Cue Energy Resources Limited Annual Report 2024

Annual Report 2024 CUE ENERGY RESOURCES LIMITED ABN 45 066 383 971

About us Cue Energy Resources Limited is an oil and gas production and exploration company with production assets in Australia, Indonesia and New Zealand. Offices are located in Melbourne, Australia and Jakarta, Indonesia. Contents 1 Highlights 2 Chairman’s overview 4 Financial and operations review 10 Reserves and resources 14 Sustainability report 16 Taskforce on Climate–Related Financial Disclosures (TCFD) Statement 24 Directors’ report 42 Auditor’s Independence Declaration 43 Statement of profit or loss and other comprehensive income 44 Statement of financial position 45 Statement of changes in equity 46 Statement of cash flows 47 Notes to the financial statements 73 Consolidated entity disclosure statement 74 Directors’ declaration 75 Independent Auditor’s Report 79 Shareholder information 82 Corporate Directory General Legal Disclaimer Various statements in this document may constitute statements relating to intentions, opinion, expectations, present and future operations, possible future events and future financial prospects. Such statements are not statements of fact, and are generally classified as forward looking statements that involve unknown risks, expectations, uncertainties, variables, changes and other important factors that could cause those future matters to differ from the way or manner in which they are expressly or impliedly portrayed in this document. Some of the more important of these risks, expectations, uncertainties, variables, changes and other factors are pricing and production levels from the properties in which the Company has interests, or will acquire interests, and the extent of the recoverable reserves at those properties. In addition, exploration for oil and gas is expensive, speculative and subject to a wide range of risks. Individual investors should consider these matters in light of their personal circumstances (including financial and taxation affairs) and seek professional advice from their accountant, lawyer or other professional adviser as to the suitability for them of an investment in the Company. Except as required by applicable law or the ASX Listing Rules, the Company does not make any representation or warranty, express or implied, as to the fairness, accuracy, completeness, correctness, likelihood of achievement or reasonableness of the information contained in this document, and disclaims any obligation or undertaking to publicly update any forward-looking statement or future financial prospects resulting from future events or new information. To the maximum extent permitted by law, none of the Company or its agents, directors, officers, employees, advisors and consultants, nor any other person, accepts any liability, including, without limitation, any liability arising out of fault or negligence for any loss arising from the use of the information contained in this document. Reference to “CUE” or “the Company” may be references to Cue Energy Resources Limited or its applicable subsidiaries.

Highlights FY23 Revenue $49.7m EBITDAX $32.8m Net Cash $16.3m Net Profit After Tax $14.2m Production 631mboe Dividends 3cps Highlights Indonesia: $28.2m Australia: $11.3m New Zealand: $10.1m $21m declared over the year 1 cent/share final + 2 cents/share special paid April 2024 1 Cue Energy Resources Limited Annual Report 2024

Chairman’s overview Alastair McGregor I am pleased to present the Cue Energy Resources Limited Annual Shareholder Report for 2024, a significant year in which the company continued to deliver strong financial and operations results and declared $21 million in dividends to shareholders. Dear Shareholders, Our revenue of $49.7 million was consistent with last year, backed by our diversified portfolio, and production remained consistent with the previous year at 631 thousand barrels of oil equivalent. We continued to generate significant cashflow, delivering net cash from operating activities of $26.9 million, up from $12.7 million, which was used to retire $4 million in debt and return $14 million to shareholders in April 2024. Despite ongoing global economic uncertainty, and growth of alternate energy sources, we continued to see strong demand for our products at attractive prices throughout the year. The Brent oil price, which underpins our Mahato and Maari oil sales and accounts for 62% of our revenue, remained relatively stable, trading in the US$80-90/bbl range for most of the year. In Australia, gas markets on the East Coast and in the Northern Territory have been the subject of frequent headlines, with predictions of shortages and potential LNG imports in the coming years. The Mereenie and Palm Valley fields are well-positioned to benefit from increased gas demand, and Cue announced contracts during the year with the Northern Territory Government and Arafura Rare Earths Ltd., securing sales for gas production for 2026-2030. These contracts contribute to the regional growth in the Northern Territory and mitigate Cue’s risk associated with any future closures of the Northern Gas Pipeline, like we are experiencing in 2024. 2 Cue Energy Resources Limited Annual Report 2024

As I highlighted in last year’s report, the Board prioritised early debt repayment, and Cue successfully repaid $4 million in the first half of the year as part of our Capital Management program. We also determined that the company’s strong and stable cash flow position warranted the initiation of a dividend strategy. The announcement of the H1FY2024 special dividend of 2 cents per share resulted in a $14 million return to shareholders, attracted new investors, and subsequently increased the share price by over 60%, a level that has been sustained. At the same time, we introduced a dividend policy to reflect the Board’s intent for Cue to establish long term sustainable returns to shareholders. Due to the size of the company and the non-operated nature of our assets, it is not practical to commit to a fixed payout ratio, but our commitment is to review the financial position of the company every six months with the aim of providing sustainable returns to shareholder. The final dividend of 1 cent per share announced in our FY2024 results means that we will return a total of $21 million to shareholders during the year. Monitoring and managing changes in the regulatory landscape where we operate remains a critical aspect of our business management. The ACCC Gas Mandatory Code of Conduct has become integral to our operations, with the exemption from the price cap continuing to apply to Cue as a small producer. I believe that addressing the supply shortage is a more effective approach than regulatory interference in solving the gas supply issue. In New Zealand, a change in government during the year has altered the political stance on oil and gas production in the country. A review has been announced into the financial assurance laws and regulations enacted by the previous government. This review could confirm the requirement for decommissioning funding at our Maari field, however we await the outcome of this review. Looking ahead for FY2025, we expect our production assets to continue to perform and grow. Three out of Cue’s four production areas have growth activities either underway or planned. In the Mahato PSC, we have commenced drilling new oil production wells as part of an approved Field Development Optimisation. Fourteen wells are planned and drilling is expected to continue for the next 12 to 18 months. We have also announced a two-well gas development program in the Mereenie field, likely to commence December or early 2025, and the Sampang JV is working diligently to lay the groundwork for a final investment decision on the Paus Biru gas development. I want to thank our shareholders for their continued support and to our team for their ongoing dedication. Together, we are well-positioned to navigate any challenges ahead and capitalise on the opportunities in the evolving energy landscape. Alastair McGregor Chairman 3 Cue Energy Resources Limited Annual Report 2024

This figure was in line with the previous year, showing only a 4% decrease. Revenue increases from Mahato (5%) and Maari (6%) helped offset lower production and cost recovery in the Sampang PSC. Short term production and sales disruptions onshore Australia, caused by the closure of the Northern Gas Pipeline, also affected the overall revenue. After tax profit reported of $14.2 million was 7% lower than the previous year and EBITDAX increased by 6% to $32.8 million. Net cash from operations was $27 million for the year, demonstrating the strength of the Company’s diversified production projects. This cash was utilised to make a $4 million early payment to retire outstanding debt and return $14 million to shareholders through a 2 cents/share dividend paid in April 2024. The Cue Board has approved a FY2024 final dividend of 1 cent per share, returning an additional $7 million to shareholders. Cue closed the year with a cash balance of $16.3 million and no debt. Gross margins from assets remained strong during the year, with a gross margin of 60% across the portfolio. Administration expenses remained low ($3 million), as the Company efficiently managed non-operated projects. In October 2023, Texcal, the Mahato PSC operator, and Riau Petroleum, an Indonesian local government-owned entity, signed an agreement to transfer a share of the Mahato PSC’s participating interest to Riau Petroleum, as required by the Production Sharing Contract (PSC) and Government regulations. The Government approvals process for this transfer is ongoing but the joint venture accounting for Cue’s participating interest reduced from 12.5% to 11.25% effective 1 November 2023. Annual production for the year was 631 mboe, consistent with the previous year. Despite a reduced participating interest from 1 November 2023, Cue recorded an 18% increase in net production from the PB field in the Mahato PSC. Maari net production to Cue also increased by 18% due to high well uptime and field optimisation. These gains were offset by lower gas production from the Mereenie field, caused by the temporary closure of the Northern Gas Pipeline, and natural field decline at the Sampang PSC Financial and operations review Cue continued to generate strong cashflow from its producing assets throughout the year, achieving a revenue of $49.7 million from oil and gas production in Australia, Indonesia, and New Zealand. 4 Cue Energy Resources Limited Annual Report 2024

15.2 16.3 57 19 11 0 27 8 4 14 0 Opening Cash 1 July 2023 Receipts from customers + interest Payments to suppliers Taxes, Royalties and Finance Exploration Net Cash from Operating activities Net Cash used in Investing activities Loan repayment Dividends FX Closing Cash 30 June 2024 FY 2024 Cashflow $ million 242 224 168 148 145 170 76 89 0 100 200 300 400 500 600 700 FY2023 FY2024 Cue Net Production thousand barrels of oil equivalent (mboe) Onshore Australia Sampang Mahato Maari FY 2024 Cashflow $ million Cue Net Production thousand barrels of oil equivalent (mboe) 5 Cue Energy Resources Limited Annual Report 2024

Mahato PSC Cue 11.25%* Sampang PSC Cue 15% PMP38160 (Maari/Manaia) Oil Production Oil Production Gas Production Cue 5% N EALAND AUSTRALIA H ad Office Melbourne Cue Jakarta Office Amadeus Basin Mereenie (OL 4/5) Cue Gas Production Palm Valley (OL 3) Cue Dingo (L7) Cue 15% 7.5% 15% Joint operations Financial and operations * Subject to Government Approval 6 Cue Energy Resources Limited Annual Report 2024

Australia MEREENIE, PALM VALLEY AND DINGO FIELDS The Mereenie, Palm Valley, and Dingo fields generated $11.3 million in revenue for Cue, consistent with the previous year. Production and sale interruptions from the intermittent closure of the Northern Gas Pipeline (NGP) was offset by increased Dingo revenue due to increased production and recognition of revenue from the release of previously deferred take-or-pay balances. The NGP was temporarily shut during Q2 FY2024 and from March 2024 onwards due to low gas volumes from other Northern Territory gas fields. During these periods, the Mereenie and Palm Valley joint ventures were unable to deliver gas to customers in the Eastern States and sought as-available gas sales into the Northern Territory. In April 2024, the Mereenie Joint Venture entered in to an as-available gas supply agreement with Power & Water Corporation (PWC) in the NT for the supply of gas until the end of 2024. For the remainder of the year, the Mereenie and Palm Valley fields operated at full capacity, with brief turndowns in June and July due to seasonal demand fluctuations. The flare gas recovery compressor (FGRC) at Mereenie was brought online in March. The FGRC captures lowpressure waste gas and converts a portion to sales gas, increasing gas sales and reducing total CO2-equivalent emissions at Mereenie by approximately one-third. Work continued on a helium recovery unit study at Mereenie with Twin Bridges and a major helium distributor, with the scope now expanded to consider a helium liquefaction unit. Several Gas Supply Agreements (GSA) were announced during the year, including an agreement with Incitec Pivot to supply gas during 2024 and an agreement with Arafura Rare Earths Limited to supply its Nolans Project in the NT with gas from 2026. This agreement was subsequently amended to a supply period of 2028 to 2030 and remains subject to conditions precedent until 31 December 2024. In April 2024, Cue entered into an as-available gas supply agreement with Power and Water Corporation for the supply of gas into the NT until 31 December 2024. This agreement largely mitigates the loss of contract sales due to the ongoing closure of the NGP. An Expression of Interest was released by the Mereenie Joint Venture to gas buyers in the final quarter of the year for gas supply from 2024-2030. Subsequent to the year-end, Cue announced contracts with the Northern Territory Government for the supply of up to 3.6 PJ of gas for the period from 1 January 2025 to 31 December 2030. The contracts are for firm supply of gas from the Mereenie and Palm Valley fields and mitigate the risk of NGP closure in 2025 by increasing firm sales to the Northern Territory Government if the pipeline is unable to deliver gas to existing customers. Existing long-term firm production from Mereenie and Palm Valley is now contracted for the next six years. In August 2024, the Mereenie joint venture announced a Final Investment Decision to drill two development wells in the Mereenie field. A rig contract has been signed, and the wells are expected commence in late December or early January 2025. Financial and operations CUE INTERESTS Mereenie [OL4 & OL5] 7.5% Palm Valley [OL3] 15% Dingo [L7] 15% Operator Central Petroleum Limited 7 Cue Energy Resources Limited Annual Report 2024

Indonesia MAHATO PSC The PB field in the Mahato PSC continued to be a strong contributor to Cue’s results during the year, generating $19.7 million in revenue, a 5% increase over the previous period. During the year, six wells were drilled, completing the June 2022 Field Development Optimisation plan of 12 wells, bringing the total to 23 wells in the field. After reviewing field performance, further development was proposed by the Operator and approved by SKK Migas, the Indonesian upstream regulator. The approved Field Development Optimisation (OPL) Phase 2 includes drilling 14 new development wells, converting an existing production well to a water injection well, and constructing three new drilling locations. Additional production facilities and in-field pipelines will also be constructed. Drilling has commenced and is expected to continue for 12 to 18 months. Two exploration wells are being planned in the Mahato PSC, targeting independent prospects near the PB field. In October 2023, Texcal, the Mahato PSC operator, and Riau Petroleum, an Indonesian local government-owned entity, signed an agreement to transfer a share of the Mahato PSC’s Participating Interest to Riau Petroleum, as required by the Production Sharing Contract (PSC) and government regulations. The Government approvals process for this transfer is ongoing but the joint venture accounting for Cue’s participating interest reduced from 12.5% to 11.25% effective 1 November 2023. Financial and operations CUE INTERESTS Cue 11.25% Operator Texcal Energy Mahato Inc SAMPANG PSC The Oyong and Wortel gas fields generated $8.5 million in revenue to Cue from long-term, fixed-price contracts for gas sales to Indonesia Power’s Grati Combined Cycle Gas Power Plant. Development planning for the Paus Biru gas discovery continued throughout the year. The Sampang PSC term expires in 2027 and the permit operator, Medco Energi, is in discussions with the Indonesian Government regarding an extension to the permit term and amendments to the PSC. The PSC amendments and extensions are key steps required for the joint venture to proceed with considering a Final Investment Decision (FID) on the project. The Paus Biru development is planned to include 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. CUE INTERESTS Cue 15% Operator Medco Energi 8 Cue Energy Resources Limited Annual Report 2024

New Zealand PMP 38160 (Maari/Manaia) Oil production from the Maari/Manaia fields remained consistently strong, with gross production averaging approximately 4,900 barrels of oil per day over the year. Cue received $10.1 million in revenue from the Maari field, a 6% increase compared to the previous year. High uptime was achieved from the Maari wells and facilities during the year, as the joint venture continued to focus on optimising existing production. The positive effects of water injection were evident, with stable, and in some cases increasing, production from wells. Towards the end of the year, two production wells, MR8 and MR10, experienced failures of their Electric Submersible Pumps (ESP) after exceeding their operational lifespans. Both these wells were repaired and resumed production at their pre-workover production rates subsequent to the year-end. The MR6A production well was offline for the entire year. A workover aimed at suspending the existing production zone and perforating the Matapo and Kap100 reservoirs to produce oil from these zones began during the year but was delayed due to workover unit repairs. The workover has been completed and it is expected to take some time before results are known. The Maari permit expires in December 2027, and the joint venture has submitted and application for an extension to allow production beyond the end of 2027. CUE INTERESTS Cue 5% Operator OMV Financial and operations 9 Cue Energy Resources Limited Annual Report 2024

30 June 2024 As at June 30, 2024 Cue has reported 4.6 million barrels of oil equivalent (mmboe) of proven (1P) reserves and 6.3 mmboe of Proven and Probable (2P) reserves. 68% of reported 2P reserves are gas and 32% are oil. Cue’s 2P reserve replacement ratio for FY2024 is 112%, taking into account reserves additions and production during the year. Reserves and resources 2P reserve by Asset (mmboe) Mahato 1.5 Sampang PSC 0.9 Mereenie 1.9 Palm Valley 0.6 Maari 0.5 Dingo 1.0 6.3 mmboe Gas/Oil reserves (mmboe) Oil 2.0 Gas 4.3 6.3 mmboe 10 Cue Energy Resources Limited Annual Report 2024

30 June 2024 Net to Cue as at 30 June 2024 1P 1P 1P Developed Undeveloped Total Reserves Proven (1P) Gas Oil Equivalent Gas Oil Equivalent Gas Oil Equivalent Country Field/Permit PJ MMSTB MMBOE PJ MMSTB MMBOE PJ MMSTB MMBOE AUSTRALIA Mereenie 7.2 0.1 1.2 1.1 0.0 0.2 8.2 0.1 1.4 Palm Valley 3.2 0.0 0.5 0.0 0.0 0.0 3.2 0.0 0.5 Dingo 2.5 0.0 0.4 3.0 0.0 0.5 5.6 0.0 0.9 NEW ZEALAND Maari 0.0 0.2 0.2 0.0 0.2 0.2 0.0 0.4 0.4 INDONESIA(1) Sampang PSC 2.0 0.0 0.3 0.4 0.0 0.1 2.4 0.0 0.4 Mahato 0.0 0.8 0.8 0.0 0.2 0.2 0.0 1.0 1.0 TOTAL RESERVES 14.9 1.1 3.5 4.5 0.3 1.1 19.4 1.5 4.6 2P 2P 2P Developed Undeveloped Total Reserves Proven & Probable (2P) Gas Oil Equivalent Gas Oil Equivalent Gas Oil Equivalent Country Field/Permit PJ MMSTB MMBOE PJ MMSTB MMBOE PJ MMSTB MMBOE AUSTRALIA Mereenie 10.0 0.1 1.7 1.2 0.0 0.2 11.2 0.1 1.9 Palm Valley 3.5 0.0 0.6 0.0 0.0 0.0 3.5 0.0 0.6 Dingo 3.1 0.0 0.5 3.2 0.0 0.5 6.3 0.0 1.0 NEW ZEALAND Maari 0.0 0.3 0.3 0.0 0.2 0.2 0.0 0.5 0.5 INDONESIA(1) Sampang PSC 2.5 0.0 0.4 2.7 0.0 0.4 5.2 0.0 0.9 Mahato 0.0 1.3 1.3 0.0 0.2 0.2 0.0 1.5 1.5 TOTAL RESERVES 19.1 1.6 4.8 7.1 0.4 1.6 26.2 2.0 6.3 2C Contingent Resource Gas Oil Total Country Field/Permit PJ MMSTB MMBOE AUSTRALIA Mereenie 13.7 0.0 2.3 Palm Valley 0.6 0.0 0.1 INDONESIA Jeruk (Sampang PSC)(2) 0.0 1.2 1.2 Paus Biru (Sampang PSC) 7.0 0.0 1.2 TOTAL CONTINGENT RESOURCE 21.3 1.2 4.7 (1) I ndonesian Reserves are net of Indonesian Government share of Production. Production Sharing Contract (PSC) adjustments affect the net equity across the various reserve categories (2) Cue interest in Jeruk is 8.18% Reserves and resources continued LEGEND: PJ Petajoules MMSTB Million Stock Tank Barrels MMBOE Million Barrels of Oil Equivalent 11 Cue Energy Resources Limited Annual Report 2024

30 June 2024 Governance arrangements and internal controls Cue estimates and reports its petroleum reserves and resources in accordance with the definitions and guidelines of the Petroleum Resources Management System 2018 (SPE-PRMS), published by the Society of Petroleum Engineers (SPE). All estimates of petroleum reserves reported by Cue are prepared by, or under the supervision of, a qualified petroleum reserves and resources evaluator. Cue has engaged the services of Echelon Resources Limited to independently assess all reserves. Cue reviews and updates its oil and reserves position on an annual basis, or as frequently as required by the magnitude of the petroleum reserves and changes indicated by new data and reports the updated estimates as of 30 June each year as a minimum. Reserves compliance statement Oil and gas reserves, are reported as at 1 July 2024 and follow the SPE PRMS Guidelines (2018). This resources statement is approved by, based on, and fairly represents information and supporting documentation prepared by Echelon General Manager Assets & Engineering Daniel Leeman. Daniel is a Chartered Engineer with Engineering New Zealand and holds Masters’ degrees in Petroleum and Mechanical Engineering as well as a Diploma in Business Management and has over 15 years of experience. Daniel is also an active professional member of the Society of Petroleum Engineers. Echelon reviews reserves holdings twice a year by reviewing data supplied from the field operator and comparing assessments with this and other information supplied at scheduled Operating and Technical Committee Meetings. Daniel is currently an employee of Echelon Resources Limited whom, at the time of this report, are a related party to Cue Energy. Daniel has been retained under a services contract by Cue Energy Resources Ltd (Cue) to prepare an independent report on the current status of the entity’s reserves. Echelon has been a shareholder in Cue since 17th Jan 2017 and as at 30 June 2024, Echelon had a 50.03% equity holding in Cue. Cue currently holds an equity position of 5%, 11.25% and 15% in the Maari, Mahato and Sampang assets respectively, though Production Sharing Contract adjustments at the Mahato and Sampang fields affect the net equity differently across the various reserve categories. In the Amadeus basin, Cue currently holds 7.5% equity in the Mereenie field and 15% equity in each of the Dingo and Palm Valley fields. For undeveloped reserves, the following project maturity sub-classes are assumed- at Mahato PSC, Undeveloped- Approved for Development, at Sampang PSC- Justified for Development, at Maari- Justified for Development, at Mereenie and Dingo- Justified for Development. For Sampang PSC Contingent Resources, as the developments are not yet sanctioned, the economics and royalties are not yet known, therefore an assumed net effective equity is used of 15% for Paus Biru and 8.18% for Jeruk. Estimates are based on all available production data, the results of well intervention campaigns, seismic data, analytical and numerical analysis methods, sets of deterministic reservoir simulation models provided by the field operators (OMV, Texcal, Medco and Central Petroleum), and analytical and numerical analyses. Forecasts are based on deterministic methods. For the conversion to equivalent units, standard industry factors have been used of 6Bcf to 1mmboe, 1Bcf to 1.05PJ, 1 tonne of LPG to 8.15 boe and 1TJ of gas to 163.4 boe. Net reserves are net of equity portion, royalties, taxes and fuel and flare (as applicable). All reserves and resources reported refer to hydrocarbon volumes post-processing and immediately prior to point of sale. The volumes refer to standard conditions, defined as 14.7psia and 60°F. The extraction methods are as follows; for Maari oil is produced to the FPSO Raroa and directly exported to international oil markets, at Mahato, it is via EPF facilities which includes an oil and water separation system, with the oil then piped 6km to the CPI operated Petapahan Gathering Station, at Sampang, gas is gathering from the Wortel and Oyong fields and piped to shore where it is sold into the Grati power station, at the Mereenie and Palm Valley gas fields gas is gathered from the wells and ultimately collated into the Amadeus Gas Pipeline where sales vary to different customers within the region and further afield and at Dingo, gas is sold into Alice Springs and the Owen Springs power plant. Tables combining reserves have been done arithmetically and some differences may be present due to rounding. For the 2P change of reserves year-on-year, quoted as the reserves replacement ratio herein, the calculation is performed via; stated 2P total reserves as at 1 July 2024, divided by the sum of stated 2P total reserves as at 1 July 2023, less production during FY24, all in millions of barrels of oil equivalent. In this case RRR = 6.32 / (6.29-0.64) = 112%. Reserves and resources continued 12 Cue Energy Resources Limited Annual Report 2024

30 June 2024 2P Reserves and resources reconciliation with 30 June 2023 2P Proven reserves (MMBOE) Country Field/Permit 30 June 2023 Reserves Discoveries/ Extensions/ Revisions Production 30 June 2024 Reserves AUSTRALIA Mereenie 2.0 0.0 0.1 1.9 Palm Valley 0.6 0.1 0.1 0.6 Dingo 1.0 0.0 0.0 1.0 NEW ZEALAND Maari 0.5 0.1 0.1 0.5 INDONESIA Sampang PSC 0.8 0.2 0.2 0.9 Mahato 1.4 0.3 0.2 1.5 TOTAL RESERVES 6.3 0.6 0.6 6.3 Reserves and resources continued 13 Cue Energy Resources Limited Annual Report 2024

Our Commitment At Cue, we are committed to upholding high standards in health, safety, and environmental stewardship, recognising these as vital to our business’ long-term success. Our operations are guided by a Board-approved Health, Safety and Environment (HSE) Policy, supported by a robust HSE Management system. The Operational Risk and Sustainability (ORS) Committee, comprising members of our Board of Directors, regularly convenes to review and evaluate the company’s HSE initiatives and operational risks. In FY2024, we are proud to report zero lost time injuries and no significant spills within our operations. In our non-operated joint ventures, Cue plays an active role in promoting high health and safety standards. We thoroughly review incident and health and safety reports, providing critical feedback to ensure the safe and efficient management of all operations. Our commitment to employee well-being is further demonstrated by the ongoing availability of our Employee Assistance Program, ensuring support is readily accessible whenever needed. Working together with our Communities Cue is dedicated to supporting the communities where we operate. Through our joint venture partnerships, we actively contribute to the well-being of local communities around our projects. In our operations, we prioritise local and regional economic growth by adhering to our Capturing Local Economic Benefits Policy and encouraging our partners to do the same. In Indonesia, our operations maintain strong relationships with local communities by offering employment opportunities, developing community facilities, and launching aid initiatives. Within the Mahato PSC, our joint venture operator, Texcal Energy, supported various corporate social responsibility initiatives in the past year. These included educational efforts, such as a sustainable scholarship program and the construction and renovation of schools and dormitories. Health initiatives were also a focus, with the construction of sanitation facilities and the provision of food assistance to malnourished toddlers and pregnant women in the Tapung district. Additionally, humanitarian efforts provided emergency response and aid to communities affected by natural disasters, such as floods and landslides. Medco Energi, on behalf of the Sampang PSC joint venture, continued to support local fishermen near the Sampang facilities by providing economic assistance, including the distribution of fishing nets. Additionally, the joint venture implemented several community support initiatives, including rice field irrigation programs for farmers, training programs to address stunting issues, assistance programs for local small businesses through training and equipment support, and water irrigation assistance programs. Sustainability report Central Petroleum, the operator of Cue’s onshore Australia Assets in the Northern Territory, maintains a close partnership with the Traditional Owners in the area and manages the ongoing relationship and cultural heritage protection on Cue’s behalf. The Mereenie, Palm Valley and Dingo fields are located on the land of traditional owners and administered by the Central Land Council (CLC), with land access agreements are in place. Regular engagement with Traditional Owners is undertaken by Central Petroleum and approval is sought for site activities in our fields which require ground disturbance. Local businesses are supported where possible through local procurement programs and the joint ventures and Cue supports Central’s social investment, involving stakeholders in our projects and providing training and employment across local communities. Cue’s Maari joint venture in New Zealand has committed to a three-year support initiative for two community projects within the South Taranaki District council area. This includes funding the design and installation of a jetty and surrounding area in the town of Patea, as well as the development of a bicycle pump track at Aotea Park Waverly, intended to be used by skateboards, bikes and scooters. Environment Stewardship Cue works closely with our operators and joint venture partners to minimise the environmental impact of our operations. Our ongoing and recently completed projects demonstrate this commitment. We have installed solar panels on the Wortel wellhead platform, which now provides power and reduces the need for using gas or diesel for power generation. Similarly, solar panels have been installed on the Oyong wellhead platform to power the platform’s instrument air compression, replacing the use of bottled nitrogen. This initiative has reduced the marine transport requirements associated with replacing offshore nitrogen supply bottles. In the second half of FY24, we completed a flare gas recovery project at Mereenie, which has led to an estimated 30% reduction in carbon emissions. Additionally, we have optimised fuel burning for power and are investigating the potential to utilise waste, low pressure gas for power generation on the Raroa FPSO. Our commitment to environmental responsibility is further demonstrated by our compliance with the Task Force for Climate-Related Financial Disclosures (TCFD) guidelines, as outlined in this Shareholder Report. All emissions from our New Zealand operations are offset though the purchase of New Zealand Units (NZUs), while our corporate emissions are mitigated through tree planting initiatives. 14 Cue Energy Resources Limited Annual Report 2024

15 Cue Energy Resources Limited Annual Report 2024

This section details Cue Energy Resources’ approach to climate disclosure and climate risk management. It is structured in accordance with the Task Force on Climate-Related Financial Disclosures (TCFD) recommendations: – Climate Change Statement – Governance – Strategy – Risk management – Metrics and targets 1. Statement on climate change from the Chief Executive Energy supply and security remain critical themes globally. Rising energy demand and market volatility highlight the need for reliable and affordable energy. Our commitment to sustainable development continues to be a core element of our long-term strategy. The energy transition will be complex, unfolding over decades. Despite this shift, natural gas and oil are expected to remain vital components of the energy mix under various transition scenarios. An orderly transition is essential to manage climate-related risks without causing energy shortages, price spikes, or economic disruptions. Cue recognises the scientific consensus of climate change and its impact on our community and environment. We remain committed to supporting our joint venture partners to reduce emissions at our non-operated projects and reducing emissions at our corporate offices in Melbourne and Jakarta and actively offset our corporate emissions by planting trees through Greenfleet. We believe a collaborative transition is necessary, ensuring we empower and support our joint venture partners and operators to lead in emissions reduction, fostering collaboration and shared responsibility by leveraging existing infrastructure, technical expertise, and relationships. Over the past year, we have continued to identify, manage, report, and mitigate material climate risks to our business. This report details our assessment of the business risks linked to climate change and how we manage them. As we look to the year ahead, we remain committed to evaluating our progress and setting new benchmarks to support the transition to a sustainable future while managing our footprint responsibly in the interest of our shareholders and the wider community. Matthew Boyall Chief Executive Officer Taskforce on Climate–Related Financial Disclosures (TCFD) Statement 16 Cue Energy Resources Limited Annual Report 2024

Taskforce on Climate–Related Financial Disclosures (TCFD) Statement continued 2. Governance TCFD Category Recommendation Summarised in this document at Governance Disclose the organisation’s governance around climate-related risks and opportunities. 2.1, 2.2 Describe the board’s oversight of climate related risks and opportunities. 2.2 Describe management’s role in assessing and managing climate-related risks and opportunities. 2.2 2.1 Climate-Related Risk Governance process BOARD OF DIRECTORS • Board Charter • Cue Risk Management System • ASX Listing Rules and Corporate Governance Code (E.g. Principal 7, Recognise and Manage Risk) • Reviews reports from Operational Risk and Sustainability Committee and manages response BOARD OPERATIONAL RISK AND SUSTAINABILITY COMMITTEE • Reviews risks, including changes in risks reported from risk owners and management • Reports risk and opportunities to Board CUE MANAGEMENT • Regularly reviews and updates risk register • Allocates risk to risk owners • Reports risk register to ORSC STAFF HEALTH, SAFETY AND ENVIRONMENT PROCESS • Identifies and reviews site HS incidents and incorporates these into the risk register 17 Cue Energy Resources Limited Annual Report 2024

2.2. Board oversight Recognition and management of risks is detailed under the company Charter, available in the Corporate Governance section of our website. The responsibilities are set out in the table: Board – Reviewing all risks, including climate-related risks and opportunities, and ensuring these are appropriately managed to support our business strategy – Understand the material risks faced by the Company and ensure the Company has appropriate risk management strategies and control measures in place and is actively managing these Operational Risk and Sustainability Committee (ORSC) – Sets, reviews, and agrees on relevant risk policies, practices, frameworks, targets, and performance – Charter assigns it the responsibility for approving environmental policy and monitoring progress, including climate change responses CEO – Accountable to the Board for ensuring the implementation of climate policies – At an operational level, the responsibility for day-to-day oversight of climate risk and opportunity (including managing climate objectives and targets) Management – Management is responsible for identifying, assessing, and managing risk described on the Cue risk register 3. Strategy TCFD category Recommendation Summarised in this document at Strategy Disclose the actual potential impacts of climate-related risks and opportunities on the organisation’s businesses, strategy and financial planning where such information is material. 3.1 Describe the climate related risks and opportunities the organisation has identified over the short, medium and long term. 3.2, 4.3 Describe the impact of these risks on businesses, strategy and financial planning. 3.3 Describe the resilience of the organisation’s strategy, taking into consideration different climate related scenarios including a 2 degree celsius or lower scenario. 3.4 3.1. Actual and potential impacts of climate-related risks and opportunities The Company is involved in natural gas production for Indonesian and East Coast Australian markets that are energy constrained and hungry for gas to generate electricity that would otherwise likely come from coal generation. The Company’s forecasts indicate constrained markets will be sustained, with continued economic value for its production and value for its reserves. Taskforce on Climate–Related Financial Disclosures (TCFD) Statement continued 18 Cue Energy Resources Limited Annual Report 2024

3.2. Product demand Time Horizon Demand Short Term AEMO GSOO 2024 highlights the risks of gas supply shortfalls in Southern Australia from 2025 with supply not meeting demand from 2028 as Southern Australia production declines. IEA global oil demand is forecast to rise by 3.2 million barrels per day between 2023 and 2030. Indonesia has announced 2030 targets for increased domestic oil and gas production. Medium/Long Term The Australian Energy Market Operator (AEMO) predicts Northern Territory gas demand to increase to the mid 2030s. The Australian Government “Future Gas Strategy 2024” recognizes that under all credible net zero scenarios, natural gas is needed through to 2050 and beyond. Indonesia recognizes the crucial role of natural gas in sustainable development as a key facilitator of the Energy transition, alongside renewables. 3.3 Regulations Cue navigates varying regulatory landscapes across these countries, assessing risks related to climate change, carbon pricing, and physical impacts. Adaptation and strategic planning are essential to ensure operational resilience and compliance. Country Approach New Zealand New Zealand Emission Trading Scheme (ETS) market pricing and forecasts used for carbon emissions. NZUs purchases annually to fulfill obligations. Modelled NZU prices are used in Maari performance forecasts and sensitivity testing. Australia Cue is currently not under any regulated carbon pricing mechanism in Australia. Onshore Australia emissions are reported under the National Greenhouse and Energy Reporting (NGER) scheme by the field operator and are below the current safeguard mechanism threshold. The recent Mereenie flare gas recovery project has further reduced Mereenie emissions. The Internal price used for investment economics is based on market pricing with sensitivity testing included for potential changes in regulations. Indonesia Indonesia has introduced sector based carbon pricing regulations which currently do not apply to Cue’s operations. We monitor the potential economic effects of climate-related policy and climate conditions on asset value and operation, which at this stage are uncertain in their implementation. 3.4. Alternative Energy Scenarios The Company monitors the various Energy outlooks and industry forecasters. Short-term demand for gas is expected, however, decarbonization progress could impact the long-term outlook. Gas fields cannot quickly increase supply in response to higher demand, potentially leading to upward price pressure in a slower transition. Lower prices may result in slower investment in deliverability. In Australia and Indonesia, there’s regulatory interest in capturing carbon emissions. If carbon capture and storage (CCS) becomes more cost-effective, Cue may explore emission reduction through CCS although no abatement plan currently exists. Additionally, falling oil prices driven by electrification of transport, could affect Cue’s interests in the Mahato and Maari oil fields. This risk is reflected in sensitivity analysis based on forward price curves. Financial resilience is reviewed as part of risk management, with material risks disclosed in financial reports. Taskforce on Climate–Related Financial Disclosures (TCFD) Statement continued 19 Cue Energy Resources Limited Annual Report 2024

4. Risk management “ Directors should have a sound understanding of the material risks faced by the issuer and how to manage them. The Board should regularly verify that the issuer has appropriate processes that identify and manage potential and material risks.” TCFD category Recommendation Summarised in this document at Risk management Disclose how the organisation identifies, assesses and manages climaterelated risks. 4.1 Describe the process for identifying and assessing climate risks. 4.1, 4.2 Describe processes for managing climate risks. 4.1, 4.3 Describe how processes for identifying, assessing and managing are integrated into overall risk management. 4.1, 4.3 4.1. Identify, assess and manage climate-related risks The Company follows a robust Risk Management System Framework. Climate risks are considered alongside other business risk and recorded in the central risk register, which evaluates controls, assigns ownership, and tracks treatment plans. These risks are regularly reviewed, considering operational factors, industry insights, peer information, shareholder feedback, regulatory changes, and internal analysis by staff and contractors. Oversight of climate risk management occurs through internal reviews by the board’s Operational Risk and Sustainability committee. The Chief Executive bears responsibility for climate risks, including those affecting individual assets and financial investments related to climate change. Cue assesses potential climate-related risks under various headings: – Policy and Legal – Physical (acute and chronic) – Financial and Market – Social/Political/Regulatory – Technological These risks carry financial and operational implications, potentially impacting profitability. However, financial and market risks, along with social/political risks, also offer opportunities, including a higher adoption of natural gas as partner to renewable energy and as a lower-carbon alternative to coal. For further details on risk types and controls, refer to section 4.3. 4.2. Calculating Climate risk In New Zealand, the Emissions Trading Scheme sets a market based price for carbon emissions. New Zealand Units (NZUs), representing one metric tonne of Carbon dioxide, or the equivalent of any other greenhouse gas are purchased by Cue and surrendered for the Maari production asset. For future sensitivity testing we model an NZU price and emissions forecasts. In Australia, no current mandated carbon pricing mechanism exists for Cue emissions. Project and investment economics are tested based on a range of potential carbon pricing outcomes. Similarly, in Indonesia, the current carbon cost mechanism does not apply to Cue’s operations. We monitor a range of potential climate-related policies and conditions for their effect on asset value and operation. For physical risks to all our asset interests, the Company has comprehensive insurance and regularly participates in technical review meetings that assess engineering risks to plant. Due to uncertainty about future carbon pricing mechanisms and the rapidly changing policy positions in some countries where the Company operates and investigates new projects, carbon price testing is undertaken using the most available information and estimates at the time. Taskforce on Climate–Related Financial Disclosures (TCFD) Statement continued 20 Cue Energy Resources Limited Annual Report 2024

4.3. Risk types and controls The table of risks below uses the following time horizon categories: Short - 0-5 years, Medium - 5-10 years, Long - 10+ years. Risk type Recommendation Description Time Control Non physical risks Policy and legal risks Litigation against companies and/or directors on climate grounds (claiming causation or seeking greater action to mitigate effects) could have reputational, development and operating cost impacts. Risk of regulatory backlash against ESG initiatives. Changing regulations including banks and restrictive regulations, taxes and emissions limits across all jurisdictions risk viability of projects. s, m, l Board and management understand their fiduciary duties around climate change risk. Internal processes include due diligence and joint venture processes to identify and manage climate risk. Monitoring the jurisdictions where we undertake activities. Strategy of diversifying jurisdictions to mitigate changes on any individual regulatory environment. Reporting on climate related governance, strategy, risks and targets. Reputational and social license risks Stakeholder disengagement and oppositional activism. Loss of social license, leading to project delays or stoppages. Recruitment and retention risk. s, m, l Manage environmental performance. Due diligence screening of commercial opportunities and joint ventures Financial risks ESG investing affects availability and cost of capital. Insurance premiums increase. Potential for classes of assets and locations to become uninsurable. Capital cost increase if new environmental standards require more expensive supplies relative to alternatives. Carbon pricing adopted across jurisdictions, or inconsistently between them. Changes to price and cost forecasts result in stranded assets or reserves. s, m, l s, m, l m, l s, m, l s, m, l Shadow price on carbon to sensitivity testing in investment decisions. Due diligence screening of commercial opportunities and joint venture processes. Assurance relating to insurance forecasts. Access to a range of funding options. Reporting on climate related governance, strategy, risks and targets. Jurisdictional diversification to avoid impact on sudden, unilateral changes, confiscation or value destruction by regulation. Taskforce on Climate–Related Financial Disclosures (TCFD) Statement continued 21 Cue Energy Resources Limited Annual Report 2024

Risk type Recommendation Description Time Control Physical risks Acute & Chronic To increased frequency and intensity of extreme weather events such as storms, flooding, coastal inundation, lack of water availability, or slips. Offshore drilling and production delayed or shut in by increased weather events m,l Engineering anticipates environmental conditions. Carbon policy provides for review of climate issues in strategic and operational decisions. Opportunities Commercial Global reduction in high carbon sources such as coal is increasing demand for natural gas as a lower carbon partner to renewables. s,m,l Strategic preference for natural gas. Support for our joint venture partners pursuing low carbon innovations on sites. 5. Metrics and Targets TCFD category Recommendation Summarised in this document at Metrics and Targets Disclose measures used to assess climate-related risks and measure them 5.1 Disclose emissions by Scope 1, 2 and 3 5.1 Disclose targets used to manage climate-related risk 5.2 5.1. Emissions Oil and Gas operations encompass Cue’s proportion of Scope 1 and Scope 2 emissions, drawn from the production activities in our fields. Detailed monthly emissions reports are submitted by field operators at Maari and Sampang PSC, while Central Petroleum, managing Cue’s Onshore Australia Assets, reports emissions through the NGER. Mahato emissions are currently estimated due to no operator reporting. Scope 1 and 2 emissions relate to Cue’s share of emissions from production facilities in New Zealand and Indonesia and corporate office activities. Cue’s onshore Australia emissions data is not included due to timing of NGER reporting and will be published by Cue when available later this year. For corporate offices, an annual estimation of carbon emissions from operational activities is compiled utilizing factors like electricity consumption. The Company does not report Scope 3 emissions due to the difficulties in obtaining and verifying information from end users. Scope 1 Emissions (tCO2e)** boe produced** Intensity Factor (tCO2e per boe) FY21* 8,720 352,338 0.025 FY22 8,311 452,251 0.018 FY23 8,442 388,648 0.022 FY24 7,984 406,858 0.020 * Mahato Emissions for 2021 are not included as the data was not available for the first part year ** Amadeus Basin emissions data is not included due to timing of the Operators NGER reporting and will be published by Cue when available later this year Taskforce on Climate–Related Financial Disclosures (TCFD) Statement continued 22 Cue Energy Resources Limited Annual Report 2024

Scope 2 Entity CUE Emissions (tCO2e) FY24 Previous Year Total Office emissions (Melbourne & Jakarta) 7.0 7.7 Samarinda Warehouse 5.6 5.6 Sampang 250.8 279.8 Total Scope 2 emissions 263.4 293.1 Cue offsets estimated office and air travel emissions by collaborating with Greenfleet Australia for tree planting. Greenfleet specializes in planting native trees within legally safeguarded biodiverse forests, aiding in the absorption of carbon emissions. 0.000 0.005 0.010 0.015 0.020 0.025 0.030 FY21 FY22 FY23 FY24 CO2e(t)/boe produced Cue Emissions Intensity 5.2. Targets Focus Area Target Status Reporting Continue to report Scope 1 and 2 emissions Complete, Ongoing refinement of data collection and reporting Reporting Continue to enhance Mahato emissions data collection Ongoing. Standardised reporting is expected to be implemented in Mahato PSC soon. Policy and Legal Review climate change policy and update if necessary Publication in annual report. Available on website Commercial Apply internal price on carbon to investment decisions Actioned as required Emission reduction Participate with JV partners to identify and implement emissions reduction projects or offsets at producing sites Material emissions reduction projects underway at Maari and completed at Mereenie during FY24. Emission reduction Offset 100% of emissions from head office and corporate travel. FY24 office emissions offset through tree planting Emissions reductions Support office sustainability improvement opportunities. Ongoing Taskforce on Climate–Related Financial Disclosures (TCFD) Statement continued 23 Cue Energy Resources Limited Annual Report 2024

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