limited Announces Positive Results for Its Ironbark-1 Well Cue Energy Resources Limited announced that Regulatory approvals required for the drilling of the Ironbark-1 well in exploration permit WA- 359-P have now been completed and the Operator, BP, is making final preparations for the handover of the Ocean Apex drilling rig, expected to be in October. The Well Operations Management Plan and the Safety Case for the Ocean Apex drilling rig were the final regulatory documents required to be approved by the National Offshore Petroleum Safety and Environmental Management Authority. Mobilisation of the Ocean Apex drilling rig for the Ironbark-1 well is expected to commence mid-October, with drilling expected to begin by the end of October. Exploration permit WA-359-P is located in the Carnarvon Basin, offshore Western Australia, approximately 50km from existing North West Shelf LNG infrastructure. The Ironbark-1 well is expected to drill to approximately 5500 metres and will be the first test of the world class Ironbark gas prospect.