Cue Energy Resources has released its 2024 financial year results, with revenue from ordinary activities reflecting a strong underlying performance.
Annual production of 631 mega barrel of oil equivalent (mboe) was consistent with the previous year, with Mahato and Maari volume increases offsetting lower production from Northern Gas Pipeline disruptions and Sampang PSC field decline.
Mahato PSC PB oilfield marked a 5 per cent revenue increase whilst Maari revenue increased by 6 per cent. Cue’s onshore Australia Assets had a 5 per cent decrease due to Northern Gas Pipeline’s temporary shutdowns.
Natural gas sales are exposed to strong domestic markets in Australia and Indonesia, while oil and condensate volumes continue to achieve Brent-related pricing.
“Cue remains optimistic about the outlook for FY2025 and beyond, with approvals to drill fourteen additional development wells in the PB field and two more at Mereenie.” Cue CEO Matthew Boyall said.
Ten of these wells are expected to be drilled within the financial year.
The two in Mereenie aim to increase gas production from the field, available for sale under the recently announced contracts with the Northern Territory Government. Drilling is expected to commence in late December or early January, with each well taking approximately 30 days to complete.
Two exploration wells are also being planned near the PB field in Mahato PSC.
Cue has announced a final dividend of 1 cent per share, returning approximately $7 million to shareholders. This is in addition to the April 2 cents/share special dividend returning approximately 14 million.