CUE 3.33% 15.5¢ cue energy resources limited

quarterly report of consolidated cash

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    CUE ENERGY RESOURCES LIMITED 2003-04-08 ASX-SIGNAL-G

    HOMEX - Melbourne

    +++++++++++++++++++++++++
    APPENDIX 11 (Rule 10.10.4)
    QUARTERLY REPORT OF CONSOLIDATED CASH FLOWS
    NZ STOCK EXCHANGE

    Name of Company Cue Energy Resources Limited

    For Quarter Ended 31/03/2003
    (referred to in this Statement as the "Current Quarter")


    Quarterly Report of Consolidated Cash Flows in accordance with Listing
    Rule 10.10.4. These figures are based on accounts which are audited.
    If these figures are based on audited accounts, a statement is
    required of any material qualification made by the auditor. The Mining
    Issuer has a formally constituted Audit Committee of the Board of
    Directors.

    [PLEASE REFER TO ATTACHED NOTES WHEN COMPLETING THIS FORM].

    Current Year to date
    Quarter (9 months)
    NZD'000 NZD'000
    1. CASH FLOWS RELATED TO OPERATING ACTIVITIES
    (a) Receipts from product sales
    and related debtors 1,829 5,652
    (b) Payments for exploration and
    evaluation: (1,541) (3,425)
    (i) for development - (419)
    (ii) for production (458) (1,628)
    (iii) for administration (252) (1,028)
    (c) Dividends received - 1
    (d) Interest and other items of
    a similar nature received 19 94
    (e) Interest and other costs of
    finance paid - -
    (f) Income taxes paid - (138)
    (g) Other (provide details
    if material) - -
    (h) NET OPERATING CASH FLOWS (403) (891)

    2. CASH FLOWS RELATED TO INVESTING ACTIVITIES
    (a) Cash paid for purchases of
    (i) prospects - -
    (ii) equity investments - -
    (iii) other fixed assets - -
    (b) Cash proceeds from sale of
    (i) prospects - -
    (ii) equity investments - 235
    (iii) other fixed assets 6 6
    (c) Loans to other entities - -
    (d) Loans repaid by other entities - -
    (e) Other(provide details
    if material) - -
    (f) NET INVESTING CASH FLOWS 6 241

    3. CASH FLOWS RELATING 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 (397) (650)
    (b) Cash at beginning of quarter/
    year to date 4,195 4,823
    (c) Exchange rate adjustments to
    Item 4(a) above (169) (544)
    (d) CASH AT END OF QUARTER 3,629 3,629


    5. NON-CASH FINANCING AND INVESTING ACTIVITIES
    (a) Provide details of financing and investing transactions which have
    had a material effect on consolidated assets and liabilities but
    did not involve cash flows.

    N/A

    (b) Provide details of outlays made by other entities to establish or
    increase their shares in projects in which the reporting entity
    has an interest.

    N/A


    6. FINANCING FACILITIES AVAILABLE
    Provide details of used and unused
    loan facilities and credit standby
    arrangements, adding such notes as Amount Amount
    are necessary for an understanding Available Used
    of the position. NZD'000 NZD'000

    - - -


    7. ESTIMATED CASH OUTFLOWS FOR NEXT QUARTER Current Following
    Quarter# Quarter
    NZD'000 NZD'000

    (a) Exploration and evaluation 2,735 1,745
    (b) Development 24 21

    TOTAL 2,759 1,766

    # The outlays to be shown in this column are the estimates made for
    this quarter in the previous quarterly report. Where these
    estimates differ by more than 15% from the actual outlays reported
    in Item 1(b) of this report, provide an explanation of the reason(s)
    for these differences as an attachment to this report.


    8. RECONCILIATION OF CASH
    For the purposes of the statement of cash flows, cash includes:

    -


    Cash at the end of the
    quarter as shown in the
    statement of cash flows
    is reconciled to the Current Previous
    related items in the quarter quarter
    accounts as follows NZD'000 NZD'000

    Cash on hand and at bank 56 14
    Deposits at call 3,573 4,181
    Bank overdraft - -
    Other (provide details) - -

    TOTAL=CASH AT END OF QUARTER
    [Items 4(d)/4(b)] 3,629 4,195


    9. CHANGES IN INTERESTS IN MINING TENEMENTS

    Tenement Nature of Interest at Interest
    Reference Interest Beginning at End of
    of Quarter Quarter
    (a) Interests in
    mining tenements
    relinquished,
    reduced and/or
    lapsed PPL194 Working 100% -


    (b) Interests in
    mining tenements
    acquired and/or
    increased - - - -

    (c) Where changes are reported in (a) and/or (b), an amended
    list of interests in mining tenements is to be attached
    to this statement.

    10. ISSUED AND QUOTED SECURITIES AT END OF CURRENT QUARTER

    Category of Number Number Par Value Paid-Up
    Securities Issued Quoted Cents Value
    Cents

    PREFERENCE SHARES - - - -

    #(Description) - - - -

    Issued during
    current quarter - - - -

    ORDINARY SHARES 333,943,755 333,943,755 N/A N/A

    Issued during
    current quarter - - N/A N/A

    CONVERTIBLE NOTES - - - -

    #(Description) - - - -

    Issued during
    current quarter - - - -

    OPTIONS Exercise Expiry
    price date
    (AUD cents)
    Issued during
    current quarter 500,000 - 8 02/05/2004
    500,000 - 10 02/05/2004
    500,000 - 12 02/05/2004
    500,000 - 15 02/05/2004

    Exercised during
    current quarter - - - -

    Expired during
    current quarter - - - -

    DEBENTURES
    - Totals only - -

    UNSECURED NOTES
    - Totals only - -

    # Description includes rate of interest and any redemption or
    conversion rights together with prices and dates thereof.



    A Knox Date: 08/04/2003
    PUBLIC OFFICER

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