Cue Energy Reports Financial Gains in Quarterly Report 2015

Cue Energy Resources (ASX:CUE) released its quarterly report for the period ended March 31, which showed a sales revenue of $7.07 million and zero debt.

As quoted in the press release:

Production

• Maari Growth Project proceeding with MR6A well now on production averaging about 7000 bopd and the MR7A well currently drilling. Growth Project drilling expected to be completed in June 2015.
• Sampang PSC well workover programme resulted in the Oyong-9 well being put on production at 430 bopd, with work continuing this quarter. Compression installation is underway which will extend field life and maintain gas production from Oyong and Wortel.

Exploration

• Drilling planning continues for the Naga Selatan-2 well in the Mahakam Hilir PSC which is to be drilled in 2015.
• Government approval received for Cue’s 12.5% interest acquired in the Mahato PSC in Indonesia.
• Cue acquired 100% of WA-409-P in February 2015 and is now operator of the permit. Cue is compiling a prospect portfolio across both WA-409-P and its other 100% owned permit, WA-359-P, with a view to seeking a joint venture partner(s) to participate in the newly identified significant “Ironbark” prospect.

Financial

• Quarterly Revenue: Revenue receipts from hydrocarbon production for the quarter were A$7.07 million on sales of 44,693 barrels of oil at an average price of US$52 per barrel and 565,191 thousand cubic feet (Mcf) of gas at an average price of A$7.21 per Mcf.
• Cue has no hedging in place.
• Cue has no debt.
• Cash on hand at the end of the quarter is $30.09 million.

Click here to read the full Cue Energy Resources (ASX:CUE) press release.