Cue Energy Resources Limited Annual Report 2024

Cue Energy Resources Limited Notes to the financial statements 30 June 2024 41 Note 8. Income tax expense Consolidated 30 June 2024 30 June 2023 $'000 $'000 Income tax expense Current tax 9,332 9,154 Adjustment recognised for current tax in prior periods 103 - Initial Recognition of previously unrecognised net deferred tax assets (3,197) (1,027) Deferred tax - origination and reversal of temporary differences 4,895 (3,457) Aggregate income tax expense 11,133 4,670 Numerical reconciliation of income tax expense and tax at the statutory rate Profit before income tax expense 25,322 19,881 Tax at the statutory tax rate of 30% 7,597 5,964 Tax effect amounts which are not deductible/(taxable) in calculating taxable income: Recognition of deferred tax assets (2,082) (3,814) Difference in overseas tax rates 2,544 1,653 Differences arising from the application of royalty regimes 1,088 827 Other balances and permanent differences 1,883 (615) Prior year tax losses not recognised - 655 11,030 4,670 Adjustment recognised for current tax in prior periods 103 - Income tax expense 11,133 4,670 The Consolidated Entity's effective tax rate for the year ended 30 June 2024 was 44% (30 June 2023: 23%). Consolidated 30 June 2024 30 June 2023 $'000 $'000 Deferred tax included in income tax expense comprises: Decrease/(Increase) in deferred tax assets 49 (5,362) Increase in deferred tax liabilities 1,649 880 Deferred tax – origination and reversal of temporary differences 1,698 (4,482) Consolidated 30 June 2024 30 June 2023 $'000 $'000 Current tax liabilities 3,040 3,998 The Group has an ongoing Indonesian Tax matter relating to a notice of amended assessment which is being disputed by Cue Kalimantan Pte Ltd on behalf of SPC E&P Pte Ltd. Cue is indemnified by SPC for any losses arising from this disputed notice of assessment and has recognised a liability and receivable on the balance sheet. 55 Cue Energy Resources Limited Annual Report 2024

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