Cue Energy Resources Ltd., which produces oil and gas in Australia, Indonesia and New Zealand, has reported an output of 148,300 barrels of oil equivalent (boe) for the fourth quarter of fiscal year 2025.
That was down from 156,100 boe for the prior three-month period. Cue Energy derived over 1,900 barrels and 0.34 petajoules from Australia in the quarter ended June, up for liquids but down for gas. New Zealand production dropped to just over 19,000 barrels. In Indonesia, the Mahato block contributed over 52,000 barrels, up from fiscal Q3 2025; the Sampang production sharing contract (PSC) produced 215 barrels and 0.12 petajoules, both down sequentially.
Cash receipts totaled AUD 11.1 million ($7.21 million), down from AUD 15.3 million for fiscal Q3 2025. “Net cash flow was impacted by higher cash outflow from accelerated drilling activities at Mahato and delayed receipts from a Maari oil sale, with proceeds received after quarter end”, Cue Energy said.
“The company’s balance sheet remains in a strong position, with no debt and a cash balance of $10.8 million”.
In Australia, the volume of gas sold “remained consistent with the previous period, with the recently drilled WM29 and WM30 wells continuing to outperform pre-drill expectations”, Cue Energy said without disclosing sale volume figures.
“The Northern Gas Pipeline (NGP) remained open for most of the quarter, closing again at the end of June due to maintenance works affecting other NT [Northern Territory] gas supply. Under existing contract terms, when the NGP is closed, Cue’s east coast gas sales are redirected into the NT, including to the NT government, minimizing the impact of NGP outages.
“Oil sales from Mereenie were partially constrained due to current offtake arrangements. As a result, four wells with lower gas-to-oil ratios have been temporarily shut in to reduce liquids volumes, leading to an approximate five percent reduction in gas capacity.
“The Mereenie Joint Venture is actively pursuing options to resolve these constraints, and the current impact is not expected to be long-term.
“The Palm Valley Joint Venture continues to plan for the drilling of two development wells in the Palm Valley field. The Environmental Management Plan for the two wells was approved by the NT government during the quarter”.
Cue Energy’s Australian operations consist of a 15 percent stake in the Dingo field, 15 percent in the Palm Valley field and 7.5 percent in the Mereenie field – all operated by Central Petroleum Ltd.
In New Zealand Cue Energy said the Maari field, operated by OMV New Zealand Ltd. and five percent owned by Cue Energy, achieved 50 million barrels of oil production from startup in 2009 to fiscal Q4 2025. “Production for the quarter was reduced by downhole faults in MN1 and MR4 wells, which occurred in early April”, it said. “Repairs were delayed due to the planned reinstallation of the wellhead platform workover unit following a major overhaul and recertification.
“Repairs to MN1 have now been completed, and production has resumed. Work is ongoing on MR4, with completion expected during the current quarter. Once both wells are operational, daily oil production is targeted to exceed 5,000 barrels per day.
“The application to extend the Maari permit (PMP 38160) is currently under review by the New Zealand government”.
In Indonesia’s Mahato, in which Cue Energy owns 11.25 percent, three development wells were drilled and several well workovers conducted during the quarter. “Development drilling continues under the approved Field Development Optimization Plan, with one remaining well scheduled to spud in August”, Cue Energy said.
“The operator [Texcal Energy Mahato Inc.] is expected to propose a phase III development plan targeting production expansion from the Telisa reservoir, which was successfully tested in an existing well during the quarter.
“Exploration data collection was undertaken during the quarter to support the selection of a new exploration well target”.
In Sampang, in which Cue Energy owns 15 percent, “[p]roduction and receipts were temporarily impacted by natural field decline and a technical issue at the Wortel field following a scheduled maintenance shutdown in May”, Cue Energy said. “This issue temporarily halted gas production during part of the quarter. Remedial work is planned for the current quarter to restore production levels.
“Installation of a compressor at the Grati gas processing plant is progressing well. The objective is to lower wellhead pressure at both the Oyong and Wortel fields, enhancing production and overall gas recovery. The project is expected to be completed in Q2 FY2026.
“Discussions are continuing between the operator, Medco Energi Sampang Pty. Ltd., and the Indonesian government regarding economic incentives for the Paus Biru development, as well as finalizing a proposed extension of the Sampang PSC, which is due to expire in December 2027”.
Paus Biru is planned to produce 20-25 million cubic feet a day of gas starting 2027. The development is expected to build a 27-kilometer (16.78 miles) subsea pipeline to connect the field to existing Oyong infrastructure.
Singapore Petroleum Sampang Ltd. told its two partners it will exit the PSC upon expiry in 2027.
Elsewhere in the Southeast Asian country, the Mahakam Hilir PSC, wholly owned by Cue Energy, remains in the process of being surrendered, Cue Energy said. The PSC expired April 2021.
To contact the author, email jov.onsat@rigzone.com
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