Cue Reports 1,630 boe/d Production and $11.1M Cash Receipts in Q4 FY2025
Cue Energy Resources reports steady production with a 29% increase in Australian cash receipts and a major milestone at its Maari field, signaling growth and resilience amid operational challenges.
- Total production steady at approximately 1,630 barrels of oil equivalent per day
- 29% increase in cash receipts from onshore Australian assets driven by WM29 and WM30 wells
- Maari field reaches 50 million barrels of oil produced since 2009
- Three development wells drilled in Mahato PSC with further expansion planned
- Progress on Sampang PSC final investment decision and potential increase in Cue’s interest
Production and Financial Highlights
Cue Energy Resources has delivered a solid quarterly performance for the period ending 30 June 2025, maintaining total production at around 1,630 barrels of oil equivalent per day (boe/d). The company reported cash receipts of $11.1 million, underpinned by a notable 29% increase in receipts from its onshore Australian assets. This uplift was largely driven by strong production from the recently drilled WM29 and WM30 wells, which have exceeded pre-drill expectations.
Despite some operational hiccups, Cue’s balance sheet remains robust with no debt and a healthy cash balance of $10.8 million, positioning the company well for ongoing development activities.
Development Progress in Indonesia
In Indonesia, Cue successfully drilled three development wells in the PB Field at the Mahato Production Sharing Contract (PSC), with one well still scheduled to be drilled. The operator is expected to propose further development targeting the Telisa reservoir, leveraging existing infrastructure to drive efficient production growth. Meanwhile, the Sampang PSC experienced a temporary production setback due to a technical shutdown in May, but remedial maintenance is underway to restore output.
Importantly, Cue is advancing discussions around the Paus Biru gas development within the Sampang PSC, aiming to increase its participating interest from 15% to 25%. The company is also progressing toward a final investment decision and a potential 20-year PSC extension, which would secure long-term exploration and development opportunities.
Milestone at Maari Field, New Zealand
The Maari oil field offshore New Zealand marked a significant milestone by producing 50 million barrels of oil since operations began in 2009. Production was temporarily reduced due to downhole faults and maintenance activities, but repairs have been completed or are underway, with expectations to return production to over 5,000 barrels per day. Cue is optimistic about securing a 10-year permit extension to support continued production at Maari.
Outlook and Strategic Focus
CEO Matthew Boyall highlighted the company’s strategic progress, emphasizing the potential increase in Cue’s stake in the Sampang PSC and the multiple approvals pending for long-term project extensions. The company’s diversified portfolio, including stable gas contracts and growing onshore Australian production, provides a balanced cash flow foundation amid fluctuating oil prices and operational challenges.
Looking ahead, Cue is focused on completing its current development plans, restoring full production capacity across its assets, and advancing key investment decisions that could unlock further growth.
Bottom Line?
Cue Energy’s steady operational progress and strategic moves set the stage for potential growth, but upcoming approvals and production recoveries will be critical to watch.
Questions in the middle?
- Will Cue secure the 10-year permit extension for the Maari field to sustain long-term production?
- How will the potential increase in Cue’s interest in the Sampang PSC impact future cash flow and development plans?
- What is the timeline for restoring full production at Sampang and Maari following recent technical setbacks?
