New Zealand PMP 38160 (Maari/Manaia) Oil production from the Maari/Manaia fields remained consistently strong, with gross production averaging approximately 4,900 barrels of oil per day over the year. Cue received $10.1 million in revenue from the Maari field, a 6% increase compared to the previous year. High uptime was achieved from the Maari wells and facilities during the year, as the joint venture continued to focus on optimising existing production. The positive effects of water injection were evident, with stable, and in some cases increasing, production from wells. Towards the end of the year, two production wells, MR8 and MR10, experienced failures of their Electric Submersible Pumps (ESP) after exceeding their operational lifespans. Both these wells were repaired and resumed production at their pre-workover production rates subsequent to the year-end. The MR6A production well was offline for the entire year. A workover aimed at suspending the existing production zone and perforating the Matapo and Kap100 reservoirs to produce oil from these zones began during the year but was delayed due to workover unit repairs. The workover has been completed and it is expected to take some time before results are known. The Maari permit expires in December 2027, and the joint venture has submitted and application for an extension to allow production beyond the end of 2027. CUE INTERESTS Cue 5% Operator OMV Financial and operations 9 Cue Energy Resources Limited Annual Report 2024
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