Cue Energy Resources Limited Notes to the financial statements 30 June 2023 29 Note 20. Shares in subsidiaries Shares held by parent entity at the reporting date: Ownership interest Principal place of business / 2023 2022 Name Country of incorporation % % Cue Mahato Pty Ltd Indonesia/Australia 100.00% 100.00% Cue Mahakam Hilir Pty Ltd Indonesia/Australia 100.00% 100.00% Cue Kalimantan Pte Ltd* Singapore 100.00% 100.00% Cue (Ashmore Cartier) Pty Ltd Australia 100.00% 100.00% Cue Sampang Pty Ltd Indonesia/Australia 100.00% 100.00% Cue Taranaki Pty Ltd New Zealand/Australia 100.00% 100.00% Cue Exploration Pty Ltd Australia 100.00% 100.00% Cue Palm Valley Pty Ltd Australia 100.00% 100.00% Cue Mereenie Pty Ltd Australia 100.00% 100.00% Cue Dingo Pty Ltd Australia 100.00% 100.00% All companies in the Group have a 30 June reporting date. * Shares held by Cue Mahakam Hilir Pty Ltd. Note 21. Interests in joint operations Cue Interest Cue Interest Permit expiry Property Operator 2023 (%) 2022 (%) date Indonesia Mahakam Hilir PSC Cue Kalimantan Pte Ltd 100* 100* 15/04/2021 Petroleum development properties Indonesia Sampang PSC Medco Energi Sampang Pty Ltd 15 (8.18 Jeruk Field) 15 (8.18 Jeruk Field) 04/12/2027 Petroleum production properties New Zealand PMP38160 OMV New Zealand Limited 5 5 02/12/2027 Indonesia Sampang PSC Medco Energi Sampang Pty Ltd 15 (8.18 Jeruk Field) 15 (8.18 Jeruk Field) 04/12/2027 Mahato PSC Texcal Energy Mahato Inc. 12.5 12.5 20/07/2042 Amadeus Basin Mereenie (OL4 and OL5 Production Licences) Central Petroleum 7.5%** 7.5%** 17/11/2023 Palm Valley (OL3 Production Licence) Central Petroleum 15% 15% 05/11/2024 Dingo (L7 Production Licence) Central Petroleum 15% 15% 06/07/2039 *Mahakam Hilir PSC exploration permit has expired and regulatory processes for surrender are ongoing as at 30 June 2023. **The Mereenie production license expires on 17 November 2023. As at 30 June 2023, the license renewal process has not commenced, however, it is expected that the renewal will be successful. Accounting policy for joint operations A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. The consolidated entity has recognised its share of jointly held assets, liabilities, revenues and expenses of joint operations. These have been incorporated in the financial statements under the appropriate classifications. Note 22. Business combinations During the year ended 30 June 2023, there were no business combinations. 75 Cue Energy Resources Limited Annual Report 2023
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