Press

Cue Energy: Quarterly Reports for Period Ended 30 June 2018

Posted by OilVoice Press - OilVoice

26-Jul-2018


SUMMARY OF ACTIVITIES

Highlights

  • $3.6 million net cashflow for the quarter, increasing cash to $16.98m

  • Rig procurement underway for Paus Biru-1 exploration well

  • WA-359-P Suspension and extension application pending with NOPTA

Sustainable Business

  • Total net production of 30,132 barrels (bbls) of oil and 381 million cubic feet (mmcf) of gas.

  • $7.18 million cash received from oil and gas sales

  • $16.98 million cash and no debt.

Disciplined Growth

  • Indonesia: Preparations for Paus Biru-1 Exploration well in Sampang PSC continued with expected drill timing of Q4 2018

  • New Zealand: Annual maintenance shutdown and scheduled workovers completed

Step Change Opportunities

  • Australia: WA-359-P Suspension and extension application still pending with NOPTA. Cue continues to review funding options for the Ironbark-1well.

Production & Financial Summary

  • Revenue during the quarter increased by 7% due to 2017 Oyong oil revenue received

  • $7.18 million cash received on oil and gas sales comprising of:

    • 26,749 bbls at an average price of US$70.14/bbl

    • 20,381 bbls at a price of US$46.86/bbl from delayed 2017 Oyong Oil revenue

    • gas sales of 366 mmcf at an average price of US$7.18 per thousand cubic feet (Mcf).

  • Production expenditure lower due to timing of Joint Venture payments

 

 



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