Ann: Quarterly Activities Report, page-2

Cash receipts of $14.5 million were 41% higher than the previous quarter, in part resulting from a
larger than expected Maari oil sale in May which benefited from high oil prices, increased receipts
from short-term Australian gas sales and $0.9m in delayed Mahato receipts from last quarter which
Cue received this quarter.
Daily sales of uncontracted spot gas from the Mereenie joint venture linked to East Coast trading
hubs, including Brisbane and Sydney Short Term Trading Markets (STTMs), received prices up to
$40/GJ. Approximately 15% of Cue’s Mereenie production is sold into the short-term market daily.
The average price received for all oil sales during the quarter was A$148.6/bbl.
As announced on 24 June 2022, Cue executed an agreement with New Zealand Oil & Gas for a
$7.0 million loan to support Cue’s existing exploration and development activities and ensure
sufficient working capital remains available during expected periods of high expenditure in the near
term.
Cash balance at the end of the quarter increased to $23.2 million, including $7.0m in loans, an
increase of $9.4 million from the previous quarter.....

>>> well what we expected .. strong cashflows... 2.4mill net profit from operations ..16.2mill in cash at the bank 7mill loan from NZO

---Outlook

Amadeus Basin(who knows costs here when the deep drills getting deferred)

The PV-12 exploration well is currently being drilled. As previously announced on 11 May
2022, Central Petroleum (CTP), the operator of Cue’s Amadeus Basin assets, forecast $3.1
million in additional costs for the PV-12 and Dingo-5 wells to 30 April 2022. Since then, drilling
of PV-12 has been slower than expected which could result in further cost increases. As part
of the sale and purchase agreement with CTP, Cue is obligated to pay CTP’s share of certain
exploration and development costs up to a $12 million cap.

Cue’s commitment, including the CTP carry, for the remaining expected cost for this drilling
program is currently estimated as $12.2 million.
In the Mereenie field, the joint venture is considering 6 well workovers and 2 infill wells during
FY2023.

Mahato PSC

Fourteen more wells are planned to be drilled in the PB oilfield over the next 12-14 months,
with extra processing facilities also being constructed. Twelve of these are oil production wells
which are expected to deliver revenue, however the timing of costs and revenue is a
consideration of this financing. Cue’s estimated expenditure commitment for this phase of
development is approximately $13 million.
Sampang PSC

The Paus Biru Final Investment Decision (FID) is expected to be made by the Joint Venture
in the coming months, with development expenditure, if and when approved, expected to be
incurred over the following 24 months before first gas production. Cue’s estimated share of
Paus Biru development funding is approximately $15 million.