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
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