This figure was in line with the previous year, showing only a 4% decrease. Revenue increases from Mahato (5%) and Maari (6%) helped offset lower production and cost recovery in the Sampang PSC. Short term production and sales disruptions onshore Australia, caused by the closure of the Northern Gas Pipeline, also affected the overall revenue. After tax profit reported of $14.2 million was 7% lower than the previous year and EBITDAX increased by 6% to $32.8 million. Net cash from operations was $27 million for the year, demonstrating the strength of the Company’s diversified production projects. This cash was utilised to make a $4 million early payment to retire outstanding debt and return $14 million to shareholders through a 2 cents/share dividend paid in April 2024. The Cue Board has approved a FY2024 final dividend of 1 cent per share, returning an additional $7 million to shareholders. Cue closed the year with a cash balance of $16.3 million and no debt. Gross margins from assets remained strong during the year, with a gross margin of 60% across the portfolio. Administration expenses remained low ($3 million), as the Company efficiently managed non-operated projects. In October 2023, Texcal, the Mahato PSC operator, and Riau Petroleum, an Indonesian local government-owned entity, signed an agreement to transfer a share of the Mahato PSC’s participating interest to Riau Petroleum, as required by the Production Sharing Contract (PSC) and Government regulations. The Government approvals process for this transfer is ongoing but the joint venture accounting for Cue’s participating interest reduced from 12.5% to 11.25% effective 1 November 2023. Annual production for the year was 631 mboe, consistent with the previous year. Despite a reduced participating interest from 1 November 2023, Cue recorded an 18% increase in net production from the PB field in the Mahato PSC. Maari net production to Cue also increased by 18% due to high well uptime and field optimisation. These gains were offset by lower gas production from the Mereenie field, caused by the temporary closure of the Northern Gas Pipeline, and natural field decline at the Sampang PSC Financial and operations review Cue continued to generate strong cashflow from its producing assets throughout the year, achieving a revenue of $49.7 million from oil and gas production in Australia, Indonesia, and New Zealand. 4 Cue Energy Resources Limited Annual Report 2024
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