Cue Energy Resources (ASX: CUE), an Australian oil and gas exploration company with projects across Australia, Indonesia, and New Zealand, has released its activities report for the quarter ended 30 June 2025. The company reported overall production of 1,630 boe/d, generating cash receipts of $11.1 million for the period. A notable increase was seen in cash receipts from Cue’s onshore Australian assets, which rose by 29%.
The improved performance in Australia was attributed to a full quarter of production from the WM29 and WM30 wells, along with higher-priced gas contracts and one-off payments from the sale of the Brewer Estate terminal property and prior-year contractual adjustments. In Indonesia, three development wells were successfully drilled in the PB Field at the Mahato PSC during the quarter, with one additional well remaining in the current plan. Further development targeting the Telisa reservoir is anticipated.
In New Zealand, the Maari field achieved a significant milestone, reaching 50 million barrels of oil produced since commencing operations in 2009. Cue is also progressing toward a Final Investment Decision on the Paus Biru gas development and an extension of the Sampang PSC, with the potential to increase its participating interest in the project from 15% to 25%. CEO Matthew Boyall noted that Cue continues to advance its projects on multiple fronts.
While acknowledging the impact of lower oil prices and increased development activity on quarterly cashflow, Mr. Boyall highlighted the stability provided by Cue’s diversified portfolio and exposure to fixed-price gas contracts. The company’s balance sheet remains strong, with no debt and a cash balance of $10.8 million. Remedial work is planned for the current quarter to restore production levels at Sampang, which was temporarily impacted by a technical issue.
