CUE ENERGY RESOURCES LIMITED — AGM Information 2021

Oct 27, 2021

Annual General Meeting

2 8 O c t o b e r 2 0 2 1

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C U E E N E R G Y R E S O U R C E S L I M I T E D A S X : C U E

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Disclaimer and Important Notices

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.

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Cover image: Wortel WHP, Medco Energi

2021 Annual General Meeting 28 October 2021

Significant Growth Activities in FY2021

$22.4m FY21 revenue First oil production from Mahato PSC

4400 barrels of oil per day (bopd) current production

6 productions wells, 2 more this calendar year

Further development being considered

Amadeus Basin, onshore Australia, asset acquisition

Mereenie, Palm Valley and Dingo producing fields

• 2 development wells drilled + 4 well re-completions undertaken

Cue Net production boepd 2500

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2000
1500
1000
500
0
Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21
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Exploration and development opportunities near term

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Onshore Australia production shown from transaction completion on 1 October 2021, The acquisition had an effective date of 1 July 2020, with all production 1 July 2020 – 30 Sept 2021 credited to a completion working capital adjustment

2021 Annual General Meeting 28 October 2021

Four revenue producing projects

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Mahato PSC
Interest 12.5%
Sampang PSC
Net Production 500 bopd
Interest 15%
Oil
Net Production 715 boepd
Gas
WA-389-P
Interest 100% Mereenie/Palm Valley/Dingo
Exploration Interest 7.5 – 15%
Net Production 580 boepd
Gas & Oil
Maari/Manaia
Interest 5%
Net Production 220 bopd
Oil
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Net production average estimates for the first half of October 2021. Net production from Indonesian PSCs will vary over time with cost recovery.

2021 Annual General Meeting 28 October 2021

Revenue growth from existing and new assets

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Cue Reported Quarterly Revenue
Existing projects Onshore Australia
12 [$A million]
10
8
6
4
2
0
Q1 FY2021 Q2 FY2021 Q3 FY2021 Q4 FY2021 Q1 FY2022
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Cash Basis for existing assets

Onshore Australia reported as attributable revenue from Quarter of agreement signing (Q4 FY2021). The effective economic date was 1 July 2020. Cue’s share of revenue to 1 October 2021 was paid as a credit to the completion working capital adjustment.

2021 Annual General Meeting 28 October 2021

FY21 Reserves growth

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Cue Contingent Resources
mmboe
30-Jun-20 30-Jun-21
6
5
4
3
2
1
0
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Cue Reserves
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mmboe
30-Jun-20 30-Jun-21
8
6
4
2
0
1P 2P
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For further information refer the Cue Energy Annual Report to shareholders which was lodged with the ASX on 27 September 2021. The Company is not aware of any new information or data that materially affects the Reserves included in the Annual Report and that all the material assumptions and technical parameters underpinning the estimates in the Annual Report continue to apply and have not materially changed

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2021 Annual General Meeting 28 October 2021

Selling into strong markets

Brent oil price doubled since July 2020

Onshore Australian production provides exposure to the East Coast Australian gas market, where LNG imports are expected by 2023[1]

Gas demand for power forecast to increase in Indonesia with increasing LNG imports required[2]

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$/bbl Brent Oil price history
140
USD AUD
120
100
80
60
40
20
0
1-Jul-20 1-Oct-20 1-Jan-21 1-Apr-21 1-Jul-21 1-Oct-21
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1 AEMO Gas Statement of Opportunities March 2021 2 PLN 2021-2030 Electricity Supply Business Plan (ESBP) October 2021

2021 Annual General Meeting 28 October 2021

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2021 Annual General Meeting 28 October 2021 Mereenie Production Facility
Central Petroleum
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Mereenie, Palm Valley and Dingo acquisition

Immediate production with exploration, development and appraisal upside Mereenie development wells WM27 and WM28 recently drilled and progressively coming online Upper Stairway reservoir flow rates in WM28 encouraging, with potential for further appraisal

Palm Valley Deep exploration planned for December. Dingo Deep to follow early 2022. Both wells targeting significant gas prospects and can be completed in shallower producing horizons if exploration unsuccessful

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Source: Central Petroleum

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2021 Annual General Meeting 28 October 2021

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2021 Annual General Meeting 28 October 2021
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PB Oilfield Production Facility Texcal

PB field - Average daily oil production

Mahato

First commercial oil production from PB field announced January 2021

Currently producing 4400 bopd

4 development wells drilled so far this calendar year with 2 further development wells to be drilled in November/December

Bekasap C is the main producing reservoir, with potential future production from the Bekasap B reservoir in existing wells

Further development being considered to access the northern section of field

Cue reviewing reserves based on new production and well information

bopd 5000

4000 3000 2000 1000

0 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21

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2021 Annual General Meeting 28 October 2021

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2021 Annual General Meeting 28 October 2021 Grati Gas Processing plant
Sampang PSC
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Sampang

Paus Biru Development progressing

Plan of Development approved by the Indonesian regulator in July 2021 Single well development with subsea pipeline connection to existing Oyong Infrastructure Commercial discussions with gas buyer slow but progressing FID now targeted for late 2022

Oyong and Wortel continue as stable gas production fields Joint venture continuing to review other opportunities Jeruk Oil discovery (2004) being reviewed with current technology

Medco Energi

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2021 Annual General Meeting 28 October 2021

Maari

Process optimisation has stabilised Maari production Q1 2022 production reduced by ESP failure in MR8. Repairs are currently underway

MR6A remains offline. De-sanding equipment being installed to flow well

Jadestone Energy have signed an agreement to acquire 69% equity from OMV and become operator. New Zealand Government approval for this transaction is pending

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Maari Quarterly Production
Cue Net
bbl
30000 Impacted by
25000 MR8 outage
20000
15000
10000
5000
0
Q2 FY21 Q3 FY21 Q4 FY21 Q1 FY22
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Maari WHP
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2021 Annual General Meeting 28 October 2021

Community activities

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2021 Annual General Meeting 28 October 2021

Sustainability

Cue Energy Climate Change policy published September 2021

Taskforce on Climate related Financial Disclosure (TCFD) reporting commenced in 2021 Annual Report. Progress to continue over the coming year

Emissions measurement and reduction initiatives ongoing in joint venture operations

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2021 Annual General Meeting 28 October 2021

FY2022 and beyond

Mahato and onshore Australian assets have contributed to doubling of Cue net production since January 2021

PB-06 recently completed in the Mahato PSC producing 800 bopd, with 2 more development wells in November and December with further development potential

Near term exploration in onshore Australia plus potential for appraisal or infill development drilling

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MR8 repairs being completed in Maari. MR6a plans for flow testing this calendar year

Paus Biru development FID slowed but progress being made on commercial agreements

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2021 Annual General Meeting 28 October 2021

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Level 3, 10 Queen Street, Melbourne, Victoria, AUSTRALIA 3000 (+61) 3 8610 4000 (+61) 3 9614 2142 mail@cuenrg.com.au WWW.CUENRG.COM. AU

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2021 Annual General Meeting 28 October 2021

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