Cue Energy raises cash reserves

Business, Main Stories

CUE Energy Ltd has posted a 22% increase in their cash reserves during the third quarter, bringing the amount to A$36 million.
This was partly facilitated by the interest generated from the company’s sale of their PNG gas field at Kimu which generated total proceeds of US$5.14 million.
Cue Energy disclosed this in its third-quarter report.
The company had  a good mixture of exploration and producing assets in PNG, Australia, New Zealand and Indonesia, the report said.
It also has interests in the proven oil and gas reserves operated by solid companies like Santos and Oil Search.
Its various explorations and productions in gas and oil in Indonesia, New Zealand and Australia are being assessed and are anticipated to give the company another performance year.
It is also expected to see the company’s stocks appreciate a further 50% over the next 12 months.
This quarter has seen total sales revenue of A$11.62 million from its oil and gas.