Cue Energy Resources (ASX:CUE) announced financial results for the full-year ended 30 June 2022.
Cue achieves $16.1 million Profit after Tax, up 226%.
Cue delivers 59% increase in annual production to over 600,000 barrels of oil equivalent.
Revenue of $44.4 million, up 98% on FY21 results.
Strong underlying results with $29.0 million EBITDAX reported, up 179%.
Production increase driven by growth in Mahato PSC, Indonesia and acquisition of Amadeus Basin assets, onshore Australia.
Five oil production wells drilled and completed at Mahato PB field in FY22.
Growth expected to continue in FY23 with 10 more oil production wells planned for Mahato PB field with the potential to increase production 100% and two infill wells and six recompletions planned at Mereenie (Australia).
Following the announcement the company?s share price fell 3.999%.