CUE 6.82% 11.8¢ cue energy resources limited

2q cash flow

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    QUARTERLY REPORT
    FOR THE QUARTER ENDING 30 JUNE 2003
    QUARTER HIGHLIGHTS
    Papua New Guinea
    • Quarterly revenue from SE Gobe field was US$1,132,382.
    Indonesia
    • A US$293,996 insurance payment was received subsequent to the end of the
    quarter
    • Oyong field front end engineering design and environmental impact studies
    continued.
    • Subsequent to the quarter, a Gas Sales Agreement was signed for the sale of all
    Oyong gas to PT Indonesian Power at Grati.
    1. PRODUCTION
    PDL 3 - SE Gobe Field, PNG (5.568892% interest)
    Operator: Santos
    SE Gobe Unit, PNG (3.285646 % interest, over lift interest 3.8565%)
    Operator: Chevron
    Cue's oil production revenue received during the quarter from the SE Gobe oil field in
    PNG was US$1,132,382 and equated to 37,886 barrels. Cue did not have any hedging
    arrangements in place during the quarter.
    At the end of the quarter, the SE Gobe field was producing at a rate of approximately
    9,600 barrels of oil per day (Cue's net interest is approximately 370 barrels of oil per
    day).

    2. DEVELOPMENT ACTIVITY
    Sampang PSC – Madura Strait, East Java, Indonesia (15% Interest)
    Operator: Santos
    Subsequent to the end of the quarter, a Gas Sales Contract was signed with PT
    Indonesia Power for the entire gas reserves of the Oyong field. The signing follows the
    Heads of Agreement which was signed in February 2003.
    The Oyong field was discovered in mid 2001 and has over 90 billion cubic feet of
    proven and probable natural gas reserves and a conservatively estimated 5 million
    barrels of recoverable oil from the 80 million barrels of oil estimated to be in place.
    Oyong is in 45 metres of water, 60 kilometres north east of PT Indonesian Power's 766
    Megawatt open and combined cycle gas turbine facility at Grati, Indonesia. The gas is
    expected to be produced from the field at a minimum rate of 40 million cubic feet of
    gas per day. The combined gas and oil flow stream will be processed onshore at a
    facility which will be established adjacent to the Grati Power station.
    First production is now expected to commence in early 2005.
    Various development studies continued during the quarter, including front end
    engineering design and environmental impact studies.
    Finance
    During the quarter, Cue received a detailed expression of interest from a lender to
    project finance Cue's entire share of the gross capital cost of the development.

    APPENDIX II
    (Rule 10.10.4)
    QUARTERLY REPORT OF CONSOLIDATED CASH FLOWS
    Cue Energy Resources Limited
    Quarterly Report of Consolidated Cash Flows in accordance with
    Listing Rule 10.10.4. These figures are based on accounts which are
    unaudited. If these figures are based on audited accounts, a statement
    is required of any material qualification made by the auditor. The
    Mining Issuer does have a formally constituted Audit Committee of the
    Board of Directors.
    Quarter Ended
    30/06/03
    $NZ 000
    Year to Date
    (Twelve Months)
    $NZ 000
    1. CASH FLOWS RELATING TO OPERATING ACTIVITIES
    a) Receipts from product sales and related debtors 2,004 7,656
    b) Payments: for exploration and evaluation
    for development
    for production
    for administration
    (560)
    -
    (392)
    (317)
    (3,985)
    (419)
    (2,020)
    (1,345)
    c) Dividends received 1 2
    d) Interest and other items of a similar nature received 15 109
    e) Interest and other costs of finance paid - -
    f) Income taxes paid - (138)
    g) Other - -
    h) NET OPERATING CASH FLOWS 751 (140)
    2. CASH FLOWS RELATED TO INVESTING ACTIVITIES
    a) Cash paid for purchases of prospects
    equity investments
    other fixed assets
    ---
    ---
    b) Cash proceeds from sale of prospects
    equity investments
    other fixed assets
    -
    235
    6
    c) Loans to other entities - -
    d) Loans repaid by other entities - -
    e) Other - -
    f) NET INVESTING CASH FLOWS - 241
    3. CASH FLOWS RELATED TO FINANCING ACTIVITIES
    a) Cash proceeds from issues of shares, options, etc - -
    b) Proceeds from sale of forfeited shares - -
    c) Borrowings - -
    d) Repayments of borrowings - -
    e) Dividends paid - -
    f) Other (provide details if material) - -
    g) NET FINANCING CASH FLOWS - -
    4. a) *NET INCREASE (DECREASE) IN CASH HELD 751 101
    b) Cash at beginning of quarter/year to date 3,629 4,823
    c) Exchange rate adjustments to Item 4(a) above (172) (716)
    d) CASH AT END OF QUARTER 4,208 4,208
 
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