Cue Energy
(ASX:CUE) has released its fourth quarter activity report for 2016.
The company says it sold its loss-making US operations in the North West Shelf to BP, increased its cash balance and reduced its overheads.
Cue Energy also says it has no debt and its cash balance rose by $1 million to $22.9 million at the end of the December quarter.
In addition, the company produced 38,790 barrels of oil and 570 million cubic feet of gas in the December. This represents declines of 41% and 14% respectively compared to the September quarter.
Cue Energy posted a net loss of $87.5 million at 30 June 2016.
