Permits, Licences and Interests Held Net Working Interest Permit or Licence Operator Country Entity 30 June 2026 30 June 2025 Mahato PSC: PB Texcal Indonesia Cue Mahato Pty Ltd 11.25% 11.25% Sampang PSC: Oyong, Wortel Medco Cue Sampang Pty Ltd 15.00% 15.00% PMP 38160 – Maari, Manaia OMV New Zealand Cue Taranaki Pty Ltd 5.00% 5.00% OL4 and OL5 Mereenie Australia Cue Mereenie Pty Ltd 7.50% 7.50% OL3 – Palm Valley Central Petroleum Cue Palm Valley Pty Ltd 15.00% 15.00% L7 – Dingo Cue Dingo Pty Ltd 15.00% 15.00% Notes 1 All estimates are prepared in accordance with the Society of Petroleum Engineers (SPE) Petroleum Resources Management System (PRMS) revised 2018. 2 Relevant terms used in this statement, capitalised or otherwise, have the same meaning given to those terms in the SPE PRMS. 3 Reserves are those quantities of petroleum anticipated to be commercially recoverable by application of development projects to known accumulations from a given date forward under defined conditions. 4 Contingent Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations by application of development projects, but which are not currently considered to be commercially recoverable owing to one or more contingencies. 5 Prospective Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. See also above Cautionary Statement. 6 Liquids are equal to the total of oil, condensate and natural gas liquids where 1 barrel of condensate or natural gas liquids equals 1 barrel of oil. Reported gas reserves and resource closing balances have been converted to oil equivalent using 5.816 PJ equals one million barrels of oil equivalent (MMboe). Prior reporting used 1TJ of gas equals 163.4 boe (6.12 PJ/ MMboe). Abbreviations and units used throughout the tables and text are defined as follows: PJ (petajoule), TJ (terajoule), bbl (barrels), MMbbl (million barrels), boe (barrels of oil equivalent), MMboe (million barrels of oil equivalent). 7 Raw Gas is natural gas as it is produced from the reservoir which may include varying amounts of heavier hydrocarbons which liquefy at atmospheric conditions, water vapor and other non-hydrocarbon gases such as hydrogen sulphide, carbon dioxide, nitrogen or helium. 8 Sales Gas represents volumes that are likely to be present a saleable product. Sales Gas are reported assuming average values for fuel, flare and shrinkage considering the variable reservoir fluid properties of each constituent field on an energy basis the customary unit is PJ. PJ means petajoules and is equal to 1015 joules. 9 For Reserves and Contingent Resources, depending on the asset, either deterministic estimates or probabilistic estimates have been used. For Prospective Resources, all estimates are probabilistic estimates. 10 Reported estimates of petroleum Reserves, Contingent Resources and Prospective Resources have been aggregated by arithmetic summation by category. 1P Reserves reported beyond the field, property or project level aggregated by arithmetic summation may be a very conservative estimate due to the portfolio effects of arithmetic summation. 11 Estimates are reported according to Cue’s net economic interest, this being Cue’s ’net working interest adjusted for entitlements (Economic Interest adjustment) under production-sharing contracts and risked-service contracts; and are reported net of royalties and lease fuel up to the reference point. Reference points for Cue’s petroleum Reserves and Contingent Resources and production are defined points where normal operations cease, and petroleum products are measured under defined conditions prior to custody transfer. 12 Cue’s net economic interest is 7.5% equity in the Mereenie field; 15% in each of the Dingo and Palm Valley fields; and 5.0% in the Maari asset. 13 Cue holds an equity position of 11.25% and 15% in the Mahato and Sampang Production Sharing Contracts (PSC) respectively. The PSC terms result in Cue’s net economic interests in these PSCs ranging from approximately 7.8% to 13.9% respectively. 14 Contingent resources booked for the Mahato PSC are related to the Telisa development that is not yet sanctioned, with economics and royalties not yet known, therefore a net effective equity of 11.25% is estimated for this booking. 15 Horizon Oil Limited (Horizon Oil) provides a report for Cue on the entity’s Reserves and Resources as at 30 June 2026. At the time of writing Horizon has an equity shareholding in Cue of 57.03%. 16 Horizon Oil employs a Reserves Management System to ensure the veracity of data used in the estimation process. This process includes review by senior staff where data is endorsed for inclusion in the estimating process. Estimates are reviewed annually, at a minimum, with interim reviews as required, to respond to any material changes. Horizon Oil undertakes semi-regular external reviews to complement its own internal process. 17 T he estimates of petroleum Reserves and Resources contained in this statement are based on, and fairly represent, information and supporting documentation prepared by staff and independent consultants under the supervision of Mr Gavin Douglas, Chief Operating Officer of Horizon Oil Limited. Mr Douglas is a full-time employee of Horizon Oil Limited and is a member of the American Association of Petroleum Geologists and the Society of Petroleum Engineers. Mr Douglas’ qualifications include a Masters of Reservoir Evaluation and Management from the Heriot Watt University UK, and more than 30 years of relevant experience. Mr Douglas consents to the use of the petroleum Reserves and Resources estimates in the form and context in which they appear in this statement. 18 Some totals in the tables may not add due to rounding. 13 Cue Energy Resources Limited Annual Report 2026
RkJQdWJsaXNoZXIy MjE2NDg3