Cue Energy produces 41% less oil in Dec quarter

Company News

by David Chau

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.

David Chau

Finance News Network
David joined FNN in April 2016. In addition to presenting the Market Outlook and latest business news stories, David interviews senior economists and CEOs of ASX-listed companies. Prior to working for FNN, David was a litigation lawyer.