Cue Energy Resources has released its latest quarterly activities report, in which the company reported an average production of approximately 1630 barrels of oil equivalent per day and cash receipts of $11.1 million.
While cash receipts declined compared to the previous quarter, the company noted a strong uplift from its on-shore Australian assets, where receipts increased by about 29 per cent thanks to a full quarter of production from wells WM29 and WM30 and improved gas contract pricing.
In its Indonesian operations within the Mahato PSC, Cue achieved successful drilling of three development wells in the PB Field with a fourth still planned, and it continues to advance the Paus Biru Gas Development towards a Final Investment Decision (FID).
Offshore New Zealand, the company’s interest in the Maari Field passed a milestone of more than 50 million barrels produced since start-up in 2009. An application to extend the field licence (PMP 381060) has been submitted, though the decision timeframe may exceed a year.
Despite the challenges of lower oil prices and increased development expenditure impacting the quarter’s financials, Cue emphasised the strength of its diversified portfolio across Australia, Indonesia and New Zealand, and the benefit of exposure to fixed-price gas contracts. The company also remains debt-free with a cash balance of approximately $10.8 million at quarter end.
Going forward, the company is focused on executing the next phases of its development wells, moving Paus Biru toward FID, restoring full production at Sampang following technical issues, and securing permits and extensions to underpin longer-term production.
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