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FY18 First Half Financial Results

20th February 2018

Cue Energy Resources Ltd (ASX:CUE) today announced its FY18 First Half financial report which displays the ongoing outcomes of the implementation of the Company strategy of maintaining a sustainable business that is focused on delivering disciplined growth and providing step change opportunities to maximise shareholder value.

SUMMARY - 2018 First Half Financial Results

  • • $3.4 million after tax profit

  • • Administration costs reduced by 63%

  • • $11.34 million cash with no debt

Sustainable business

  • • $3.4 million after tax profit reported for first half of FY18

  • • Administration costs were reduced 63% to $1.3 million as a result of organisation structural changes and ongoing cost control

  • • Production costs reduced by 22%

  • • Cash on hand of $11.34 million, a reduction of $1.08 million over the half, which includes $1.2 million of one off restructuring costs expended

  • • Production revenue down 29.6% from the corresponding period, due to production disruptions associated with Maari WHP repairs, long term changes to production facilities at Sampang and field decline

  • • Cue has no debt

Sustainable Growth

  • • Cue announced the successful completion of the Sampang sustainability project, converting the Oyong field to gas only, significantly lowering operating costs and extending the life of the field

  • • Paus Biru-1 nearfield exploration well in Sampang PSC was approved by the Joint Venture and is expected to be drilled in 2018

  • • Successful workover of the MN1 well at Maari resulted in significant increase in production from the well

Step Change Opportunities

  • • Farmout agreement with Beach Energy for 21% equity in WA-359-P

  • • BP Option agreement over 42.5% equity in WA-359-P extended until April 2018

  • • 75% funding for the Ironbark-1 well conditionally confirmed through the BP and Beach agreements

  • • Beach Energy Option agreement over WA-409-P executed

Further detils of the results can be reviewed in the Appendix 4D and the Interim Financial Report to 31 December 2017 released today.

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Cue Energy Resources Limited published this content on 20 February 2018 and is solely responsible for the information contained herein.
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