Australian explorer Cue Energy on February 24 reported a net loss of A$14.8mn (US$11.7mn) during the six months to December 31 (H1) owing to expenditure on the Ironbark-1 exploration well and a stronger Australian dollar. It booked a profit of A$1.5mn in H1 of the previous year.  

Cue incurred A$9.83mn exploration expense on Ironbark-1 exploration well offshore Western Australia, including a provision for abandonment. BP, the operator of Ironbark-1, plugged and abandoned the well in January.  

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The strong Australian dollar resulted in A$2.91mn in unrealised foreign currency translation losses for the period, it said. 

Production revenue for the period was A$9.41mn, down from A$13.92mn in the same period of last year. This was mainly attributable to reduced liftings at Maari field and lower global oil prices, Cue said.  

In Indonesia, Cue and its partners are progressing early stages of the front end engineering and design (Feed) phase for the Paus Biru development. “Significant Feed activities and a final investment decision for the development are expected to be delayed due to current Covid-19 demand changes affecting buyer’s abilities to contract future gas.”