Australia MEREENIE, PALM VALLEY AND DINGO FIELDS CUE INTERESTS Mereenie [OL4 & OL5] 7.5% Palm Valley [OL3] 15% Dingo [L7] 15% Operator Central Petroleum Limited The Mereenie, Palm Valley, and Dingo fields generated $12.5 million in revenue for Cue during the year, representing an 11% increase on the previous year. This uplift was driven by a 15% increase in Mereenie gas production, with the WM29 and WM30 development wells drilled during the second and third quarters, continuing to exceed pre-drill expectations. Higher contracted gas prices during the year also contributed to the improved revenue. In the first half of the year, Cue announced the execution of six-year gas sales agreements with the Northern Territory Government, effective from 1 January 2025. These contracts provide firm gas delivery from 2025 to 2030, with additional flexibility for gas sales from the WM29 and WM30 wells and during NGP outages. In the final quarter of the year, a conditional gas supply agreement with Arafura Rare Earths for the Nolans Project lapsed, as the condition precedent of Arafura’s Final Investment Decision, was not met. The WM29 and WM30 development wells were successfully drilled and brought online during the second and third quarters. Both wells exceeded production expectations and contributed an estimated 9 terajoules (TJ) per day of additional gas production from Mereenie. The Northern Gas Pipeline (NGP) remained closed for most of the year due to reduced production from the offshore Blacktip field. During this time, gas sales from the Mereenie and Palm Valley fields were directed to Northern Territory gas sale agreements, which mitigated the impact of the pipeline outage. Oil sales from the Mereenie field were partially constrained by offtake arrangements in Q4 and July 2025 which reduced gas capacity by approximately 5%. Gas volumes are not currently being impacted. Planning progressed during the year for the drilling of two development wells in the Palm Valley field. In the final quarter, the Environmental Management Plan for these wells was approved by the Northern Territory Government. Any future well drilling decisions remain subject to joint venture approval. Indonesia MAHATO PSC CUE INTERESTS Cue 11.25% Operator Texcal Energy Mahato Inc The PB field in the Mahato PSC continued to be a strong contributor to Cue’s performance, generating $23.5 million in revenue during the year, a 19% increase over the previous period. Production averaged 510 barrels of oil per day (bopd) net to Cue, with total field output exceeding 7,000 bopd by the end of the financial year. Development activities progressed under the Operator’s approved Field Development Optimisation Plan (OPL) Phase 2, which includes drilling fourteen new development wells, converting one existing production well to a water injection well, and establishing three new drilling locations and associated production infrastructure. Eleven wells were drilled and brought into production during the year, supported by the construction of new surface facilities. The final two wells under the OPL2 plan were completed at the start of FY2026, bringing the approved development program to completion with thirty four production wells operating in the PB field. Current oil production is sourced from the Bekasap A,B and C reservoirs. The Operator is planning further development of the field, targeting production growth from the Telisa reservoir. This shallower, regionally extensive formation is already producing in other Central Sumatra Basin fields and was successfully tested in an existing well during the year. It is expected that production from the Telisa will be accessed through a combination of new wells and existing well recompletions. The PC-1 exploration well was drilled during the second quarter to a total depth of 5,800 feet. The well did not return commercial hydrocarbons on testing and was subsequently plugged and abandoned. Exploration data acquisition and evaluation continued throughout the year, and further drilling is expected to be proposed by the Operator during FY2026. Financial and operations review continued 7 Cue Energy Resources Limited Annual Report 2025
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