🕐30.01.14 - 01:00 Uhr

CUE ENERGY [ASX:CUE] - QUARTERLY REPORT FOR PERIOD ENDED 31 DECEMBER 2013





Fortbridge Media Release

Cue Energy [ASX:CUE] - Quarterly Report for Period Ended 31 December 2013

Cue Energy (ASX:CUE) has released its Quarterly Report for period ended 31 December 2013.

The highlights of the report are as follows:

Exploration

� Two wells were drilled in the quarter � Manaia -2 in PMP38160, New Zealand and Naga Utara-2 in the Mahakam Hilir PSC, Indonesia.
� The Manaia-2 appraisal/exploration well:
- Successful in its key objective of obtaining fluid and pressure information from the Mangahewa Formation.
- The Moki Formation had good indications of hydrocarbons.
- Oil was recovered from the Moki using a wireline sampling tool.
- The Farewell and North Cape formations were found to contain water bearing sandstones.
� The Naga Utara-2 appraisal/exploration well:
- Indications of gas but testing was not deemed warranted.
- Further technical evaluation of the permit is underway.
� Onshore Taranaki Basin permit PEP51149 (Cue 20%, Todd 80% Operator) was renewed with a well commitment to be drilled in CY 2014.

Production

� The Maari field which was shut in on 20 July 2013 to effect repairs and maintenance to the production facilities resumed production on 12 December 2013. Production has since been steady at 11,000 barrels of oil per day.

Financial

� Quarterly Revenue:
- Revenue receipts from hydrocarbon production for the quarter were A$7.41 million on sales of 39,278 barrels of oil at an average price of US$105 per barrel and 558,019 thousand cubic feet (Mcf) of gas at an average price of A$5.26 per Mcf.
� Cue has no hedging in place.
� Cue has no debt.
� Cash on hand at the end of the quarter is A$50.14 million.

To view the full report please click on the link below:

For more information please contact:

David A.J. Biggs
Chief Executive Officer
+61 3 8610 4000

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