re: anxious re question on cue Hey JBC,What do you mean...

re: anxious re question on cue Hey JBC,

What do you mean taxes/royalty 80%??? Please explain. Not a TAC is it?

pj

CUE ENERGY RESOURCES LIMITED 2002-09-10 ASX-SIGNAL-G

HOMEX - Melbourne

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NOTES TO PRELIMINARY REPORT FOR YEAR TO 30 JUNE 2002

The operating surplus for the year to 30 June 2002 was $3,904,725,
principle components of which comprise the following individual
items:

i. Production income $8,252,459
ii. Profit from sale of area of interest TRL/1 (Yolla) $2,857,128
iii. Recovery of exploration expenditure written off $200,825
iv. Interest received/receivable $136,877
v. Exploration and project expenditure written off ($1,136,787)
vi. Amortisation of production property ($2,943,667)
vii. Interest Expense ($86,234)
viii. Investments written down ($269,654)
ix. Tax paid ($549,136)
x. Net loss from sale of listed securities ($346,930)

PRODUCTION INCOME - $8,252,459

The income represents production from the SE Gobe oil field in Papua
New Guinea.

PROFIT FROM SALE OF YOLLA - $2,857,128

Profit from sale of 14% interest in TRL/1(Yolla)

RECOVERY OF EXPLORATION EXPENDITURE WRITTEN OFF - $200,825

Exploration expenditure refunded (ATP541P).

INTEREST - $136,877

The Group received interest on funds held on deposit during the year.

EXPLORATION AND PROJECT EXPENDITURE WRITTEN OFF - $1,136,787

Of the expensed exploration and project expenditure of $1,136,787, an
amount of $1,033,383 of costs associated with exploration in PPL194
was written off.

AMORTISATION OF PRODUCTION PROPERTY - $2,943,667

The Group incurred amortisation charges on its SE Gobe Property using
the unit of production method.

INTEREST EXPENSE - $86,234

Interest charges predominantly associated with project finance for
SE Gobe.

INVESTMENTS WRITTEN DOWN - $269,654

The Company partially wrote down investments made during the year.

TAX PAID - $549,136

Tax paid and payable in Papua New Guinea on PNG oil production.

NET LOSS FROM SALE OF LISTED SECURITIES - $346,930

Net loss from sale of listed securities.

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