Cue Energy Resources Limited Notes to the financial statements 30 June 2024 Note 15. Key management personnel disclosures and related party disclosures (continued) 53 The Company provides management, administration and accounting services to the subsidiaries. No management fees were charged to subsidiaries in the FY 2024 or FY 2023. The Consolidated Entity enters into operating arrangements where the Group has joint control over the respective venture’s oil and gas net assets, described in note 22. In each of the joint operations, the participants appoint an operator to act on their behalf in managing operations (the Operator). All financial relationships with the Operator are on an arm’s length basis. Note 16. Auditor remuneration During the financial year the following fees were paid or payable for services provided by the auditor of the company: Consolidated Consolidated 2024 2023 $ $ Audit services - KPMG Audit or review of the financial statements 412,770 273,810 Other assurance services 23,973 8,000 436,743 281,810 Other services - KPMG Advisory services 40,992 65,270 Tax compliance 32,887 21,377 73,879 86,647 510,622 368,457 No other services were provided by the auditor during the year, other than those set out above. Note 17. Contingencies and commitments Contingent assets and liabilities The Directors are not aware of any contingent assets or contingent liabilities as at 30 June 2024 (30 June 2023: Nil). Expenditure commitments Consolidated 30 June 2024 30 June 2023 $'000 $'000 Exploration and development expenditure commitments* The Consolidated Entity participates in a number of licences, permits and production sharing contracts for which it has made commitments, including but not limited to with relevant governments, to complete minimum work programmes. Within one year* 8,339 5,169 One to five years 9,759 - 18,098 5,169 * The majority of the commitments are in relation to drilling and infrastructure works at the Mahato PSC. Commitments reflect the Consolidated Entity's interest in future financial obligations, based on existing facts and circumstances, where the Consolidated Entity is contractually or substantively committed to making future expenditure. These commitments may be either direct obligations or, as is the case with most commitments, obligations which the respective projects' operators enter into on the Consolidated Entity's behalf with suppliers and service providers. 67 Cue Energy Resources Limited Annual Report 2024
RkJQdWJsaXNoZXIy MjE2NDg3