Cue Energy Resources Limited Directors’ report 30 June 2024 10 The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'Consolidated Entity') consisting of Cue Energy Resources Limited (referred to hereafter as the 'company' or 'parent entity') and the entities it controlled at the end of, or during, the year ended 30 June 2024. Directors The names of Directors of the Company in office during the year and up to the date of this report were: Alastair McGregor Andrew Jefferies Peter Hood AO Richard Malcolm Rod Ritchie Samuel Kellner Marco Argentieri Chief Executive Officer Matthew Boyall Chief Financial Officer Melanie Leydin resigned on 30 June 2024, the Chief Financial Officer duties have been assumed by the Chief Executive Officer and Financial Controller. Company Secretary On 26 October 2023, Ms Melanie Leydin resigned and Ms Anita Addorisio was appointed as Company Secretary. Ms Addorisio is an experienced finance professional with over 20 years’ senior finance experience and 10 years’ experience as a Company Secretary for ASX listed companies within several industry sectors, including resources. She is a Fellow of both CPA and Governance Institute of Australia and holds a Masters in Accounting. Principal activities The principal activities of the Group are petroleum exploration, development and production. Corporate governance statement Details of the Company's corporate governance practices are included in the Corporate Governance Statement set out on the Company's website at: https://www.cuenrg.com.au/site/About-Us/corporate-directory. Dividends Current period On 28 February 2024, the Company’s Board of Directors approved the declaration of an interim special dividend of $0.02 (2 cents) per fully paid ordinary share, totalling $13.97 million. This interim special dividend was declared as a Conduit Foreign Income (CFI), unfranked special dividend and was paid on 5 April 2024. On 23 August 2024, the Company’s Board of Directors approved the declaration of a final dividend of $0.01 (1 cent) per fully paid ordinary share, totalling approximately $7 million. This final dividend has been declared as a Conduit Foreign Income (CFI), unfranked final dividend and will be paid on 26 September 2024. Previous period There were no dividends paid, recommended or declared during the previous financial period. Financial performance The Consolidated Entity reported a net profit after tax of $14.19 million for the year ended 30 June 2024 (FY 2024), compared to a net profit after tax of $15.21 million for the year ended 30 June 2023 (FY 2023). This was mainly attributable to consistent strong profitability from Mahato and Maari, offset by a higher income tax expense due to utilization of carried forward tax losses in Cue Taranaki which were recognised for the first time in FY 2023. Directors’ report 24 Cue Energy Resources Limited Annual Report 2024
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