Cue Energy Resources (ASX: CUE) has released its activities report for the quarter ended June 30, 2025, highlighting key production achievements and ongoing project developments. Cue Energy Resources is an Australian oil and gas exploration and production company with a portfolio of assets in Australia, Indonesia, and New Zealand. The company reported overall production of 1,630 barrels of oil equivalent per day (boe/d) and cash receipts of $11.1 million for the quarter. Cash receipts from Cue’s onshore Australian assets increased by 29%, driven by strong performance from the WM29 and WM30 wells.
Notable developments include the successful drilling of three development wells in the PB Field at the Mahato PSC in Indonesia, with one additional well remaining in the current plan. The Maari field offshore New Zealand achieved a major milestone, surpassing 50 million barrels of oil produced since 2009. Progress continues toward a Final Investment Decision (FID) on the Paus Biru gas development and an extension of the Sampang PSC, with Cue potentially increasing its participating interest in the project from 15% to 25%.
CEO Matthew Boyall commented on the company’s progress, stating that Cue is nearing FID for the Paus Biru gas development and is optimistic about securing a 10-year permit extension for the Maari field to support continued production. While quarterly cash flow was impacted by lower oil prices and increased development activity, Boyall noted that the company’s diversified portfolio and exposure to fixed-price gas contracts provided stability. He also highlighted increased cash receipts from onshore Australia due to a full quarter of production from the WM29 and WM30 wells.
Despite a decrease in total cash receipts from $15.3 million to $11.1 million compared to the previous quarter, Cue’s balance sheet remains strong with no debt and a cash balance of $10.8 million. The company anticipates further development in the Mahato field targeting the Telisa reservoir, and remedial work is planned at Sampang to restore production levels following a technical issue. The Palm Valley Joint Venture continues planning for two development wells, with the Environmental Management Plan approved by the NT Government.
