Cue Energy Resources (ASX:CUE) reported revenue of $27.1 million for the half-year ended 31 December 2024, down 7.4 percent due to lower Brent oil prices, a decline in Sampang production, and higher prior-period Dingo revenue. Profit after tax fell 52.2 percent to $4.34 million, impacted by higher production costs at Mahato and Maari. EBITDAX was $15.2 million.
Cash increased 5 percent to $17.1 million, supported by strong operational cash flow despite $7 million in dividend payments. An interim dividend of 1 cent per share was declared, bringing total shareholder returns to $28 million since early 2024.
Production assets in Australia, Indonesia, and New Zealand performed well. In Indonesia, six new Mahato wells were drilled, including the first horizontal well, PB-30, producing 600 barrels per day. The PC-01 exploration well was dry. Cue is negotiating a Sampang PSC extension and may increase its stake in Paus Biru by 10 percent.
New Zealand’s Maari field remained stable above 5,000 barrels per day. An extension application for PMP 381060 was submitted.
In Australia, higher gas prices are expected to boost revenue, with new drilling under consideration at Palm Valley and Mereenie.
Cue expects to fund all developments through internal cash flow while pursuing further growth opportunities.
