Cue Energy Resources Limited Directors' report 30 June 2023 11 On 30 August 2022, the Consolidated Entity issued 3,649,298 options over fully paid ordinary shares for an exercise price of $0.089 (8.9 cents) per fully paid ordinary share, with an expiry date of 1 July 2027. Matters subsequent to the end of the financial year On 1 July 2023, 3,473,653 options over fully paid ordinary shares in the Company with an exercise price of $0.07 (7 cents) expired. On 10 July 2023, $3.07 million was received from Maari oil sales in June 2023, reducing the trade and other receivables in note 10. On 23 August 2023, the Consolidated Entity announced the results from the drilling and testing at the BA-01 well in the Mahato PSC. The conclusion reached was that no hydrocarbons had been identified. The Mahato PSC partners will continue to identify and assess further exploration opportunities in Mahato's PB Field. No other matter or circumstance has arisen since 30 June 2023 that has significantly affected, or may significantly affect the Consolidated Entity's operations, the results of those operations, or the Consolidated Entity's state of affairs in future financial years. Likely developments and expected results of operations The following activities may affect the expected results of operations: ● Progress on Paus Biru and the Final Investment Decision; ● Further exploration and development drilling in the Mahato PSC; ● Changes in New Zealand legislation and the impact it may have on the scope and funding of the Maari field decommissioning obligations; ● Continuing volatility in global energy markets; and ● Actively seeking to acquire new production opportunities. The Russian-Ukrainian conflict continues to develop, the result of which have had significant global macro-economic impacts, including energy prices. Related impacts include volatility in commodity prices and currencies, supply-chain and travel disruptions, disruption in banking systems and capital markets, increased costs and expenditures and cyberattacks. The Board and management team continue to assess the potential impacts on the business, however given the continued uncertainties the future financial impact, if any, cannot be determined. Environmental regulation Within the last year there have been no incidents, lost time injuries or significant spills within Cue Energy Resources Limited. Among the joint operations there have been a number of incidents that have been reported and investigated by all the relevant parties. Cue Energy Resources Limited continues to monitor the progress of reported incidents and work with the joint operation partners and operators to improve overall health and safety and minimise any impact on the environment. 33 Cue Energy Resources Limited Annual Report 2023
RkJQdWJsaXNoZXIy MjE2NDg3