Cue Energy Resources Limited Notes to the financial statements 30 June 2023 13 Note 6. Production costs Consolidated 2023 2022 $'000 $'000 Production costs 16,738 11,871 Amortisation of production properties 6,005 5,415 22,743 17,286 Note 7. Exploration activities Consolidated 2023 2022 Exploration assets $'000 $'000 Palm Valley - 1,770 Dingo 114 180 114 1,950 Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below: Palm Valley Dingo Total Exploration assets $'000 $'000 $'000 Balance at 1 July 1,770 180 1,950 Additions during the year 1,576 (66) 1,510 Transfers to production properties (3,162) - (3,162) Amounts expensed during the year (184) - (184) - 114 114 Consolidated 2023 2022 $'000 $'000 Profit/(loss) before income tax includes the following specific expenses: Exploration costs expensed Palm Valley 2,158 1,835 Mahato 816 - Dingo 45 15 Mereenie 14 28 Other 40 (347) Exploration costs expensed 3,073 1,531 The Consolidated Entity incurred $2.16 million (30 June 2022: $0.87 million) in exploration and evaluation expenses in respect of the discontinued exploration works on the Palm Valley Deep well. Palm Valley exploration activities were successfully completed in December 2022 and consequently $3.16 million were transferred to production properties. 59 Cue Energy Resources Limited Annual Report 2023
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