Dear Shareholders, Another strong performance from Cue, with revenue for the year of $55 million, an increase of 10% on the previous year. This is despite volatility in the Brent oil price, which began FY2025 at US$86/bbl and closed the year under US$70/ bbl, a level that has continued into FY2026. These price movements impacted oil revenue from both our Mahato and Maari operations but were offset by strong production performance and contract gas sales. In Australia, gas markets remain tight, with consistent commentary from the ACCC and the Australian Energy Market Operator forecasting shortages and potential LNG imports into Eastern Australia. Cue remains confident in demand fundamentals for our gasproducing assets in the Northern Territory. We drilled two successful development wells at the Mereenie field during the year to increase production, and we continue to assess further opportunities to unlock value from these assets. During the year, Cue was a major gas supplier to the Northern Territory, helping fuel the Territory’s power stations that complement renewable energy sources. In Indonesia, the Mahato PSC continued its strong performance with 11 new wells entering production during FY2025 and further drilling underway in early FY2026. This work has materially contributed to maintaining high production levels. In New Zealand, the Maari field was granted a 10-year extension of its Petroleum Mining Permit, now valid to 2037 and we welcomed further regulatory clarity and policy from the government. During FY2025, we returned $14 million in dividends (2 cents per share) and announced a final dividend of 0.5 cents per share ($3.5 million) for FY2025. Since the beginning of calendar year 2024, we’ve returned a total of $31.5 million in dividends, a strong testament to the underlying strength of our production portfolio and capital management approach. The final dividend was reduced compared to the previous period to balance shareholder returns with growth options as we progress towards a Final Investment Decision on the Paus Biru development, where Cue has the opportunity to increase our participating interest in the project by 10%.Cue enters FY2026 in a sound position, with a strong production base and clear pathways towards growth. Looking ahead: The Paus Biru FID process is progressing, with final administrative steps underway. If approved, Cue will benefit not only from increased production in 2027, but also from a potential increased interest in the project. At Mahato, continued well drilling is expected, with plans underway to begin development of the Telisa reservoir later in FY2026. In our 2025 Reserves and Resources Statement, we identified an additional 0.8 million barrels of contingent resources in the Telisa, which may be converted to 2P reserves over the coming year. We also expect to undertake further exploration activities in the Mahato PSC in early CY2026. With the Maari permit tenure extended to 2037, optimisation efforts will continue, supported by a stable production base. August production averaged 5,600 barrels of oil per day, the highest monthly rate in over five years, highlighting the impact of recent work. We continue to assess options to expand production further and are awaiting final clarity on New Zealand’s financial assurance requirements, which may impact cashflow allocations from the Maari project. I want to acknowledge our team’s continued dedication, our partners’ collaboration and our shareholders’ ongoing support. With a strong production base, a clear path to growth, and a prudent approach to investment, Cue is well-positioned to navigate the evolving energy landscape and deliver sustainable long-term value. We remain focused on maintaining financial strength, progressing high-quality opportunities, and adapting to the challenges and opportunities of the energy transition. Alastair McGregor Chairman Chairman’s overview I am pleased to present the Cue Energy Resources Limited Annual Shareholder Report for 2025, another successful year of financial performance, operational delivery, and value returned to shareholders. 2 Cue Energy Resources Limited Annual Report 2025
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