CUE 4.00% 12.0¢ cue energy resources limited

Doubles Annual Profit

  1. 1,747 Posts.
    Profit of $3.9m. or 1.1 cents per share.Shares still at 5.2 cents.

    What's going on here?

    A small profitable oil producer with excellent exploration acreage. Even on a PE basis it should be trading at 10 cents.

    What does it take to get market recognition

    Regards M.

    CUE ENERGY RESOURCES LIMITED 2002-09-11 ASX-SIGNAL-G

    HOMEX - Melbourne

    +++++++++++++++++++++++++
    Cue Energy Resources Ltd (ASX : CUE, NZSE : CUE) announced a 100%
    increase in net profit of NZ$3,905,000 after writing off exploration
    expenditure and amortisation of NZ$4,080,454.

    The profit compares with Cue's previous profit of NZ$1,931,000 in the
    2001 year.

    Cue received most of its revenue from its interest in the unitised
    SE Gobe Oilfield in Papua New Guinea. This contributed NZ$8,252,459
    in oil production revenue.

    In announcing the result, Cue's Chairman, Mr Richard Tweedie, said
    that "the profit was a pleasing result and establishes a trend of
    rising profitability, which Cue will strive to repeat in the current
    year."

    Mr Tweedie went on to say that "the continuing strength of the oil
    price bodes well for profitability." "The strength of the oil market
    couldn't have come at a better time for Cue, given that we have an
    11% participation in the drilling next month of the exciting new
    well, Bilip, along trend from the producing SE Gobe oil field and
    Saunders oil discovery", Mr Tweedie said.

    "We are also shooting a 2D seismic survey over selected prospects and
    leads in the vicinity of our Oyong discovery in the Madura Strait of
    Indonesia with a wildcat well anticipated before year end.
    Development planning for Oyong is progressing satisfactorily." Mr
    Tweedie said. Mr Tweedie also said "that Cue's participation in both
    PNG and Indonesia has potential for considerable future value
    creation for shareholders."

    Any queries regarding this announcement should be directed to the
    Company on (03) 9629 7577

    R G Tweedie
    CHAIRMAN


 
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