Cue Energy: FY18 First Half Financial Results

Cue Energy Resources Ltd (ASX:CUE ) today announced its FY18 First Half financial report which displays the ongoing out comes 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. 3 4 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 O ption 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

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