Cue Energy Resources Limited Annual Report 2023

Annual Report 2023 CUE ENERGY RESOURCES LIMITED ABN 45 066 383 971

General Legal Disclaimer Various statements in this document may constitute statements relating to intentions, opinion, expectations, present and future operations, possible future events and future financial prospects. Such statements are not statements of fact, and are generally classified as forward looking statements that involve unknown risks, expectations, uncertainties, variables, changes and other important factors that could cause those future matters to differ from the way or manner in which they are expressly or impliedly portrayed in this document. Some of the more important of these risks, expectations, uncertainties, variables, changes and other factors are pricing and production levels from the properties in which the Company has interests, or will acquire interests, and the extent of the recoverable reserves at those properties. In addition, exploration for oil and gas is expensive, speculative and subject to a wide range of risks. Individual investors should consider these matters in light of their personal circumstances (including financial and taxation affairs) and seek professional advice from their accountant, lawyer or other professional adviser as to the suitability for them of an investment in the Company. Except as required by applicable law or the ASX Listing Rules, the Company does not make any representation or warranty, express or implied, as to the fairness, accuracy, completeness, correctness, likelihood of achievement or reasonableness of the information contained in this document, and disclaims any obligation or undertaking to publicly update any forward-looking statement or future financial prospects resulting from future events or new information. To the maximum extent permitted by law, none of the Company or its agents, directors, officers, employees, advisors and consultants, nor any other person, accepts any liability, including, without limitation, any liability arising out of fault or negligence for any loss arising from the use of the information contained in this document. Reference to “CUE” or “the Company” may be references to Cue Energy Resources Limited or its applicable subsidiaries.

About us Cue Energy Resources Limited is an oil and gas production and exploration company with production assets in Australia, Indonesia and New Zealand. Offices are located in Melbourne, Australia and Jakarta, Indonesia. Overview Highlights FY23 Revenue $51.6m EBITDAX $30.9m Profit after Tax $15.2m Production 630,000 boe 4 Chairman’s overview 7 Highlights 8 Joint operations 13 Reserves and resources 17 Sustainability report 19 Taskforce on Climate–Related Financial Disclosures (TCFD) Statement 29 Directors’ report 46 Auditor’s Independence Declaration 47 Statement of profit or loss and other comprehensive income 48 Statement of financial position 49 Statement of changes in equity 50 Statement of cash flows 51 Notes to the financial statements 81 Directors’ declaration 82 Independent Auditor’s Report 86 Shareholder information 89 Corporate Directory 3 Cue Energy Resources Limited Annual Report 2023

Chairman’s overview Alastair McGregor I am pleased to present the 2023 Annual Report for Cue Energy Limited and happy to share another year of growth and robust development. Dear Shareholders, Our accomplishments include a 16% increase in revenue to $51.6 million, marking the highest revenue reported by the company in over a decade. Profit remained high at $15.2 million and strong operational performance, as indicated by EBITDAX of $30.9 million. The year saw Cue report production of 630,000 barrels of oil equivalent (boe), supported by new production from the PV-12 gas well in the Palm Valley field and the addition of six production wells in the Mahato PSC. Despite a moderation in global energy prices following last year’s impact, we anticipate a sustained demand for our products with corresponding price alignment. The global oil price has increased by over 20% since the commencement of FY24, while contracted gas prices in Australia continue to mirror projections of gas shortages in the Eastern Australia market in the years to come. Throughout the year, I have engaged with several shareholders who have expressed frustration and concern around the share price performance. The board and I empathise with this sentiment, particularly as the company continues to report strong growth and profitability from its operations without a corresponding positive reaction in the share price. I extend my gratitude to shareholders who have shared their perspectives and ideas with the company. The board will continually monitor this situation whilst also reviewing our Capital Management program. We have repaid $3 million of our debt during the year, and we will prioritise the repayment of the remaining debt held by the company. The evolving landscape of government regulations continues to shape our business strategy and management. In New Zealand, we are actively involved in discussions surrounding the introduction of decommissioning financial assurance regulations, which might impact the utilisation of cashflow from Maari. The introduction of a gas price cap by the Australian Government in 2022 created a period of uncertainty in the market. Addressing the gas supply shortage is vital to ensuring stability in Australia’s domestic energy system. We commend the mandatory gas code of conduct for exempting smaller producers like Cue, although we maintain our reservations about regulatory interference in markets. Looking at the year ahead we will continue with our development plans across the portfolio whilst also remaining attentive to fresh growth opportunities. In the Mahato PSC, two development wells have already been completed in FY24 and two more are scheduled. In addition, the Mereenie Joint venture is planning two development wells. This is complimented by several production optimisation projects, including flare gas recovery in the Mereenie field and increased water injection capacity at Maari. Furthermore, we have recently announced an MOU to explore the recovery and sale of Helium from the Mereenie gas production. All of this is possible given the financial stability of our balance sheet enabling Cue to fund these initiatives from existing cash reserves. I would like to extend my gratitude to all our shareholders for their continued support and commend the diligence of our staff in Melbourne and Jakarta, under the leadership of our CEO, Matthew Boyall. FY24 is looking to be another active year, as we continue to work with our partners to achieve our goals safely and efficiently. Alastair McGregor Chairman Overview 4 Cue Energy Resources Limited Annual Report 2023

5 Cue Energy Resources Limited Annual Report 2023

A year of continued production and revenue growth Operations and Financial Review Cue continued on its growth pathway, achieving a revenue of $51.6 million, 16% higher than the previous year. This progress was driven by a 45% increase in revenue from onshore Australian assets and a 12% increase from Indonesia. This is the highest production revenue reported by the Company since 2010, demonstrating the success of its growth strategy. We reported a profit after tax of $15.2 million, a decrease of 5.3% and EBITDAX of $30.9 million. Cue closed the year with a cash balance of $15.2 million, including $4 million of drawn loans, ensuring our continued ability to fully fund planned development and exploration activities. Reported revenue from the Mereenie, Palm Valley and Dingo fields in the Amadeus Basin, onshore Australia, increased 45% to $11.9 million due to a full year of reporting, production growth at Palm Valley from the PV-12 well, and strong prices realised for contracted and uncontracted gas. Due to production gains from ongoing development drilling, the PB oilfield in the Mahato Production Sharing Contract (PSC) in Indonesia contributed the most revenue to the Company, accounting for $18.7 million. The field’s gross oil production increased from 4,700 barrels of oil per day (bopd) at the start of the year to 6,400 bopd by the conclusion of the year. A revenue receivable of $5.1 million is recorded against the Mahato PSC, which is due to Domestic Market Obligation (DMO) oil sales to the Indonesian Government under the PSC. Typically, funds from DMO sales are received within a normal invoicing cycle period, however, due to ongoing negotiations concerning the interpretation of the DMO clause in the PSC, payments to the Mahato JV partners have been delayed. Subsequent to the year end, Cue has received $3.2 million of the $5.1 million receivable. Administration expenses of $2.5 million were low and maintained in line with the previous year, excluding business development costs, as the Company managed non-operated projects efficiently. Cue made an early repayment of $3 million of an outstanding $7 million unsecured loan from New Zealand Oil & Gas on June 29, 2023, as part of its ongoing capital management program, $4 million of debt remains unpaid. Cue’s strong free cash flow permitted this debt reduction, and the Company will continue to consider further debt reduction as part of Capital Management activities. 6 Cue Energy Resources Limited Annual Report 2023

$51.6 million revenue, up 16% on FY2022 $15.2 million profit after tax $30.9 million EBITDAX Continued growth with 8 production wells drilled 45% revenue increase from Australian onshore Assets Highlights 7 Cue Energy Resources Limited Annual Report 2023

INDONESIA Mahato PSC Texcal Mahato Texcal Energy Mahato (Operator) 25% 51% Central Sumatra Energy 11.5% Cue 12.5% Sampang PSC Singapore Petroleum Company Medco Energi (Operator) Cue 15% 40% 45% NEW ZEALAND Maari and Manala Oil Fields PMP38160 OMV (Operator) 69% Horizon Oil 26% Cue 5% NE EALAND AUSTRALIA He Melbourne Cue Jakarta Office Amadeus Basin Mereenie (OL 4/5) Central Petroleum (Operator) Macquarie Mereenie New Zealand Oil & Gas Cue Palm Valley (OL 3) Central Petroleum (Operator) New Zealand Oil & Gas Cue Dingo (L7) Central Petroleum (Operator) New Zealand Oil & Gas Cue 25% 50% 17.5% 7.5% 50% 35% 15% 50% 35% 15% Joint operations Operations and Financial Review 8 Cue Energy Resources Limited Annual Report 2023

Australia MEREENIE, PALM VALLEY AND DINGO Cue completed the acquisition of interests in the Mereenie, Palm Valley and Dingo fields, in the Amadeus Basin, onshore Northern Territory, on 1 October 2021 and incorporated a full year of reporting in FY 2023. The assets generated $11.9 million in revenue, a 45% increase over FY 2022 due to a full year of reporting and increased gas sales at Palm Valley following the start of gas production from the Palm Valley 12 (PV-12) well. The PV-12 well was drilled with a sidetrack, ST2, in the Pacoota P1 interval, the producing interval in the Palm Valley field, reaching a total measured depth (MD) of 3039m on 8 October 2022. Prior to ST2, another sidetrack (ST1) was drilled into the Pacoota P2 and P3 formations and recovered formation water from the wellbore. As a result of this water and the absence of significant gas shows while drilling, the ST1 lateral was plugged and abandoned. Cue announced on October 18 2022 that the well was being completed as a gas producer after flowing gas at approximately 11.8 million standard cubic feet per day (mmcfd). PV-12 was successfully tied in during December 2022. Towards the end of the year, six well recompletions were undertaken in the Mereenie field, resulting in an additional 1.5 TJ/d initial gas rates. Interruptions to sales were experienced due the temporary closures of Northern Gas Pipeline (NGP) from September to December 2022. Cue gas sales were restricted to the Northern Territory during this time, leading to a decrease in field production rates. During the year, the Australian Government introduced price controls on gas producers, limiting new contracts sales to $12/GJ from December 2022. These were subsequently modified by the implementation of the mandatory Gas Code of Conduct, which provides Cue, as a small producer, an exemption from the price cap. Further drilling in the Mereenie field is being planned to increase production from the currently producing Pacoota reservoirs and assess the potential for increased Stairway formation gas production. Operations and Financial Review 100km N Alice Springs OL3 OL4 OL5 L7 Cue Permit Oil Field LEGEND G Oil Pipeline as Field Gas Pipeline Palm Valley Mereenie Dingo CUE INTERESTS Mereenie [OL4 & OL5] 7.5% Palm Valley [OL3] 15% Dingo [L7] 15% Operator Central Petroleum Limited 9 Cue Energy Resources Limited Annual Report 2023

Indonesia MAHATO PSC The PB field in the Mahato PSC continued to increase production and revenue, contributing $18.7 million in revenue for the year, a 25% increase over FY 2022. Gross oil production increased 36% over the year, from 4,700 bopd to 6,400 bopd. Development drilling continued, with seven wells completed as part of the field development optimisation announced in June 2022, bringing the total number of production wells at the end of the year to sixteen. Additionally, there is one well that was drilled and suspended and one water injection well in the field. Development wells, PB-10, PB-11, PB-14, PB-17, PB-19, PB-20 and PB-21 were drilled and started production at initial rates up to 800 bopd during the year. Additionally, PB-13 was drilled and logged but encountered technical issues with casing installation. Subsequent to the year end, it was completed and started oil production. PB-23 development well commenced drilling during July 2023 and started oil production mid-August 2023 at a rate of 400 bopd. Development well PB-12 is planned to commence drilling in September and Development well PB-22 and two water injection wells are yet to be started. The PB field approved well count is twenty-three, which includes twenty wells for oil production and three water injection wells. To date, all wells have been completed from the existing well pad, with analysis ongoing on the development of a new well pad to access to reserves in the northern portion of the field. More wells may be proposed in the field after the completion of the current drilling program. Exploration well BA-01 commenced drilling subsequent to the year end on 28 July 2023. On 23 August 2023, Cue announced that the well had been drilled with four zones of interest tested with no hydrocarbons produced. The well has been plugged and abandoned. Operations and Financial Review Balam South Mahato PSC Cue Permit Major Oil Fields LEGEND PB Oil Field Sumatra 40km Petapahan Kotabatak Libo SE Minas Duri Bangko PB CUE INTERESTS Cue 12.5% Operator Texcal Energy Mahato Inc 10 Cue Energy Resources Limited Annual Report 2023

Indonesia SAMPANG PSC Oyong and Wortel gas fields continued to produce as predicted, generating $11.5 million in revenue from longterm, fixed price contracts. During the year, progress was made on the Paus Biru gas development, with the Indonesian Government approving various changes to the PSC terms, aimed at increasing the economic benefit for the project participants. In addition, the government provided support for an extension application to the term of the Sampang PSC, which currently is set to expire in 2027. The Sampang JV expects to apply for a 20-year permit extension. The PSC amendments and extension are key steps required for the JV to proceed with considering a Final Investment Decision (FID) on the project. The Paus Biru development is planned to consist of a single well and wellhead platform at the Paus Biru gas field, with a 27km subsea pipeline connecting the well to existing infrastructure at the Oyong field. Subject to final approvals, gas production from Paus Biru is expected to commence by 2025 at a rate of 20-25 mmcfd. An extension to the permit would provide more longterm certainty and the JV is actively reviewing all existing opportunities within the permit area, including the Jeruk oil discovery. A technical workshop was recently conducted to evaluate the Operator’s revised subsurface modelling and development concept plans. Additional work is currently underway, with the objective of defining an appraisal and development program over the next six to twelve months. Operations and Financial Review Madura Island East Java Wortel Oyong Grati Onshore Gas Facilities Jeruk Peluang Maleo PausBiru 30km Java Cue Permit Oil Field LEGEND Gas Field CUE INTERESTS Cue 15% Operator Medco Energi 11 Cue Energy Resources Limited Annual Report 2023

New Zealand PMP 38160 (Maari) Oil production from the Maari field has remained strong, with gross production from the Maari/Manai fields reaching approximately 5,300 bopd at the end of the year. Cue received $9.5 million revenue from the Maari field, 4% higher than the previous year. Uptime for the field was high, and the positive effects of water injection and production optimisation are being seen with stable, and in some wells increasing, production rates. During the year, well repairs were undertaken on a number of wells, impacting the overall field production levels. Electric submersible pumps were replaced in MN1 and MR9, with both wells back online producing at or above pre-repair levels. The MR6A production well was offline for the entire year. The project participants have advance plans for a workover of the well with the aim of reinstating oil production. The permanent conversion of the MR2 well to a water injection well, increasing overall injection rates to provide further pressure support to the production wells is in preparation. Both projects are expected to be completed during H1 FY 2024. The Maari facilities completed life extension works and inspections with formal sign off expected for the Raroa FPSO to be certified for a further 5 years until 2028. The JV is now assessing and prioritising value adding projects, including production enhancement and cost reduction opportunities with the aim of extending the field life beyond the existing permit expiration date of 2027. An updated decommissioning plan and cost estimate for the Maari infrastructure was completed by the end of the year and submitted to the New Zealand regulator under the Crown Minerals (Decommissioning and other Matters) Amendment Act. The cost estimate is expected to be used by the government to determine the level of financial security required of the Maari JV for decommissioning. Although the regulations have not been established, fulfilling obligations may require Cue to establish a reserve from project cash flow. Operations and Financial Review Maari PMP 38160 Manaia Tui Maui Taranaki Peninsula 10km New Zealand Cue Permit Oil Field LEGEND Gas Field CUE INTERESTS Cue 5% Operator Operator OMV 12 Cue Energy Resources Limited Annual Report 2023

30 June 2023 As at June 30, 2023 Cue has reported 4.6 million barrels of oil equivalent (mmboe) of proven (1P) reserves and 6.3 mmboe of Proven and Probable (2P) reserves. 68% of reported 2P reserves are gas and 32% are oil. 2P Reserves in the Palm Valley field have been reviewed and increased during the year based on the successful drilling and flow performance of the PV-12 well, which started production in December 2022. Dingo field 2P reserves have increased as a result of ongoing strong performance from the existing wells and additional field modelling work undertaken. Cue’s 2P reserve replacement ratio for FY2023 is 105%, taking into account reserves additions and production during the year. Reserves and resources 2P reserve by Asset (mmboe) Mahato 1.4 Sampang PSC 0.8 Mereenie 2.0 Palm Valley 0.6 Maari 0.5 Dingo 1.0 6.3 mmboe Gas/Oil reserves (mmboe) Oil 2.0 Gas 4.3 6.3 mmboe 13 Cue Energy Resources Limited Annual Report 2023

30 June 2023 Net to Cue as at 30 June 2023 1P 1P 1P Developed Undeveloped Total Reserves Proven (1P) Gas Oil Equivalent Gas Oil Equivalent Gas Oil Equivalent Country Field/Permit PJ MMSTB MMBOE PJ MMSTB MMBOE PJ MMSTB MMBOE AUSTRALIA Mereenie 7.6 0.1 1.3 0.4 0.0 0.1 8.0 0.1 1.4 Palm Valley 3.5 0.0 0.6 0.0 0.0 0.0 3.5 0.0 0.6 Dingo 3.0 0.0 0.5 2.3 0.0 0.4 5.5 0.0 0.9 NEW ZEALAND Maari 0.0 0.3 0.3 0.0 0.0 0.0 0.0 0.3 0.3 INDONESIA(1) Sampang PSC 2.9 0.0 0.5 0.2 0.0 0.0 3.1 0.0 0.5 Mahato 0.0 0.9 0.9 0.0 0.0 0.0 0.0 1.0 1.0 TOTAL RESERVES 17.0 1.3 4.0 3.0 0.0 0.5 20.2 1.3 4.6 2P 2P 2P Developed Undeveloped Total Reserves Proven & Probable (2P) Gas Oil Equivalent Gas Oil Equivalent Gas Oil Equivalent Country Field/Permit PJ MMSTB MMBOE PJ MMSTB MMBOE PJ MMSTB MMBOE AUSTRALIA Mereenie 10.6 0.1 1.8 0.9 0.0 0.1 11.5 0.1 2.0 Palm Valley 3.9 0.0 0.6 0.0 0.0 0.0 3.9 0.0 0.6 Dingo 3.5 0.0 0.6 2.5 0.0 0.4 6.1 0.0 1.0 NEW ZEALAND Maari 0.0 0.4 0.4 0.0 0.2 0.2 0.0 0.5 0.5 INDONESIA(1) Sampang PSC 3.4 0.0 0.6 1.3 0.0 0.2 4.7 0.0 0.8 Mahato 0.0 1.3 1.3 0.0 0.1 0.1 0.0 1.4 1.4 TOTAL RESERVES 21.3 1.8 5.3 4.6 0.2 1.0 26.1 2.0 6.3 2C Contingent Resource Gas Oil Total Country Field/Permit PJ MMSTB MMBOE AUSTRALIA Mereenie 13.7 0.0 2.3 Palm Valley 0.6 0.0 0.1 INDONESIA Jeruk (Sampang PSC)(2) 0.0 1.2 1.2 Paus Biru (Sampang PSC) 7.0 0.0 1.2 TOTAL CONTINGENT RESOURCE 21.3 1.2 4.7 (1) I ndonesian Reserves are net of Indonesian Government share of Production. Production Sharing Contract (PSC) adjustments affect the net equity across the various reserve categories (2) Cue interest in Jeruk is 8.18% Reserves and resources continued LEGEND: PJ Petajoules MMSTB Million Stock Tank Barrels MMBOE Million Barrels of Oil Equivalent 14 Cue Energy Resources Limited Annual Report 2023

30 June 2023 Governance arrangements and internal controls Cue estimates and reports its petroleum reserves and resources in accordance with the definitions and guidelines of the Petroleum Resources Management System 2018 (SPE-PRMS), published by the Society of Petroleum Engineers (SPE). All estimates of petroleum reserves reported by Cue are prepared by, or under the supervision of, a qualified petroleum reserves and resources evaluator. Cue has engaged the services of New Zealand Oil & Gas Limited (NZOG) to independently assess all reserves. Cue reviews and updates its oil and reserves position on an annual basis, or as frequently as required by the magnitude of the petroleum reserves and changes indicated by new data and reports the updated estimates as of 30 June each year as a minimum. Reserves compliance statement Oil and gas reserves, are reported as at 1 July 2023 and follow the SPE PRMS Guidelines (2018). This resources statement is approved by, based on, and fairly represents information and supporting documentation prepared by New Zealand Oil & Gas Assets & Engineering Manager Daniel Leeman. Daniel is a Chartered Engineer with Engineering New Zealand and holds Masters’ degrees in Petroleum and Mechanical Engineering as well as a Diploma in Business Management and has over 14 years of experience. Daniel is also an active professional member of the Society of Petroleum Engineers and the Royal Society of New Zealand. New Zealand Oil & Gas reviews reserves holdings twice a year by reviewing data supplied from the field operator and comparing assessments with this and other information supplied at scheduled Operating and Technical Committee Meetings. Daniel is currently an employee of New Zealand Oil & Gas Limited whom, at the time of this report, are a related party to Cue Energy. Daniel has been retained under a services contract by Cue Energy Resources Ltd (Cue) to prepare an independent report on the current status of the entity’s reserves. Since the 17th of January 2017, NZOG has held an equity of 50.04% of Cue. Cue currently holds an equity position of 5%, 12.5% and 15% in the Maari, Mahato and Sampang assets respectively. Production Sharing Contract adjustments at the Mahato and Sampang fields affect the net equity differently across the various reserve categories. In the Amadeus basin, Cue currently holds 7.5% equity in the Mereenie field and 15% equity in each of the Dingo and Palm Valley fields. For undeveloped reserves, the following project maturity sub-classes are assumed- at Mahato PSC, Undeveloped- Approved for Development, at Sampang PSC- Justified for Development, at Maari- Justified for Development, at Mereenie and Dingo- Justified for Development. For Sampang PSC Contingent Resources, as the developments are not yet sanctioned, the economics and royalties are not yet known, therefore an assumed net effective equity is used of 15% for Paus Biru and 8.18% for Jeruk. Estimates are based on all available production data, the results of well intervention campaigns, seismic data, analytical and numerical analysis methods, sets of deterministic reservoir simulation models provided by the field operators (OMV, Texcal, Medco and Central Petroleum), and analytical and numerical analyses. Forecasts are based on deterministic methods. For the conversion to equivalent units, standard industry factors have been used of 6Bcf to 1mmboe, 1Bcf to 1.05PJ and 1TJ of gas to 163.4 boe. Net reserves are net of equity portion, royalties, taxes and fuel and flare (as applicable). All reserves and resources reported refer to hydrocarbon volumes post-processing and immediately prior to point of sale. The volumes refer to standard conditions, defined as 14.7psia and 60°F. The extraction methods are as follows; Maari oil is produced to the FPSO Raroa and directly exported to international oil markets. At Mahato, it is via EPF facilities which includes an oil and water separation system, with the oil then piped 6km to the CPI operated Petapahan Gathering Station. At Sampang, gas is gathered from the Wortel and Oyong fields and piped to shore where it is sold into the Grati power station. In the Mereenie and Palm Valley gas fields gas is gathered from the wells and ultimately collated into the Amadeus Gas Pipeline where sales vary to different customers within the region and further afield and at Dingo, gas is sold into Alice Springs and the Owen Springs power plant. Tables combining reserves have been done arithmetically and some differences may be present due to rounding. For the 2P change of reserves year-on-year, quoted as the reserves replacement ratio herein, the calculation is performed via; stated 2P total reserves as at 1 July 2023, divided by the sum of stated 2P total reserves as at 1 July 2022, less production during FY23, all in millions of barrels of oil equivalent. In this case RRR = 6.3 / (6.6-0.6) = 105%. Reserves and resources continued 15 Cue Energy Resources Limited Annual Report 2023

30 June 2023 2P Reserves and resources reconciliation with 30 June 2022 2P Proven reserves (MMBOE) Country Field/Permit 30 June 2022 Reserves Discoveries/ Extensions/ Revisions Production 30 June 2023 Reserves AUSTRALIA Mereenie 2.1 0.0 0.1 2.0 Palm Valley 0.6 0.1 0.1 0.6 Dingo 1.0 0.0 0.0 1.0 NEW ZEALND Maari 0.6 0.0 0.1 0.5 INDONESIA Sampang PSC 0.8 0.2 0.2 0.8 Mahato 1.4 0.1 0.1 1.4 TOTAL RESERVES 6.6 0.3 0.6 6.3 Reserves and resources continued 16 Cue Energy Resources Limited Annual Report 2023

Our commitment Cue is committed to achieving and maintaining good health, safety, and environmental standards, which we consider critical to the success of our business. We operate in accordance with a Health Safety and Environment (HSE) Policy approved by our Board of Directors, and a HSE Management system. An Operational Risk and Sustainability (ORS) committee, comprising members of our Board of Directors, convenes regularly to evaluate the company’s HSE initiatives and operational risks. Reflecting on the past year, Cue recorded zero incidents, zero lost time injuries, and zero significant spills within our own operations. Regrettably, one Lost Time Injury (LTI) was reported at the Maari Joint Venture; however, a comprehensive investigation was conducted, and remedial actions were taken by the operator. Cue diligently reviews all incidents and Health and Safety reports at our projects, contributing input and feedback to ensure the safe running of all operations. Our commitment to employee well-being is underscored by the continual availability of our employee assistance program, ready to provide aid upon request. Empowering our communities Cue continues to support the communities in which we operate. Through our joint venture partnerships, we proudly assist our partners in their community activities. Within our own operations, Cue actively promotes opportunities for local and regional economic growth, adhering to our Capturing Local Economic Benefits Policy, and we encourage our partners to adopt similar practices. Our Indonesian operations cultivate close ties with local communities, offering employment prospects, community facilities, and aid initiatives. In the Mahato PSC, Texcal supported various health initiatives, such as aid for undernourished children and pregnant women, contributing to local communities during annual religious festivities, and facilitating the development of sporting fields in Petapahan village. Mahato PSC: Distribution of aid for stunted children and pregnant women with Chronic Energy Deficiency Sustainability report Mahato PSC: Land Clearing for sporting fields in Petapahan village Medco Energy, representing the Sampang PSC joint venture, placed importance on assisting local fisherman during the year by distributing fishing equipment. In addition, they undertake community programs and infrastructure projects including constructing local roads, sanitary facilities, and installing external lighting and community equipment. Medco Sampang also partakes in tree planting initiatives, including the Peduli 550 Pohon (care for 550 trees) program. Sampang PSC: village external lighting installation 17 Cue Energy Resources Limited Annual Report 2023

Environment Stewardship Cue works closely with our operators and joint venture partners to mitigate the environmental impact of our operations. Ongoing and recently completed projects illustrate our dedication: – Installation of solar panels at the Wortel Wellhead platform – Implementation of a flare gas recovery project at Mereenie to reduce flared gas usage – Evaluation of solar power as a substitute for diesel power generation at the PB field in the Mahato PSC – Upgrade of water production facilities on the Maari FPSO with advanced reverse osmosis units and improved onboard boiler efficiency to minimise fuel consumption We report our estimated emissions risks in compliance with the Task Force for Climate-Related Financial Disclosures (TCFD) guidelines within this Shareholder report. All New Zealand emission are offset though the purchase of NZUs, while corporate emissions are mitigated through tree planting initiatives. Central Petroleum, the operator of Cue’s onshore Australia Assets in the Northern Territory, maintains a close partnership with the Traditional Owners in the area, providing employment and training opportunities at our operations. A significant number of Centrals’ Northern Territory staff live locally or are indigenous, and local contractors are utilised at the operations where possible. Central Petroleum engages in constructive dialogues with Traditional owners across Mereenie, Palm Valley and Dingo, fostering transparency, sharing plans, discussing performance and gathering input on matters requiring community support. Central financially supports various community groups, including literature and indigenous art programs and operational costs for community centres in remote communities, as well as sponsoring local AFL sporting clubs the Pioneer Eagles and Western Arranta Bulldogs and local softball and basketball programs. OMV New Zealand continues its partnership with numerous community organisations in the Taranaki area. Their enduring relationships encompass supporting the Taranaki Air Ambulance Service, the Rotakare Scenic Reserve Trust, and recent involvement in extensive tree planting projects. OMV New Zealand also supports the Roderique Hope Trust, offering aid to the increasing homeless population in Taranaki. Sampang PSC: Road Construction in Banajar Talela village Sustainability report continued Onshore Australia: Sponsorship of local AFL teams 18 Cue Energy Resources Limited Annual Report 2023

This section outlines the Cue Energy Resources approach to climate disclosure and managing climate risk. It is structured inline with Taskforce on Climate-Related Financial Disclosures (TCFD) recommendations, using its recommended headings: – Governance – Climate Change Statement – Strategy – Risk management – Metrics and targets 1. Statement on climate change from the chief executive Cue recognises the scientific consensus of climate change and that climate change will affect our community and environment. Our world has begun a transition to a low carbon economy in which the responsibility of contributing to a low emissions world is shared by everyone, including our company. We all have a role in the transition into the energy future while we also ensure that our customers and the communities we serve enjoy access to reliable and secure energy at feasible prices. Our climate strategy places us in the centre of this energy trilemma. Energy markets over the past year have illustrated the importance of addressing all aspects of the trilemma carefully and together. In our Australian home, energy markets have been constrained, leading to higher prices, and pressure from regulators to maximise gas production. Gas will play a critical role in supporting renewables in the East Coast electricity market as coal fired generation is phased out, and offers one of the most important sources of emissions reductions in Australia. Indonesia, the world’s fourth-most populous country, has set a target of becoming an advanced economy, and the world’s fourth-largest economy, by 2045. This is a significant leap ahead from its current position where GDP per capita is 30% lower than the world average. These ambitious targets are combined with a commitment to reach net zero emissions by 2060. To make this dual transition, Indonesia urgently needs gas to replace coal for electricity generation and industrial heat. Gas has an ongoing role supporting the development of renewables in Indonesia, and the transition will not occur without it. Cue’s New Zealand hydrocarbon production is subject to emissions pricing in New Zealand. Under the New Zealand Emissions Trading Scheme, Cue purchases credits that offset emissions from our share of the Maari production facilities. The emissions trading scheme has the economic effect of disincentivising wasteful emissions and rewarding renewable or low carbon initiatives. At Cue, we are proud to help deliver the energy needs of these countries in a way that is making a step change in emissions reductions at the same time that we are supporting human wellbeing in access to reliable and affordable energy. We are also taking responsibility for our own emissions and, where it’s practical, we reduce our carbon impact and support our joint venture partners to reduce the carbon footprint of projects that we are involved in. Our corporate offices in Melbourne and Jakarta have reduced our carbon footprint, which is itself very small and we offset these emissions by planting trees. Cue recognises and support global efforts to reduce climate change through clear and meaningful policy and market settings. We believe a collaborative transition is necessary to ensure the success of the transition and recognise that pricing carbon emissions is likely to be a policy utilised for achieving emissions reductions. Specific steps we are taking to help reduce carbon intensity while continuing to provide for energy needs include doing the following: – We actively identify, manage, report and mitigate material climate risk to our business, and report our governance, strategy, risk management targets and metrics; – We meet the carbon reporting requirements of the regions we operate in; – We promote the benefits of gas as a lower-emitting transition fuel that supports energy reliability and affordability, and is a strong companion for renewables; – We review and implement opportunities to reduce the carbon impact of our operations; – support our joint venture partners to look for and implement low carbon solutions; and – We respond meaningfully to stakeholder views and expectations around climate change as it relates to our activities. This report sets out our assessment of the business risks linked to climate change and how we manage them. We see opportunity in supporting the transition as well as a concern to manage our footprint responsibly and in the interest of shareholders and the wider community. We are pleased to present this report on our progress. Matthew Boyall Chief Executive Officer Taskforce on Climate–Related Financial Disclosures (TCFD) Statement 19 Cue Energy Resources Limited Annual Report 2023

Taskforce on Climate–Related Financial Disclosures (TCFD) Statement continued 2. Governance TCFD Category Recommendation Summarised in this document at Governance Disclose the organisation’s governance around climate-related risks and opportunities. 2.2, 2.3 Describe the board’s oversight of climate related risks and opportunities. 2.2, 2.3 Describe management’s role in assessing and managing climate-related risks and opportunities. 2.2, 2.3 2.1 Climate-related risk governance process BOARD OF DIRECTORS • Board Charter • Cue Risk Management System • ASX Listing Rules and Corporate Governance Code (E.g. Principal 7, REcognise and Manage Risk) • Reviews reports from Operational Risk and Sustainability Committee and manages response BOARD OPERATIONAL RISK AND SUSTAINABILITY COMMITTEE • Reviews risks, including changes in risks reported from risk owners and management • Reports risk and opportunities to Board CUE MANAGEMENT • Regularly reviews and updates risk register • Allocates risk to risk owners • Reports risk register to ORSC STAFF HEALTH, SAFETY AND ENVIRONMENT PROCESS • Identifies and reviewed site HS incidents and incorporates these into the risk register 20 Cue Energy Resources Limited Annual Report 2023

2.2. Board oversight The CEO is accountable to the Board for ensuring implementation of climate policies. The Board has responsibility for reviewing all risks, including climate-related risk and opportunities, and ensuring these are appropriately managed to support delivery of our business strategy. Recognising and managing risks is an overarching Board accountability under its charter ((2.2 (h)) A copy of the Charter is available in the Corporate Governance section of our website. The Board reserves to itself specific responsibility to: “Understand the material risks faced by the Company and ensure the Company has appropriate risk management strategies and control measures in place and is actively managing these.” —Board Charter, 3.3 (h). The process for considering risks is set out in the company’s risk management system framework. The framework meets the requirements of the ASX Corporate Governance Principles and Recommendations, Principle 7: Recognise and Manage Risk. The Board Operational Risk and Sustainability Committee (ORSC) sets, reviews and agrees relevant risk policies, practices, frameworks, targets and performance. The Committee’s Charter makes it the responsible for approving environmental policy and monitoring progress, including climate change responses. The ORSC Charter is also published on our website. Cue’s risk register assesses risks related to climate policy, climate-related events, and public perception. Examples of risks are disclosed below in the section titled Climate-Related Risks. Management is responsible for identifying, assessing and managing risk and reporting this to the Board through the ORSC. Management risk owners identify and manage risks. Management regularly reviews the corporate risk framework, including the Risk Register. The ORSC receives a report on updates to the register. Management retains specialist expertise to review risk management. At an operational level, responsibility for day-to-day oversight of climate risk and opportunity (including managing climate objectives and targets) rests with the Chief Executive. 3. Strategy TCFD category Recommendation Summarised in this document at Strategy Disclose the actual potential impacts of climate-related risks and opportunities on the organisation’s businesses, strategy and financial planning where such information is material. 3.1 Describe the climate related risks and opportunities the organisation has identified over the short, medium and long term. 3.2, 4.3 Describe the impact of these risks on businesses, strategy and financial planning. 3.3 Describe the resilience of the organisation’s strategy, taking into cosideration different climate related scenarios including a 2 degree celsius or lower scenario. 3.4 Taskforce on Climate–Related Financial Disclosures (TCFD) Statement continued 21 Cue Energy Resources Limited Annual Report 2023

3.1. Actual and potential impacts of climate-related risks and opportunities on the organisation’s businesses, strategy and financial planning The Company is involved in natural gas production for Indonesian and East Coast Australian markets that are energy constrained and hungry for gas to generate electricity that would otherwise likely come from coal generation. The Company’s forecasts indicate constrained markets will be sustained, with continued economic value for its production and value for its reserves. 3.2. Ongoing gas demand will be strong Short term Gas demand in the current financial year is high, reflected in high prices. The IEA says global gas supply is set to remain tight. The global balance is subject to ‘an unusually wide range of uncertainties’ and could return to heightened volatility. Conditions for gas demand are different in locations where we operate. Australia is gas constrained, with demand expected to remain high as coal exits electricity generation. In Australia, the ACCC says there should be sufficient gas to meet forecast demand across the east coast in 2024, while the southern states are expected to experience a shortfall. It warns that the major risk is transport and storage capacity to deliver Queensland’s surplus gas to southern states. In Indonesia, consultancies Rystad, Refinitiv and Wood Mackenzie all expect gas consumption to rise, with the main risk to consumption volumes being reductions in government subsidies causing prices to rise. The IEA projects global oil demand will climb by 2.2 mb/d in 2023 to reach 102.1 mb/d, a new record. Growth is forecast to continue, though more slowly, at 1.1 mb/d in 2024. Medium term / Long term The IEA and other forecasters believe the energy transition has begun. The IEA says growth in world oil demand will slow through the 2020s, while total demand continues to rise. It estimates global oil demand will reach 105.7 mb/d in 2028, up 5.9 mb/d compared with 2022. Petrochemicals are the key driver of global oil demand growth. In Australia and New Zealand, the transition will likely mean a long-term moderation in demand for oil, while in Indonesia the outlook depends on the uptake of renewables. Indonesia is heavily energy constrained and rapid uptake of renewables may moderate growth in demand for oil and gas but is unlikely to reduce overall demand in the medium term. To support its energy requirements, the Indonesian government has domestic production targets of 1 million barrels of oil per day and 12 billion cubic feet of gas per day by 2030. This is a 50%-100% increase in 2023 production forecasts. Overall, the demand picture represents volume and price opportunity, although longer term volumes are uncertain and volatile. Cue assesses that existing forward prices adequately capture the balance of future price risks. 3.3. Regulation is likely to increase in australia and new zealand, carbon prices are likely to rise, and limits are likely to be imposed on emissions from domestic consumption. In anticipation of higher carbon prices, the Company’s sensitivity testing includes a shadow carbon price when screening new investments and testing of existing assets. The Company applies sensitivity testing to its assets and reviews assets for impairment as part of our financial audit and assurance processes. This testing reviews whether asset valuations have been materially affected by climate-created conditions, including effects on prices, costs, insurance, financing and abandonment. Sensitivity and impairment testing manages economic risks to assets. Where those risks change materially, disclosure is made under the Company’s continuous disclosure obligations. Resilience to physical risks, such as weather events, is reviewed as a normal part of engineering risk management. Regulatory risks are mitigated by having revenue producing assets in three diverse jurisdictions. Taskforce on Climate–Related Financial Disclosures (TCFD) Statement continued 22 Cue Energy Resources Limited Annual Report 2023

The Company complies with existing regulations. Its emissions in New Zealand are subject to an emissions trading scheme, which requires the Company to purchase carbon credits (NZUs) and surrender one for each tonne of carbon emitted. Indonesia has enacted laws that plan to implement a carbon tax, although the implementation has been postponed for most industries. There is currently no mandated carbon pricing mechanism in Australia for Cue emissions. Emissions from Scope 3 use (use of oil and gas products by other businesses and consumers) are not able to be reliably measured, are subject to double counting of total emissions, and are not meaningful in jurisdictions applying national emissions caps. All Cue produced gas in Indonesia and most in Australia is used in electricity generation. The high proportion of coal fired power generation in Australia and Indonesia means that gas from Cue substitutes higher emissions alternative sources. 3.4. Resilience in alternative scenarios The Company monitors the International Energy Agency’s World Energy Outlook, and models produced by other industry forecasters and consultancies. In all scenarios, we expect to see continuing strong demand for gas in the short term in all our markets. A more rapid decarbonisation outlook could affect the longer-term outlook. Gas fields cannot easily or quickly increase supply in response to increased demands, and therefore increased demand is likely to contribute upward price pressure. In the longer term, the response to lower prices would be likely to be slower investment in deliverability. In both Australia and Indonesia, regulatory appetite for capturing carbon emissions is high. In a scenario where CCS becomes more economic than the cost of emitting, Cue would expect to investigate the potential to reduce emissions and continue production through CCS. No such abatement plan is currently under consideration, but it exists as a response in an alternative scenario where emissions pricing is high. If oil prices fall significantly, our interests in the Mahato and Maari oil fields may be affected. This risk is reflected in the forward price curve that forms the basis of impairment analysis and reviews of the expected value of the assets. Resilience to financial or economic changes is tested as part of financial audit and assurance processes, which includes impairment testing. Financial planning incorporates expected prices and revenues, including carbon costs, insurance costs, maintenance costs, and the availability of corporate finance. Specific material risks or changes to financial outlooks are disclosed in financial reports where these are material. 4. Risk management TCFD category Recommendation Summarised in this document at Risk management Disclose how the organisation identifies, assesses and manages climaterelated risks. 4.1 Describe the process for identifying and assessing climate risks. 4.1 Describe processes for managing climate risks. 4.1 Describe how processes for identifying, assessing and managing are integrated into overall risk management. 4.1 4.1. How we identify, assess and manage climate-related risks The Company’s Risk Management System Framework applies consistent and comprehensive risk management practices. Climate risks are recorded in the central risk register, which considers the risks, reviews the controls, assigns ownership of risk and tracks treatment plans. Climate risks are identified on an ongoing basis and consideration is given to industry and peer information and expertise, shareholder and community feedback, regulatory changes, and analysis by our own staff and contractors. Risk assurance and oversight of climate risk management is provided through internal review by the board Operation Risk and Sustainability committee. The Chief Executive has responsibility for climate risk, including risks to individual assets and financial and investment risks associated with climate change. Taskforce on Climate–Related Financial Disclosures (TCFD) Statement continued 23 Cue Energy Resources Limited Annual Report 2023

Potential risks to Cue Energy Resources from climate change are assessed under the following headings: – Policy and Legal, – Physical (acute and chronic), – Financial and Market, – Social/Political/Regulatory, and – Technological. All these risks have potential financial and operational implications due to lost profitability and increased delays. Financial and market risks, and social/political risks also present opportunities associated with more rapid uptake of natural gas as a lower-carbon replacement for coal. Risk types and controls are specifically discussed below at 4.3. 4.2. Calculating climate risks in asset models Physical risks associated with climate are assessed in engineering planning. For forward price risk associated with production, the company uses impairment testing based on forward market prices and contracts. New Zealand For our New Zealand Maari asset, Cue uses the New Zealand ETS market pricing for carbon emissions. The Company purchases NZUs annually. (NZUs are New Zealand emissions units, reflecting a tonne of carbon emitted. One unit must be surrendered to the government each year for each tonne of carbon emitted.) The expected price of NZUs is modelled in Maari performance forecasts and impairment testing. NZU prices have been volatile, future prices are modelled with an expectation of government policy toward the carbon market. Government policy is not expected to allow the carbon price to fall further, while intervention in the market in 2023 suggested an implicit policy price cap exists at around NZD$80/t. For physical risks to the Maari production site, the Company carries insurance and equipment is engineered to standards in excess of expected weather activity. Australia There is currently no mandated carbon pricing mechanism in Australia for Cue emissions. For investment into the Amadeus basin assets, Cue’s advisers used a range of sensitivities to test the economics of the investment based on market prices in other comparable international regimes. For physical risks to Amadeus Basin interests, the Company has comprehensive insurance cover. The risks associated with climate are assessed in engineering planning. For forward price risk associated with production, the Company uses impairment testing based on forward market prices and contracts. The Company uses an internal price to test economics of investments based on market prices in other comparable international regimes. Expectations of forward prices reflect the market consensus about the likelihood and level of future carbon charges and market demand. Potential increased carbon pricing or reduced prices are part of the Company’s sensitivity testing. Carbon prices have generally conformed to forward curves in the reporting period, while oil and gas commodity prices have been higher due to concerns about energy security and actual shortages of gas. As a result, the financial risks associated with climate change are assessed to be limited or positive (upside) as of the date of this report. Indonesia Emissions from the company’s interest in the Sampang and Mahato PSCs are considered in performance forecasts and impairment testing. Indonesia has enacted laws that plan to implement a carbon tax but the implementation has been postponed for most industries. A carbon cost mechanism allows coal power plants to buy emissions credits from plants with lower emissions and renewables. The Company monitors the economic effects of climate-related policy and climate conditions on the value and operation of its assets. Due to uncertainty about future carbon pricing mechanisms and the rapidly changing policy positions in some countries where the Company operates and investigates new projects, carbon price testing is undertaken using the most available information and estimates at the time. Taskforce on Climate–Related Financial Disclosures (TCFD) Statement continued 24 Cue Energy Resources Limited Annual Report 2023