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
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