CENTRAL PETROLEUM LIMITED — Capital/Financing Update 2021

Nov 28, 2021

29 November 2021

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Cue signs Northern Territory Gas Supply Agreement

Cue Energy has entered into a new gas supply agreement to supply gas to the Northern Territory’s Power and Water Corporation via a back-to-back agreement with Macquarie Mereenie Pty Limited. This is the first new gas supply agreement signed by Cue since completion of the acquisition of the Mereenie, Palm Valley and Dingo assets from Central Petroleum on 1 October 2021.

The agreement is for firm gas supply over a four year term starting 1 Jan 2022, with take or pay provisions and a fixed price subject to annual CPI escalation. The pricing reflects current strong market conditions.

Cue’s contracted gas supply is up to a total of 0.95 Petajoules (PJ) and will be aggregated with Macquarie Mereenie, Central Petroleum and New Zealand Oil & Gas for a total supply of 12.6 PJ over the contract term.

The agreement includes a portion of the increased production from the 2021 Mereenie development campaign, where 2 new production wells were drilled, and four existing wells recompleted. Marketing is continuing for additional gas sales for 2022 and beyond.

Authorised by the Matthew Boyall, CEO

Any queries regarding this announcement should be directed to the Company on +61 3 8610 4000 or email mail@cuenrg.com.au.

About Cue Energy

Cue Energy Resources Limited is an Australian Securities Exchange (ASX:CUE) listed oil and gas production and exploration company. Cue’s FY21 revenue was A$22.4million from gas production offshore Indonesia and oil production offshore New Zealand and onshore Indonesia. Cue has an operated exploration permit in the Carnarvon Basin, offshore Western Australia. In October 2021, Cue completed a transaction to acquire interests in the Mereenie gas and oil field, and the Palm Valley and Dingo gas fields, from Central Petroleum Limited.

T +61 3 8610 4000 F +61 3 9614 2142 E mail@cuenrg.com.au www.cuenrg.com.au Level 3, 10 Queen Street, Melbourne Victoria 3000, Australia

General Legal Disclaimer

Various statements in this document may constitute statements relating to intentions, opinion, expectations, present and future operations, possible future events and future financial prospects. Such statements are not statements of fact, and are generally classified as forward looking statements that involve unknown risks, expectations, uncertainties, variables, changes and other important factors that could cause those future matters to differ from the way or manner in which they are expressly or impliedly portrayed in this document. Some of the more important of these risks, expectations, uncertainties, variables, changes and other factors are pricing and production levels from the properties in which the Company has interests, or will acquire interests, and the extent of the recoverable reserves at those properties. In addition, the Company has a number of exploration permits. Exploration for oil and gas is expensive, speculative and subject to a wide range of risks.

Individual investors should consider these matters in light of their personal circumstances (including financial and taxation affairs) and seek professional advice from their accountant, lawyer or other professional adviser as to the suitability for them of an investment in the Company.

Except as required by applicable law or the ASX Listing Rules, the Company does not make any representation or warranty, express or implied, as to the fairness, accuracy, completeness, correctness, likelihood of achievement or reasonableness of the information contained in this document, and disclaims any obligation or undertaking to publicly update any forward-looking statement or future financial prospects resulting from future events or new information. To the maximum extent permitted by law, none of the Company or its agents, directors, officers, employees, advisors and consultants, nor any other person, accepts any liability, including, without limitation, any liability arising out of fault or negligence for any loss arising from the use of the information contained in this document.

Reference to “CUE” or “the Company” may be references to Cue Energy Resources Limited or its applicable subsidiaries.

T +61 3 8610 4000 F +61 3 9614 2142 E mail@cuenrg.com.au www.cuenrg.com.au Level 3, 10 Queen Street, Melbourne Victoria 3000, Australia