Cue Energy Resources Limited Directors' report 30 June 2025 15 Significant changes in the state of affairs On 1 July 2024, 1,370,359 options over the Company’s fully paid ordinary shares expired, with an exercise price of $0.09 (9 cents) per fully paid ordinary share. On 3 September 2024, the Company issued 304,678 fully paid ordinary shares upon conversion of 1,218,706 options with an exercise price of $0.078 (7.8 cents), with 914,028 immediately expiring utilising cashless exercise. On 15 October 2024, the Company issued 3,411,549 options over fully paid ordinary shares to employees with an exercise price of $0.12 (12 cents) per fully paid ordinary share and which expire on 1 July 2029. On 3 March 2025, the Company issued 415,664 fully paid ordinary shares upon conversion of 1,428,843 options with an exercise price of $0.078 (7.8 cents), with 1,013,179 immediately expiring utilising cashless exercise. There were no other significant changes in the state of affairs of the Consolidated Entity during the financial year. Matters subsequent to the end of the financial year No matter or circumstance has arisen since 30 June 2025 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 existing company fields; ● 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. 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 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 operators and joint operations partners to improve overall health and safety and minimise any impact on the environment. Information on directors Name: Alastair McGregor Title: Non-Executive Chairman Qualifications: BEng, MSc Experience and expertise: Mr McGregor has been actively involved in the oil and gas sector since 2003. He is currently Chief Executive of O.G. Oil & Gas Limited, a company that holds directly or indirectly oil & gas exploration and production interests onshore and offshore. He leads the O.G. Energy Senior Management Committee, driving the strategy for Ofer Global’s energy activities. Mr McGregor is also a director of Echelon Resources Ltd. In addition, Mr McGregor is Chief Executive of Omni Offshore Terminals Limited, a leading provider of floating, production, storage and offloading (FSO and FPSO) solutions to the offshore oil and gas industry. Omni’s operations have spanned the globe from New Zealand, Australia, South East Asia, Middle East and South America. Prior to entering the oil and gas industry Mr McGregor spent 12 years as a banker with Citigroup and Salomon Smith Barney. Mr McGregor holds a BEng(Hons) and an MSc in Aeronautical Engineering. Other current directorships: Echelon Resources Ltd (ASX: ECH) Former directorships (last 3 years): None Special responsibilities: Member, Remuneration and Nomination Committee Interests in shares: None Interests in options: None 27 Cue Energy Resources Limited Annual Report 2025
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