CUE Energy Resources Includes FY2021 Financials Australia Edition Friday, October 01, 2021 CUE Energy Resources (CUE) 6.40C

Daily Research Report: CUE Energy Resources Includes FY2021 Financials Australia Edition Friday, October 01, 2021 CUE Energy Resources (CUE) 6.40c

CUE Energy Resources (CUE: 6.40c) decreases 1.5% weakening below moving average price

CUE Energy Resources Limited, Australia's 72nd largest Energy company by market cap, has decreased 0.10c (1.5%) from its Fig 3: CUE Financials Summary: EPS previous trading session to close at 6.40c. Compared with the All fell to -1.83c in FY2021 Ordinaries Index which fell 143.1 points (1.9%) in the day, the relative price increase was 0.4%. Net profit slumped from a loss of $949,084 in FY2020 to a loss of $9.2 million in FY2021. The 200-day Moving Average Price (MAP) is 9.02c, down from Earnings Per Share (EPS) fell from 0.19c in FY2020 to -1.83c in 9.03c on Thursday. The price to MAP ratio is 0.71. In the past FY2021. month the MAP has exceeded the share price on 22/22 days; a Year ended Jun FY2021 FY2020 FY2019 bearish signal. Sales ($ M) 14.4 17.3 18.6 There were 20,000 shares worth $A1,280 traded today. The Pretax ($ M) (5.4) 3.7 9.3 volume was 0.02 times the average daily trading volume of 1.3 Net ($) (9.2M) 949,084 6.2M million shares. EPS (AUD) (0.0183) 0.0019 0.0122 Fig 1: Past Quarter Snapshot In this Report:

Beginning of End-of Change Highlights: (Click tab for direct access) Page Quarter (01 Quarter (01 DATA & ARCHIVE DOWNLOAD CENTER 1 Jul, 2021) Oct, 2021) The Past Quarter: Regulatory Announcements 3 AUD % Bullish Signals 4 Price 6.30c 6.40c 0 1.6 Ongoing Bullish Parameters 5 Market $A33 million $A32.3 million -668,758 1.6 Bearish Signals 9 Cap Ongoing Bearish Parameters 9 Corporate Profile 13 Low During Quarter 0.06 on Thu 09 Sep, 2021 Financials FY 2021, Past 7 Years 14 High During Quarter 0.07 on Fri 16 Jul, 2021 Board of Directors 16 VWP 0.1 Top shareholders 19 Peer Comparison & Ranking of CUE 20 Fig 2: AGM News Archives (Nov 2017 - Jun 2021) 23 Currency Synopsis: Australian Dollar (AUD) 30 September 27: CUE Energy Resources announces AGM 3 FIN STMTS AS REPORTED: PAST 2 YEARS 30 CUE Energy Resources has announced its Annual General Meeting will take place on Thursday, October 28. Index 36 Glossary 38

Note also: Section Headers and Figures are mapped as Bookmarks in the PDF menu (left, top)

DATA & ARCHIVE DOWNLOAD CENTER

CUE: EXCEL TABLES ARE AVAILABLE TO EXPORT DATA: • PRICE VOLUME - 5-YEAR HISTORY • FINANCIALS - 10-YEAR HISTORY [INCLUDING FY 2021] CUE: LINKS IN HTML TO FURTHER INFORMATION: • PRICE VOLUME CHARTS IN HTML • USD vs AUD EXCHANGE RATE CHARTS IN HTML • CRUDE OIL COMMODITY PRICE CHARTS IN HTML

www.BuySellSignals.com Index and Glossary at end of this Report. Daily Research Report: CUE Energy Resources Includes FY2021 Financials Australia Edition Friday, October 01, 2021

Fig 4: CUE Stock Dashboard [traded in Australian Dollar, AUD]

Currency AUD 1 = USD 0.72 Oct 01 close 6.40c [$A 1 = 100c] Ave Daily Volume 1,251,190 shares 52-Week Range (In AUD) 0.06 - 0.24 Sector Energy Market Cap $A45 million [$32 million] EPS (FY2021) (2c) Shares Outstanding 698,119,720

Fig 5: LONG-TERM FUNDAMENTAL RANKING: 3 OUT OF 5 [5 is best]

CUE Energy Resources is ranked number 75 out of 158 listed energy companies in the Australia with a market capitalization of $A44.7 million. In the energy companies it has the 43rd highest total assets and 29th highest revenues.

Stocks are scored on a set of parameters reflecting fundamental analytical tools involving valuation, size and financial performance. They are ranked according to the average values of those parameters. The highest ranking is 5 and the lowest ranking is 1.

Fig 6: Short-Term Technical Ranking: 3 out of 5 [5 is best]

Significantly its price of 6.40c is at a discount of 29% to its 200-day moving average price of 9.02c. Its 52-week range has been 24.0c to 5.70c; it is trading at a discount of 73.3 % to its 52-week high and a premium of 12.3 % to its 52-week low. AUD1,000 invested exactly one year ago is now worth $A376 of which $A624 is a capital loss. Recommended stop loss: 5.92c Stocks are scored on a set of technical parameters reflecting price performance, overbought/ oversold levels and trading volumes. They are ranked according to the bullish/bearish values of those parameters. The highest ranking is 5 and the lowest ranking is 1.

BuySellSignals On-demand Stock Research Report - PDF: Every stock, Every market Bullish and bearish signals and parameters use algorithms based on application of investment wisdom from legends. Click on the links provided in Page 1 to export data. For details and samples of Product Suite visit www.bstfund.com For any enquiries, please email: [email protected]

www.BuySellSignals.com Page 2 Daily Research Report: CUE Energy Resources Includes FY2021 Financials Australia Edition Friday, October 01, 2021 The Past Quarter: Regulatory Announcements

Fig 7: Meetings

July 28: RESULTS OF GENERAL MEETING In accordance with Listing Rule 3.13.2 and Section 251AA of the Corporations Act, we advise details of the resolution and the proxies received in respect of the resolution as set out in the attached proxy summary. Source: Company Website

Fig 8: Press Releases

September 27: Joint Operations The PB field in the Mahato PSC is currently producing 3,600 barrels of oil per day, with further development wells currently being drilled. In FY21, Cue received $2.4 million in revenue from the field following first oil at the start of the calendar year. As development continues, we are benefiting from increased production rates as new wells are brought online and the oil price remains strong Source: Company Website

September 11: MEREENIE DEVELOPMENT WELL WM28 SUCCESSFULLY COMPLETED; GOOD STAIRWAY GAS FLOWS Central Petroleum Limited (ASX:CTP) ("Central" or "Company") advises that WM28, the second development well in the Mereenie Development Programme was completed on 6th September 2021. Source: Company Website

September 11: Mereenie Development Well WM28 Completion The operator of the Mereenie joint venture, Central Petroleum Limited (ASX:CTP) ("Central") has advised that the WM28 development well, the second well in the Mereenie Development Programme, was completed on 06 September 2021. Source: Company Website

September 11: Regulatory Approval Received from Northern Territory Government The Northern Territory Government has today provided its regulatory approval to New Zealand Oil & Gas in relation to the transaction to acquire Amadeus Basin Assets from Central Petroleum. This satisfies a key condition precedent of the transaction. Source: Company Website

September 11: Regulatory Approval Received from Northern Territory Government The Northern Territory Government has provided its regulatory approval to Cue in relation to the transaction to acquire Amadeus Basin assets from Central Petroleum. This satisfies a key condition precedent of the transaction. Source: Company Website

September 11: Appendix 3Y Change of Director's Interest Notice Source: Company Website

August 19: Key to Disclosures Corporate Governance Council Principles and Recommendations discloses the extent to which an entity has followed the recommendations set by the ASX Corporate Governance Council during Source: Company Website

August 02: Activities Report Quarter ending Acquisition of Mereenie, Palm Valley and Dingo production assets in the Amadeus Basin, onshore Australia Source: Company Website

July 30: FY2021 Annual Cash Flow Report: CUE Energy Resources Cash Balance decreases 45%

www.BuySellSignals.com Source: Company Website Page 3 Daily Research Report: CUE Energy Resources Includes FY2021 Financials Australia Edition Friday, October 01, 2021

As per a report dated July 30, 2021 the Cash Burn of operating activities was $A8,030,000 ($5,942,746) in the year ended July 30, 2021. This corresponds to an average Cash Burn Rate of $A669,167 ($495,229) per month. To support this Cash Burn Rate, the cash balance of $A17,644,000 ($13,057,760) as at July 30, 2021 should be adequate till October 10, 2023.The cash runway defined by the length of time to run out of money if it kept spending at its current rate of cash burn is 2 years, 1 month and 7 days from today's date. * Exchange Rate as on July 30, 2021 1 USD = 1.3512 $A

July 22: Mereenie Development Well WM28 commences The operator of the Mereenie joint venture, Central Petroleum Limited (ASX:CTP) ("Central") has advised that the WM28 development well, the second well in the Mereenie Development Programme, was spud on 21 July 2021 at 0330 hrs. Source: Company Website

July 21: Mereenie Development Well WM28 commences The operator of the Mereenie joint venture, Central Petroleum Limited (ASX:CTP) ("Central") has advised that the WM28 development well, the second well in the Mereenie Development Programme, was spud on 21 July 2021 at 0330 hrs. Source: Company Website

Bullish Signals

PAST WEEK: WEAK MOMENTUM UP - CUE strengthens 1.6% on volume 0.2 times average

Week 40 of 2021: Up 1.6%; CUE Energy Resources (CUE) outperformed the All Ordinaries Index in 4 out of 5 days. The price ranged between a low of 6.0c on Monday Sep 27 and a high of 7.0c on Thursday Sep 30. Close Chang RPC % Date CUE Energy Resources Comment [AUD] e % * Mon Sep 27 Closes at 5.0% above VWAP 0.06 0 -0.5 Week-low of 0.06 Tue Sep 28 Hits a 21-day high 0.06 1.6 3.0 Top Rise Wed Sep 29 Closes at 6.7% above VWAP 0.06 0 1.8 Price rise on rising relative strength Thu Sep 30 Hits a 23-day high 0.07 1.6 0.5 Week-high of 0.07 Fri Oct 01 Decreases 1.5% weakening below moving average 0.06 -1.5 0.4 Steepest Fall price

* RPC - Relative Price Change is % price change of stock less % change of the All Ordinaries Index.

Uptrend

Past Month: • Rises to Falls: In the past month the number of rises outnumbered falls 8:5 or 1.6:1.

Past Quarter: The Best 3 weeks in the past quarter In the past quarter the week beginning Monday July 05 saw the highest weekly rise of 6.2% for a relative price increase of 6.8%. Mon-Fri Change % All Ordinaries Index Change % RPC % Vol Ind [1 is avg] Jul 05-09 6.2 -0.6 6.8 0.4

www.BuySellSignals.com Source: Company Website Page 4 Daily Research Report: CUE Energy Resources Includes FY2021 Financials Australia Edition Friday, October 01, 2021

Jul 12-16 5.9 1.1 4.8 0.1 Sep 13-17 3.3 0 3.3 0.1

Undervaluation

MCap/Total Assets: • Tobin's Q Ratio, defined as MCap divided by Total Assets, is 0.8. Compared with the rest of the market the stock is undervalued.

Ongoing Bullish Parameters

Fig 9: Present Value of AUD1000 Invested in the Past 3 Months; The Best Period with PVAUD1000 > 1,015

PVAUD1,000 3 mo ago CUE.ASX $A1,016 Energy sector $A1,178 All Ordinaries Index $A1,014

Fig 10: Past quarter: price rise of 1.6%

3-Month price change of 1.6% for CUE Energy Resources outperformed the change of -1.3% in the All Ordinaries Index for a relative price change of 2.9%. Price Change % Quarter CUE Energy Resources 1.6 Energy sector 17.8 All Ordinaries Index -1.3

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Fig 11: Increased Volume, up 511% in 5 years

In the past five years, Average Daily Volume of Trading (ADVT) has increased 510.8% to 1.3 million shares. Avg. Daily Volume Traded 12 months ended Oct 01, million shares Year ADVT 2021 1.3 2020 0.27 2019 0.23 2018 0.17 2017 0.2

Fig 12: Increased VWAP, up 26% in 5 years

In the past five years Volume Weighted Average Price (VWAP) has increased by 26.3% to 9.70c. Based on a dynamic start date of five years ago, there have been declines in VWAP in 2 out of 5 years. Past five years, 12 months ended Oct 01 (AUD) Year High Price VWAP Low Price 2021 0.24 0.1 0.06 2020 0.19 0.12 0.06 2019 0.12 0.08 0.06 2018 0.08 0.06 0.05 2017 0.1 0.08 0.04

Fig 13: Increased share turnover, up 496% in 5 years

In the past five years, average daily share turnover has increased 496.4% to $A72,773. This suggests increased liquidity. Past five years, 12 months ended Oct 01 (AUD thousand) Year Average Daily Turnover 2021 72.8 2020 31.4 2019 16.4 2018 8.2 2017 12.2

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Fig 14: Declining Days Untraded

Past five years, 12 months ended Oct 01 Year Days Untraded 2021 5 2020 20 2019 37 2018 60 2017 58

Liquidity has improved from 58 Days Untraded five years ago to 5 days in the past year.

Fig 15: Satisfies one criterion of Benjamin Graham

• "Total debt less than tangible book value"; total debt of AUD52,000 (US$38,975) is less than tangible book value of AUD29.7 million (US$22.3 million).-"Current ratio of two or more"; current assets are 4.7 times current liabilities.

Fig 16: Rising Relative Strength

In the Australia market, the stock's relative price strength Quotes from Legends: Relative Strength percentile is rising at 44 for 6 months, 52 for 3 months and 64 for 30 days..

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Fig 17: Turnover Period Above Average

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Fig 18: Rank in the bottom 5% by Price Performance in the Australian market

Description Value Rank PV1000 [1 yr] $ 382 In Bottom 5%

Downtrend

Price/Moving Average Price of 0.71: • The Price/MAP 200 for CUE Energy Resources is 0.71. Being less than 1 is a bearish indicator. It is lower than the Price/MAP 200 for the All Ordinaries Index of 1.02, a second bearish indicator. The stock is trading below both its MAPs and the 50-day MAP of 6.26c is lower than the 200-day MAP of 9.02c, a third bearish indicator. Past Quarter: • In the last three months the stock has hit a new 52-week low twice. Trailing Relative Strength (6 months) at 44 percentile: • The stock has a 6-month relative strength of 44 in the Australian market of 1,726 stocks and 16 units which means it has underperformed 56% of the market.

Ongoing Bearish Parameters

Fig 19: Present Value of AUD1000 Invested in the Past [1 Yr, 3 Yrs]; The Worst Periods with PVAUD1000 < 971

PVAUD1,000 1 yr ago 3 yrs ago CUE.ASX $A376 $A970 Energy sector $A1,504 $A353 All Ordinaries Index $A1,234 $A1,190

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Fig 20: The Worst Periods [1 Yr, 3 Yrs] with Price Change % < -2.9

3-Year price change of -3% for CUE Energy Resources underperformed the change of 18.4% in the All Ordinaries Index for a relative price change of -21.4%. Price Change % Year 3 Years CUE Energy Resources -62.4 -3 Energy sector 51.2 -64.8 All Ordinaries Index 24.6 18.4

Fig 21: Moving Annual Return of -62.4% in the past year

Moving Annual Return was -62.4% in the past year. Based on a Quotes from Legends: Annual Return dynamic start date of 5 years ago, the real rate of return has averaged 10.9% CUE Close (AUD) Annual Return % Oct 01 0.06 (62.4) 1 Yr ago 0.17 41.7 2 Yrs ago 0.12 81.8 3 Yrs ago 0.07 10.0 4 Yrs ago 0.06 (16.7)

Close 5 years ago 7.0c

Fig 22: Annualised Period-based Total Shareholder Returns [TSR %]: The Worst Periods with TSR < -0.9%

TSR % 1 yr 3 yrs 5 yrs CUE.ASX -62.4 -1 -2.3

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Fig 23: Deteriorated EBIT Margins

EBIT margin is negative and has deteriorated from 21.3% to -33.2% Quotes from Legends: EBIT Margin in the past year. FY EBIT Margins (%) 2021 -33.2 2020 21.3 2019 50.0 2018 20.6 2017 -19.9

Fig 24: Satisfies 2 out of 9 criterion of Joseph Piotroski [pass mark 5]

• Reduction in total shares on issue. • Improvement in gross margin [from 45.7% to 58.1%].

Fig 25: % Change (Tr. 12 Mo): Stock (-62.4%) v Index (24.6%)

In the past 12 months CUE Energy Resources has underperformed the All Ordinaries Index by 86.9%.

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Fig 26: Past 12 Mo Stock Sector Index (%)

Fig 27: Price < Moving Avg Price

In the last 30 days the 200-day Moving Avg Price has exceeded Quotes from Legends: Moving Average Price the share price on 22/22 days; a bearish signal.

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Fig 28: Rank in the Asia Pacific Region [out of 2,046 stocks]

Description Value Rank Quartile MCap ($ M) 32.3 1,228 Third Total Assets ($ M) 40.3 853 Second Revenue ($ M) 14.3 787 Second Net Profit ($ M) (9.2) 1,683 Bottom Return on Equity % (42.6) 1,410 Third Net Profit Margin % (64.0) 991 Second Price to Book 1.5 451 Top PV$1000 (1Year) $* 382 1,731 Bottom $* Change (1Year) % -64.5 1,731 Bottom Rel Strength 6 Mo ($) 52 990 Second * 1 year ago AUD 1 = USD 0.72; Oct 01, 2021: AUD 1 = USD 0.72

Corporate Profile

Fig 29: Activities

Cue Energy Resources Limited (CUE) is an oil and gas exploration, development and production company with petroleum assets located in Australia, New Zealand, Indonesia and USA. It is Australia's 72nd largest Energy company by market capitalisation.

Fig 30: Contact Details

Website http://www.cuenrg.com.au Physical Address Level 3, 10-16 Queen Street, MELBOURNE, VIC, AUSTRALIA, 3000 Phone (03) 86104000 Fax (03) 96142142

Fig 31: Industry & Sector

Classification Level Name of Sector Economic Sector Energy Industry Integrated Oil & Gas

www.BuySellSignals.com Page 13 Daily Research Report: CUE Energy Resources Includes FY2021 Financials Australia Edition Friday, October 01, 2021 Financials FY 2021, Past 7 Years

Fig 32: Financials, FY 2021

CUE Energy Resources Revenue down 17.1% Release Date: August 18, 2021 CUE Energy Resources (ASX:CUE) reported total revenue for the year-ended 30 June 2021 [FY2021] of $A19.9m, down 17.1% from $A24.0m in the previous year [FY2020].

Major changes compared with previous year (FY2021 vs FY2020): Favourable Changes: • Total revenue to total assets up from 0.3 to 0.4 • Cost of Goods Sold to Sales down from 54.1% to 48.5% • Total non-current assets to Total Assets up from 46.3% to 54.7% • Other non-current assets to Total Assets up from 27% to 39.2% • Current Debtors to Total Assets up from 6.8% to 13.1% • Long-term investments to Total Assets up from 8.3% to 10.3% Unfavourable Changes: • Total revenue down 17.1% from $A24.0m ($16.5m) to $A19.9m ($14.9m) • Operating Cash Flow is negative • Administration expenses to Sales up from 11% to 17.1% • Total liabilities to Total assets up 27% from 0.4 to 0.5 • Current ratio down 41.9% from 8.2 to 4.7 • Working capital to total assets down from 47.1% to 35.8% • Total current assets to Total Assets down from 53.7% to 45.3%

Fig 33: Annual growth in Revenue, Net Profit and EPS

Year-ended 30 June [FY/2021] 30 June [FY/2020] Revenue, AUD Million 19.9 24.0 Revenue, $ Million 14.9 18.0 Growth in Revenue % -17.1 -6.7 Net Profit, AUD Million -12.7 1.3 Net Profit, $ -9.6m 984,113 Growth in Net Profit % -84.6 EPS, c -1.83 0.19 Growth in EPS % -84.4

www.BuySellSignals.com Source: Annual/Quarterly Report Page 14 Daily Research Report: CUE Energy Resources Includes FY2021 Financials Australia Edition Friday, October 01, 2021

Fig 34: Year-on-year comparison of Performance Ratios [FY2021 vs FY2020]

June 30 FY2021 FY2020 Change (%) Total debt to net tangible assets (%) (Steady % from 0.2 to 0.2) 0.2 0.2 Steady Total Liabilities/Total Assets 0.5 0.4 Up 27 Current Ratio 4.7 8.2 Down 41.9 Common Size Ratios by Assets % Total non-current assets to Total Assets 54.7 46.3 Up 18.1 Total current assets to Total Assets 45.3 53.7 Down 15.6 Other non-current assets to Total Assets 39.2 27.0 Up 45.1 Current Debtors to Total Assets 13.1 6.8 Up 92.1 Long-term investments to Total Assets 10.3 8.3 Up 24.7 Common Size Ratios by Sales % Cost of Goods Sold to Sales 48.5 54.1 Down 10.4 Administration expenses to Sales 17.1 11.0 Up 55.9 Tax expenses to Sales (23.6) (15.8) Down 49.1 Profit before tax to Sales (33.2) 21.3 Down 255.7

Currency Conversion (June 30, 2021): $1 = $A1.33 Currency Conversion (June 30, 2020): $1 = $A1.45

Fig 35: Financials Past 7 Years

Description (June 30) 2021 2020 2019 2018 2017 2016 2015 Income Statement Revenue per share 0.03 0.03 0.04 0.04 0.05 0.11 Other Revenue 907,000 3.8 M 43 M EBITDA (M) Depreciation (M) Tax (M) (5.3) (3.8) (4.3) 2.7 (8.1) 4.8 (5.3) Net profit (M) (12.7) 1.3 8.5 7.7 (17.3) (86.8) 40.9 EPS (0.02) 0.01 0.01 (0.02) (0.12) 0.06 Balance Sheet Equity Share Capital (M) 29.9 43.6 41.4 33.3 25.9 43.2 131.7 Retained Earnings (M) (121.7) (108.9) (110.3) (118.8) (126.5) (109.2) (22.4) Total Debt 52,000 80,000 13.6 M Total Assets (M) 56.1 69.2 68.8 54.7 47.5 73.3 166 Current Asset (M) 25.4 37.1 32.5 25.1 17.3 30.7 36.1 Fixed Asset 44,000 4.6 M 3.4 M 24,000 38,000 42.6 M 78.2 M Working Capital (M) 20.1 32.6 26.3 16.6 9 17.1 19 Cash Flow Operating Cash Flow (M) (8) 7.4 12.8 6.8 (1.6) 1.1 (12.3)

www.BuySellSignals.com Source: Annual/Quarterly Report Page 15 Daily Research Report: CUE Energy Resources Includes FY2021 Financials Australia Edition Friday, October 01, 2021

Investing Cash Flow (M) (3.5) (1.7) (4.5) (2.8) (5.5) (7.3) (9.6) Financing Cash Flow (84,000) (85,000) Net Cash Flow (M) (11.6) 5.6

Board of Directors

Fig 36: Board and Management

Name Designation Since Appointment Matthew Boyall Chief Executive Officer 4 Yrs, 3 Mos Alastair McGregor Non-Executive Chairman, Non-Executive 3 Yrs, 7 Mos Director Grant Worner Director Andrew Knight Director Andrew Jefferies Non-Executive Director 3 Yrs, 7 Mos Marco Argentieri Non-Executive Director 1 Yr, 8 Mos Rod Ritchie Non-Executive Director 3 Yrs, 7 Mos Richard Malcolm Non-Executive Director 3 Yrs, 7 Mos Samuel Kellner Non-Executive Director 3 Yrs, 7 Mos Melanie Leydin Company Secretary 4 Yrs, 3 Mos

Fig 37: Resignations in the past 3 years

Name Designation Date of Resignation Rebecca DeLaet Non-Executive Director 23 December 2019 Koh Ban Heng Non-Executive Director 30 October 2018 Grant Worner Non-Executive Chairman 24 April 2018 Duncan Saville Non-Executive Director 14 December 2017

Fig 38: Profiles

Matthew Boyall (CEO)

Prior to his role as CEO, Mr Boyall was Cue's Commercial Manager since joining the Company in 2013. He has 19 years' experience in oil/gas and resources with Schlumberger, WMC Resources, BHP Billiton, Nexus Energy and Cue; including roles in offshore operations, procurement, strategy, marketing and Mergers and Acquisitions. Mr Boyall has lived and worked in Asia, the USA and Australia. He holds Bachelor degrees in Geomatics and Science and an MBA. Shareholder Value: Creation of shareholder value in CUE Energy Resources: Since appointment as CEO: The present value of AUD1,000 invested on the appointment date of July 01, 2017 at close price of 5.50c is $A1,164, for a capital gain of $A164.

www.BuySellSignals.com Source: Annual/Quarterly Report Page 16 Daily Research Report: CUE Energy Resources Includes FY2021 Financials Australia Edition Friday, October 01, 2021

Alastair McGregor (Non-Executive Chairman & Non-Executive Director)

Alastair McGregor is a director of New Zealand Oil & Gas Limited. Alastair has been actively involved in the oil and gas sector since 2003. He is currently chief executive of O.G. Oil & Gas Limited, a company that holds directly or indirectly oil & gas exploration and production interests onshore and offshore. In addition, Alastair is also chief executive of Omni Offshore Terminals Limited, a leading provider of floating, production, storage and offloading (FSO and FPSO) solutions to the offshore oil and gas industry. Omni's operations have spanned the globe from New Zealand, Australia, South East Asia, Middle East and South America. Prior to entering the oil and gas industry Alastair spent 12 years as a banker with Citigroup and Salomon Smith Barney. Alastair holds a BEng from Imperial College, London and an MSc from Cranfield University in the UK.

Andrew Knight (Director)

Mr Knight has been CEO of New Zealand Oil and Gas Limited since 2011 and was on their Board from January 2008 through to October 2015. He has previously held executive management roles with Vector and NGC and worked in New Zealand and Australia with The Australian Gas Light Company, Fletcher Challenge Energy and Coopers & Lybrand. Mr Knight is a director of the Petroleum Exploration and Production Association of New Zealand, Gas Industry Company Ltd, Taranaki Iwi Holdings Management Ltd, and Sea Group Holding Ltd. Mr Knight is a chartered accountant and graduate of Waikato University with a BMS (Hons) and is a member of Chartered Accountants Australia and New Zealand.

Grant Worner (Director)

Mr Worner has more than 25 years' experience in the oil industry with more than 22 years working for BP in 3 continents. He has led teams and businesses in exploration, trading, refining, and marketing in Europe, the US, Papua New Guinea, New Zealand and Australia. He is a Non- Executive Director of New Guinea Energy Ltd, an executive Director of Pan Pacific Petroleum NL, and Managing Director of his own management consulting firm. Mr Worner holds a first class honors degree in Chemical Engineering, an MBA, and is a Graduate of the Australian Institute of Company Directors.

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Andrew Jefferies (Non-Executive Director)

Andrew Jefferies is managing director of New Zealand Oil & Gas Limited. He started his career with Shell in Australia after graduating with a BE Hons (Mechanical) from the University of Sydney in 1991, an MBA in technology management from Deakin University in Australia, and an MSc in petroleum engineering from Heriot - Watt University in Scotland. Andrew is also a graduate of the Australian Institute of Company Directors (GAICD), and a Certified Petroleum Engineer with the Society of Petroleum Engineers. He has worked in oil and gas in Australia, Germany, the United Kingdom, Thailand and Holland.

Rod Ritchie (Non-Executive Director)

Rod Ritchie is a director of New Zealand Oil & Gas Limited. Rod joined the board of New Zealand Oil & Gas in 2013. He graduated with a BSc, University of Tulsa. He has 38 years of experience as a line manager and a Health, Safety, Security and Environment executive in the oil and gas industry - including being the corporate senior vice president of HSSE at OMV based in Vienna. He is a member of the Society of Petroleum Engineers.

Richard Malcolm (Non-Executive Director)

Richard Malcolm is a professional geoscientist with 34 years of varied oil and gas experience within seven international markets. He began his career as a Petroleum Geologist with Woodside Petroleum in Perth exploring for oil and gas on the Northwest Shelf. He spent ten years with Ampolex Limited (Perth and Sydney) as a Senior Explorationist and then Exploration Manager in Western Australia and Asset Manager in Northern & Eastern Australia. Following Mobil's takeover of Ampolex, Mr Malcolm was appointed manager of Mobil's assets in Papua New Guinea. Three years later he joined OMV, initially as Exploration Manager for Australia & New Zealand and later as Exploration & Reservoir Manager for OMV Libya, General Manager Norway and in 2006, Managing Director of OMV UK. Between 2008 and 2013, Mr Malcolm was chief executive of Gulfsands Petroleum plc, an AIM listed production, exploration and development company with operations in Syria, Tunisia, Morocco, USA and Colombia. He is currently a director of Larus Energy.

Samuel Kellner (Non-Executive Director)

Samuel Kellner is the Chairman of New Zealand Oil & Gas Limited. He has held a variety of senior executive positions with the Ofer Global Group since joining the Group in 1980. He has been deeply involved in all Ofer Global Group's business lines, with a particular emphasis on offshore oil and gas, shipping and real estate, and has advised Ofer Global Group companies on investments with a variety of investment managers, hedge funds and private equity funds. Most recently, Mr Kellner served as President of Global Holdings Management Group (US) Inc. where he led North American real estate acquisition, development and financing activities. Mr. Kellner serves as an Executive Director of the main holding companies for the Zodiac Maritime Limited shipping group and Omni Offshore Terminals Limited, a leading provider of floating, production, storage and offloading (FSO and FPSO) solutions to the offshore oil and gas industry. Mr Kellner graduated with a BA degree from Hebrew University in Jerusalem. He has an MBA from the University of Toronto, and taught at the University of Toronto while working toward a PhD in Applied Economics.

Marco Argentieri (Non-Executive Director)

Melanie Leydin (Company Secretary) Shareholder Value: Creation of shareholder value in CUE Energy Resources: Since appointment as Company Secretary: The present value of AUD1,000 invested on the appointment date of July 01, 2017 at close price of 5.50c is $A1,164, for a capital gain of $A164.

www.BuySellSignals.com Page 18 Daily Research Report: CUE Energy Resources Includes FY2021 Financials Australia Edition Friday, October 01, 2021 Top shareholders

Top 20 shareholders Name of the Share Holder % of Capital NZOG Offshore Limited 50.0 BNP Paribas Noms Pty Ltd -DRP) 16.7 Citicorp Nominees Pty Limited 1.5 Portfolio Securities Pty Ltd 1.4 HSBC Custody Nominees -Australia) Limited 1.0 Reviresco Nominees Pty Ltd -Reviresco S/F A/C) 0.9 Zilstame Nominees Pty Ltd 0.8 Finit Pty Ltd 0.7 Andrew Mark Wilmot Seton 0.5 Beira Pty Limited 0.5 Grizzley Holdings Pty Limited 0.5 Lakemba Pty Ltd 0.4 Berne No 132 Nominees Pty Ltd <52293 A/C> 0.4 JBM Trading Pty Ltd 0.4 BNP Paribas Nominees Pty Ltd - Ib Au Noms Retailclient Drp 0.3 Mr Damiano Giorgio Pilla 0.3 Mr Stephen Alan McCabe 0.2 Andrew Knox 0.2 Brinkworth Investment Pty Ltd - Brinkworth A/C 0.2 Mana Nominees Limited - No 1 Account 0.2

% held by Top 20 shareholders 77.1%

www.BuySellSignals.com Page 19 Daily Research Report: CUE Energy Resources Includes FY2021 Financials Australia Edition Friday, October 01, 2021 Peer Comparison & Ranking of CUE

Fig 39: Global Peer Comparison: CUE - KEY FINANCIALS (all figures in $)

In its Global Peer Group of 9 companies CUE is ranked third(3) by Revenue, fourth(4) by Total Assets, fifth(5) by MCap, eighth(8) by Net Profit and ninth(9) by PV $1000 (1 yr).

PV $1000 Name (Code) MCap Revenue Net Profit Total Assets (1 yr) Rank of CUE 5 9 3 8 4 CUE Energy Resources (CUE) 32.3M 382.2 14.3M (9.2M) 40.3M Eden Innovations (EDE) 33.1M 859.0 1.7M (6.2M) 16.4M Solartron (SOLAR) 33M 2,109.5 8.6M (16M) 56.6M Concordia Maritime Class B (CCOR B) 32.9M 770.5 116.7M (7.5M) 327.1M Vintage Energy (VEN) 32.4M 1,192.4 (1.6M) 23.7M Marmota (MEU) 32.2M 953.0 41,345.7 (1.6M) 6.8M SKOTAN (SKT) 31.8M 1,073.3 156,497.6 (5M) 13.3M Kenya Power & Lighting (KPLC) 31.8M 1,010.5 1.1B 63.3M 2.2B Vallibel Power Erathna (VPEL) 31.4M 1,353.8 5.4M 2.8M 15.3M

Global Peer Comparison: CUE - RELATIVE VALUE INDICATORS

CUE is ranked second(2) by P/S and P/Book.

Country Name (Code) Last Price P/S P/Book Code Rank of CUE 2 2 CUE Energy Resources (CUE) AU 6.40c 2.3 1.5 Eden Innovations (EDE) AU 2.20c 18.0 5.8 Solartron (SOLAR) TH THB2.04 3.9 2.4 Concordia Maritime Class B (CCOR B) SE SEK6.62 0.3 Vintage Energy (VEN) AU 7.40c 1.4 Marmota (MEU) AU 4.60c 774.7 5.0 SKOTAN (SKT) PL PLN2.35 Kenya Power & Lighting (KPLC) KE KES1.80 Vallibel Power Erathna (VPEL) LK LKR8.40 5.8 2.4

www.BuySellSignals.com Page 20 Daily Research Report: CUE Energy Resources Includes FY2021 Financials Australia Edition Friday, October 01, 2021

Fig 40: Global Peer Group - Price Performance

Fig 41: Global Peer Group - Total Shareholder Returns [TSR in $]

www.BuySellSignals.com Page 21 Daily Research Report: CUE Energy Resources Includes FY2021 Financials Australia Edition Friday, October 01, 2021

Fig 42: BUYSELLSIGNALS FUNDAMENTALS VALUATION RANKING

CUE Energy Resources vs Australian Market

Out of 1,726 stocks and 16 units in the Australian Market, CUE Energy Resources is ranked Fifty-ninth(59) by Total Debt/Equity, Sixty- sixth(66) by Discount to 52-Wk High, 239th(239) by Premium to 52-Wk Low and 340th(340) by Price/Net Tangible Assets. Australian CUE CUE Rank 1 Rank 2 Rank 3 Avg Rank Total Debt/Equity (the lower the better) 0.6x 0.002x 59 TOP PDN TOU Discount to 52-Wk High (%) 6.9 73.3 66 88.8 88 ACP 87.7 CI1 OVT Premium to 52-Wk Low (%) 24.4 12.3 239 0.5 GUD 1.01 KAU 1.1 APC Price/Net Tangible Assets 3.1x 1.5x 340 0.1x KP2 0.1x AGG 0.1x C6C P/Sales 2.5x 2.2x 364 0.1x TPS 0.1x GLE Revenue $ 380.8 M 14.4 M 704 60.8 B 40.3 B WOW 27.3 B COL BHP EBITDA Margin% 8.8 (37.4) 751 89.6 89.4 CD1 89.3 WAX WMI Market Cap $ 1.2 B 32.3 M 1105 135 B 128.3 B CBA 114.4 B RIO BHP Net Profit $ 24.6 M (9.2 M) 1661 11.3 B 10.3 B FMG 8 B RIO BHP

Negative values are shown in brackets.

Fig 43: GLOBAL RANK [out of 47,497 stocks] AND RANK OF CUE ENERGY RESOURCES IN THE ASIA PACIFIC REGION [out of 2,046 stocks]

Description Value Global Rank In APAC Region MCap ($) 32.3M 32,914 1,228 Total Assets ($) 40.3M 30,817 853 Revenue ($) 14.3M 29,750 787 Net Profit ($) (9.2M) 36,641 1,683 Return on Equity % (42.6) 36,311 1,410 Net Profit Margin % (64.0) 34,460 991 Price to Book 1.5 16,460 451 PV1000 (1Year) $* 382 40,415 1,731 $* Change (1Year) % -64.5 40,417 1,731

* 1 year ago AUD 1 = $ 0.72 Oct 01, 2021: AUD 1 equals $ 0.72

www.BuySellSignals.com Page 22 Daily Research Report: CUE Energy Resources Includes FY2021 Financials Australia Edition Friday, October 01, 2021

Fig 44: RANK OF CUE ENERGY RESOURCES IN THE TOTAL AUSTRALIAN MARKET [out of 1894 stocks] AND IN THE ENERGY SECTOR [out of 135 stocks]

Description Value In Total Australian Market In Energy sector MCap ($A) 44.7M 1,144 74 Total Assets ($A) 56.1M 777 42 Revenue ($A) 19.9M 710 29 Net Profit ($A) (12.7M) 1,593 113 Return on Equity % (42.6) 1,320 93 Net Profit Margin % (64.0) 902 35 Price to Book 1.5 414 27 PV1000 (1Year) AUD 376 1,597 121

News Archives (Nov 2017 - Jun 2021)

Fig 45: AGM

September 28 2020 CUE Energy Resources announces AGM CUE Energy Resources has announced its Annual General Meeting will take place on Friday, October 30. November 08 2019 CUE Energy Resources announces AGM CUE Energy Resources has announced its Annual General Meeting will take place on Tuesday, December 10. September 27 2018 CUE Energy Resources announces AGM CUE Energy Resources has announced its Annual General Meeting will take place on Tuesday, October 30.

Fig 46: Changes in Board

January 15 2020 CUE Energy Resources appoints Non-Executive Director CUE Energy Resources has appointed Marco Argentieri as Non-Executive Director. The effective date is Tuesday, January 14. January 15 2020 CUE Energy Resources: Appointment of New Director elbourne, Australia 15 January 2020 : C ue Energy Resources Limited (the Company) is pleased to announce th e appointment of Mr. Marco Argentieri as a Non - Executive Director of the Company, effective 14 January 2020. Source: Australian Securities Exchange December 23 2019 CUE Energy Resources Non-Executive Director resigns CUE Energy Resources Rebecca DeLaet,Non-Executive Director has resigned. The effective date is December 23, 2019. October 30 2018 CUE Energy Resources Non-Executive Director resigns CUE Energy Resources Koh Ban Heng,Non-Executive Director has resigned. The effective date is October 30, 2018. April 24 2018 CUE Energy Resources appoints Chairman CUE Energy Resources has appointed Alastair McGregor as Chairman. The effective date is Tuesday, April 24. April 24 2018 CUE Energy Resources appoints Lead Independent Director CUE Energy Resources has appointed Peter Hood as Lead Independent Director. The effective date is Tuesday, April 24.

www.BuySellSignals.com Page 23 Daily Research Report: CUE Energy Resources Includes FY2021 Financials Australia Edition Friday, October 01, 2021

April 12 2018 CUE Energy Resources appoints Non-Executive Director CUE Energy Resources has appointed Rebecca DeLaet as Non-Executive Director. The effective date is Thursday, April 12. February 23 2018 CUE Energy Resources appoints Non-Executive Director CUE Energy Resources has appointed Rod Ritchie as Non-Executive Director. The effective date is Friday, February 23. February 23 2018 CUE Energy Resources appoints Non-Executive Director CUE Energy Resources has appointed Samuel Kellner as Non-Executive Director. The effective date is Friday, February 23. February 23 2018 CUE Energy Resources appoints Non-Executive Director CUE Energy Resources has appointed Andrew Jefferies as Non-Executive Director. The effective date is Friday, February 23. February 23 2018 CUE Energy Resources appoints Non-Executive Director CUE Energy Resources has appointed Richard Malcolm as Non-Executive Director. The effective date is Friday, February 23. February 23 2018 CUE Energy Resources appoints Non-Executive Director CUE Energy Resources has appointed Peter Hood as Non-Executive Director. The effective date is Friday, February 23. February 23 2018 CUE Energy Resources appoints Non-Executive Director CUE Energy Resources has appointed Alastair McGregor as Non-Executive Director. The effective date is Friday, February 23. December 14 2017 CUE Energy Resources Non-Executive Director resigns CUE Energy Resources Duncan Saville,Non-Executive Director has resigned. The effective date is December 14, 2017. November 27 2017 CUE Energy Resources: Results of Annual General Meeting The following information is provided in accordance with section 251AA(2) of Corporations Act 2001 (Cth) Source: Australian Securities Exchange

Fig 47: Meetings

June 25 Notice of General Meeting The Independent Directors of CUE unanimously recommend that Shareholders vote 'FOR' the Proposed Resolution. Source: Company Website December 10 2019 CUE Energy Resources: Results of Annual General Meeting In accordance with Listing Rule 3.13.2 and Section 251AA of the Corporations Act, we advise details of the resolutions and the proxies received in respect of each resolution as set out in the attached proxy summary. Source: Australian Securities Exchange

Fig 48: Acquisitions

May 28 PROPOSED ACQUISITION OF CENTRAL PETROLEUM AMADEUS BASIN ASSETS The New Zealand Oil & Gas Group has agreed to acquire interests in three gas producing projects located in Australia's Northern Territory. The agreement is subject to shareholder approval, amongst other conditions. Source: Company Website

Fig 49: Litigation

September 25 2020 CUE Energy Resources: US Litigation Conclusion In June 2018, Cue Energy Resources Ltd and Cue Resources Inc. were named as defendants, along with a number of other companies, in litigation in Texas, USA in relation to the Pine Mills oilfield. The case is entitledHammerhead Managing Partners, LLC v. Nostra Terra Oil & Gas Company, PLC, et al., In the United States District Court For the Northern District of Texas, No. 3:18-cv-1160 Source: Company Website

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Fig 50: Exchange Activity

May 28 Cue Energy Resources Limited (ASX: CUE) - Trading Halt The securities of Cue Energy Resources Limited ('CUE') will be placed in trading halt at the request of CUE, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Wednesday, 26 May 2021 or when the announcement is released to the market. Source: Company Website

Fig 51: Natural Reserves/Resources Discovery

January 10 2020 CUE Energy Resources: Mahato Exploration Update Melbourne, Australia 10 January 2020: Cue Energy Resources Limited (the Company) advises that though its 100% subsidiary, Cue Mahato Pty Ltd (Cue), it has been informed by the Operator of the Mahato PSC, Texcal Mahato EP Ltd, that the PB-2 well has been drilled. Cue is not receiving information from the Operator as required under the Joint Operating Agreement and is evaluating all available options to address this and other breaches under this agreement. Source: Company Website

Fig 52: Press Releases

June 30 FY2021 Annual Cash Flow Report: CUE Energy Resources Cash Balance decreases 45% As per a report dated June 30, 2021 the Cash Burn of operating activities was $A8,030,000 ($6,018,605) in the year ended June 30, 2021. This corresponds to an average Cash Burn Rate of $A669,167 ($501,550) per month. To support this Cash Burn Rate, the cash balance of $A17,644,000 ($13,224,443) as at June 30, 2021 should be adequate till September 10, 2023.The cash runway defined by the length of time to run out of money if it kept spending at its current rate of cash burn is 2 years and 2 days from today's date. * Exchange Rate as on June 30, 2021 1 USD = 1.3342 $A June 04 Mereenie Development Well WM27 commences The operator of the Mereenie joint venture, Central Petroleum Limited (ASX:CTP) ("Central") has advised that the WM27 development well, the first well in the Mereenie Development Programme, was spud on 3 June 2021 at 2145 hrs. Source: Company Website May 28 Revenue received from Mahato PSC First revenue from oil sales from the PB field in the Mahato PSC, Indonesia, has been received by Cue Mahato Pty Ltd (Cue), a 100% owned subsidiary of Cue Energy Resources Limited. Source: Company Website May 28 CENTRAL SALE UNDERWRITES SIGNIFICANT INVESTMENT IN THE AMADEUS BASIN Central Petroleum Limited (ASX:CTP) ("Central" or the "Company") is pleased to announce it has entered into a binding agreement with New Zealand Oil and Gas Limited (NZX:NZO; ASX:NZO) ("NZOG") and Cue Energy Resources Limited (ASX:CUE) ("Cue") of which NZOG is a 50.04% shareholder, and certain of their respective wholly owned subsidiaries, (together, the "NZOG Entities") to sell 50% of Central's current working interest in its Amadeus Basin Producing Assets for total consideration valued at circa $85 million1 (the "Transaction"). Source: Company Website May 28 MEREENIE DEVELOPMENT WELL WM27 COMMENCES Central Petroleum Limited (ASX:CTP) ("Central" or "Company") advises that WM27, the first Development well in the Mereenie Development Programme, was spudded on 3rd June 2021 at 2145 hrs Source: Company Website May 28 Acquisition of Australian Production Assets Cue Energy Resources Ltd (Cue) has executed a sale and purchase agreement (the transaction) to acquire interests in the Mereenie, Dingo and Palm Valley onshore gas and oil fields in the Northern Territory, Australia from Central Petroleum Limited (ASX:CPT) (Central). Source: Company Website May 28 Sale of 50% interest in Amadeus Producing Assets Sale of 50% interest in Amadeus Producing Assets BuySellSignals On-demand Stock Research Report - PDF: Every stock, Every market Bullish and bearish signals and parameters use algorithms based on application of investment wisdom from legends. Click on the links provided in Page 1 to export data. For details and samples of Product Suite visit www.bstfund.com For any enquiries, please email: [email protected]

www.BuySellSignals.com Page 25 Daily Research Report: CUE Energy Resources Includes FY2021 Financials Australia Edition Friday, October 01, 2021

Source: Company Website February 24 FY2021 First Half Results Cue remains debt free, with cash available to pursue other opportunities Source: Company Website July 17 2020 CUE Energy Resources: Ironbark Environment Plan Approved The Environment Plan (EP) for the Ironbark-1 exploration well in exploration permit WA-359-P has been approved by the National Offshore Petroleum Safety and Environment Management Authority (NOPSEMA). Ironbark-1 drilling activities are planned to commence in October 2020 with final timing dependent on the progress of the current drilling program being conducted by the Ocean Apex drilling rig, which is currently under contract in the area for another operator. Source: Company Website February 25 2020 CUE Energy Resources: Mahato PSC Update Melbourne, Australia 25 February 2020: Cue Energy Resources Limited advises that through its 100% subsidiary, Cue Mahato Pty Ltd (Cue), it has become aware that a tender has been released for the rental of oil production facility equipment for the Mahato PSC. The tender was released by Texcal Mahato EP Ltd (Texcal), the PSC operator, in Indonesia's Republika newspaper on 21 Feb 2020 and calls for companies to provide the following services for one year: Source: Company Website February 20 2020 CUE Energy Resources: FY2020 First Half Results Melbourne, Australia 20 February 2020: Cue Energy Resources Limited (Cue or the Company) today announced its FY2020 first half results, displaying continued cashflow generation and profitability. Source: Company Website February 20 2020 CUE Energy Resources: Appendix 4D & Half Year Report The Group reported a net profit after tax of $1.49 million for the period ended 31 December 2019, a decrease of $3.14 million from its $4.63 million profit in 2018, mainly attributable to higher reported production costs, exploration expenditure and tax payments. Production revenue for the period was $13.92 million, an increase of $0.52 million from the previous period (2018: $13.40 million). Production costs for the period of $9.24 million were higher than the previous period (2018: $7.43 million), primarily due to timing of expenditure and increased royalties from Maari. Source: Company Website February 20 2020 CUE Energy Resources: Appendix 4D & Half Year Report The Group reported a net profit after tax of $1.49 million for the period ended 31 December 2019, a decrease of $3.14 million from its $4.63 million profit in 2018, mainly attributable to higher reported production costs, exploration expenditure and tax payments. Production revenue for the period was $13.92 million, an increase of $0.52 million from the previous period (2018: $13.40 million). Production costs for the period of $9.24 million were higher than the previous period (2018: $7.43 million), primarily due to timing of expenditure and increased royalties from Maari. Source: Australian Securities Exchange February 19 2020 CUE Energy Resources: Quarterly Report for Period Ended 31 December 2019 Ironbark-1 Environment Plan public comment period complete $650,000 refund awarded from successful Indonesian tax decision $6.8 million production revenue received for the quarter 2 wells drilled in the Mahato PSC Source: Company Website December 17 2019 CUE Energy Resources: Mahato Exploration Well Update Melbourne, Australia 1 7 December 201 9 : C ue Energy Resources Limited ( CUE or Company ) advises that the claimed cash cal l from the Operator of the Mahato PSC, Texcal Mahato EP Ltd, which was the subject of the disputed default notice referred to in the A S X announcement of 10 th Dec 2019, has been paid by Cue. Source: Australian Securities Exchange November 21 2019 CUE Energy Resources: PB-1 Exploration Well Commencement Melbourne, Australia 21 November 2019: The PB-1 exploration well in the Mahato PSC, Indonesia commenced drilling on 19 November 2019 at 1200 hrs local time. PB-1 is planned as an exploration well to test the PB prospect. It will be to be drilled to a TD of 1750m (5750 ft) m and is expected to take approximately 1 week to drill.

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The PB prospect is a 3-way dip closed structure, part of the Petapahan thrust/wrench system. The primary objective of the PB-1 well is to test the Early Miocene Bekasap reservoirs which are the producing reservoirs at the nearby Petapahan and Kotabatak fields. The secondary objective is the Middle Miocene Telisa reservoir, one of the producing reservoirs at the Kotabatak oil field. Source: Company Website November 19 2019 CUE Energy Resources: HZN: Maari Project-Proposed sale of OMV New Zealand interest Horizon Oil holds a 26% interest in the Maari and Manaia oil fields in New Zealand (Maari Project). Horizon Oil's joint venture partners in the Maari Project are OMV New Zealand Limited (69%) and Cue Energy Resources Limited (5%). OMV New Zealand currently operates the field. Jadestone Energy Inc. (AIM:JSE, TSXV:JSE) has announced that it has executed a conditional sale and purchase agreement to acquire OMV New Zealand Limited's 69% interest in the Maari Project. Source: Company Website October 21 2019 CUE Energy Resources: Quarterly Report for Period Ended 30 September 2019 Total quarterly net production of 32,128 barrels (bbls) of oil and 315 million cubic feet (mmcf) of gas $28.5 million cash and no debt Disciplined Growth Indonesia: Drilling rig being mobilized for the PB-1 exploration well in the Mahato PSC, with expected spud mid-November Source: Company Website July 19 2019 CUE Energy Resources: Quarterly Report for Period Ended 30 June 2019 Oil production was inline with the previous quarter, including 7 days of non production while the annual field maintance shutdown was completed safely during June. MR3a production well was offline for most of the quarter due to failure of the Electric Submersible Pump (ESP). The Joint Venture is currently considering options for a workover t oreplace the ESP. Source: Australian Securities Exchange June 07 2019 CUE Energy Resources: Ironbark Agreements Completion Melbourne, Australia 07 June 201 9 : Completion of all agreements between Cue Exploration Pty Ltd (Cue) and BP Developments Australia Pty Ltd (BP), Beach Energy Limited (Beach) and New Zealand Oil & Gas has been achieved, resulting in the formation of a joint venture to drill the Ironbark - 1 well in exploration permit WA - 359 - P, offshore Western Australia. The well is scheduled to be drilled in late 2020. Source: Australian Securities Exchange May 23 2019 CUE Energy Resources: Ironbark Title transfers Approved Melbourne, Australia 23 May 201 9 : A pproval has been received for the ti tle transfers of exploration permit WA - 359 - P, which contains the giant Ironbark gas prospect, to new joint venture partners BP Developments Australia Pty Ltd (BP), Beach Energy Limited (Beach) and New Zealand Oil & Gas. Source: Australian Securities Exchange April 10 2019 CUE Energy Resources: Ironbark Suspension and Extension granted Melbourne, Australia 10 April 201 9 : Approval has been received for a 24 - month suspension and extension to exploration permit WA - 359 - P, offshore Western Australia, where a well is planned for the giant Ironbark prospect. Source: Australian Securities Exchange February 20 2019 CUE Energy Resources: FY2019 First Half Results Melbourne, Australia 19 February 2019: Cue Energy Resources Limited today announced its FY2019 first half results, displaying strong cashflow generation and profitability and operational success with execution of Ironbark agreements and gas discovery in the Sampang PSC. Source: Company Website February 20 2019 CUE Energy Resources: Appendix 4D & Half Year Report Operating results for the half year The Group reported a net profit after tax of $4.63 million for the period ended 31 December 2018, an increase of $1.19 million from its $3.44 million profit in 2017. Production revenue for the period of $13.4 million, an increase of $0.65 million from the previous period (2017: $12.75 million). Production costs decreased to $7.43 million (2017: $9.08 million). Cash position The consolidated cash and cash equivalents of the Group as at 31 December 2018 were $20.99 million and have increased by $4.01 million since the year ended 30 June 2018 ($16.98 million) largely due to reduction in production costs. Source: Company Website BuySellSignals On-demand Stock Research Report - PDF: Every stock, Every market Bullish and bearish signals and parameters use algorithms based on application of investment wisdom from legends. Click on the links provided in Page 1 to export data. For details and samples of Product Suite visit www.bstfund.com For any enquiries, please email: [email protected]

www.BuySellSignals.com Page 27 Daily Research Report: CUE Energy Resources Includes FY2021 Financials Australia Edition Friday, October 01, 2021

February 20 2019 CUE Energy Resources: Ironbark rig contract signed A rig contract has been signed for the drilling of the Ironbark prospect in exploration permit WA-359-P, offshore Western Australia. The Ocean Apex semisubmersible drilling rig, operated by Diamond Drilling, has been contracted by BP Developments Australia Pty Ltd (BP), which is acting as operator on behalf of Cue Exploration Pty Ltd (Cue) under a co-ordination agreement. Cue Energy CEO Matthew Boyall says Cue estimates the Ironbark prospect contains a best estimate of 15tcf of prospective recoverable gas resource(1). "Ironbark is a genuinely world-scale prospect in a highly prospective address. Cue's 21.5 per cent participating interest provides a company-changing opportunity for Cue if the well is successful. Source: Company Website January 30 2019 CUE Energy Resources: Quarterly Report for Period Ended 31 December 2018 Highlights Gas d iscovery announced from the Paus - Biru - 1 exploration well WA - 359 - P Farmout and WA - 409 - P Option agreements executed with New Zealand Oil & Gas Ironbark - 1 exploration well rig tender and environmental permitting underway Positive c ashflow for the quarter, increasing cash to $ 21 million Sustainable Business Total quarterly net production of 27, 832 barrels (bbls) of oil and 329 million cubic feet ( mmcf) of gas $ 7.1 1 million cash received from oil and gas sales $ 20. 99 million cash and no debt Source: Company Website October 23 2018 CUE Energy Resources: Quarterly Reports for Period Ended 30 September 2018 Highlights ' $3.9 million net cashflow for the quarter, increasing cash to $20.86 m ' Paus Biru - 1 Exploration well commenced operations ' WA -359- P 12 month Suspension and Extension granted Sustainable Business ' Total net production of 27,270 barrels (bbls) of oil and 383 million cubic feet ( mmcf) of gas. ' $6.86 million cash received from oil and gas sales, $0.3 8m received as an initial payment of water injection insurance claims from Maari field. ' $20.86 million cash and no debt. Source: Company Website October 19 2018 CUE Energy Resources: Paus Biru-1 Exploration Well Commences Operations Melbourne, Australia 19 October 2018: Cue Energy Resources Limited (Cue), through its 100% owned subsidiary Cue Sampang Pty Ltd, advises that the Paus Biru-1 exploration well in the Sampang PSC, Indonesia, commenced operations on 18 October 2018 with the installation of the 30inch conductor. The current status is that the conductor has been installed to 105m and drilling of the 26inch hole is expected to commence in the next 24 hrs. Source: Company Website October 17 2018 CUE Energy Resources: 2018 Annual Report Cue Energy Resources is an oil and gas production and exploration company with production assets in Indonesia and New Zealand and exploration assets in Australia and Indonesia. Offices are located in Melbourne, Australia and Jakarta, Indonesia. Source: Company Website September 30 2018 Quarterly Activities Report: CUE Energy Resources Cash Balance increases 22.8% The Cash Burn Rate (CBR) of operating activities was $A3,850,000 in the quarter ended September 30, 2018. To support this CBR, the cash balance of $A20,860,000 as at September 30, 2018 should be adequate till January 31, 2020. August 09 2018 CUE Energy Resources: WA-359-P Work Program Suspension and Permit Extension Melbourne, Australia 9 August 2018 ; Cue Energy Resources Ltd (ASX:CUE) is pleased to advise that its 100% owned subsidiary, Cue Exploration Pty Ltd, has received notification from the National Offshore Petroleum Titles Administrator (NOPTA) of the approval of a 12 month suspension of Exploration Permit WA-359- P Permit Year 3, 4 and 5 work program commitments, a Year 4 work commitment variation, and a 12 month extension of the permit until 25 April 2019. Source: Australian Securities Exchange July 26 2018 CUE Energy Resources: Quarterly Reports for Period Ended 30 June 2018 Highlights $3.6 million net cashflow for the quarter, increasing cash to $16.98m Rig procurement underway for P aus Biru-1 exploration well BuySellSignals On-demand Stock Research Report - PDF: Every stock, Every market Bullish and bearish signals and parameters use algorithms based on application of investment wisdom from legends. Click on the links provided in Page 1 to export data. For details and samples of Product Suite visit www.bstfund.com For any enquiries, please email: [email protected]

www.BuySellSignals.com Page 28 Daily Research Report: CUE Energy Resources Includes FY2021 Financials Australia Edition Friday, October 01, 2021

WA-359-P Suspension and extension application pending with NOPTA Sustainable Business ' Total net production of 30,132 barrels (bbls) of oil and 381 million cubic feet (mmcf) of gas. ' $7.18 million cash received from oil and gas sales ' $16.98 million cash and no debt. Source: Company Website July 26 2018 CUE Energy Resources: Quarterly Reports for Period Ended 30 June 2018 Highlights $3.6 million net cashflow for the quarter, increasing cash to $16.98m Rig procurement underway for P aus Biru-1 exploration well WA-359-P Suspension and extension application pending with NOPTA Source: Australian Securities Exchange June 30 2018 Quarterly Activities Report: CUE Energy Resources Cash Balance increases 26.8% The Cash Burn Rate (CBR) of operating activities was $A3,324,000 in the quarter ended June 30, 2018. To support this CBR, the cash balance of $A16,983,000 as at June 30, 2018 should be adequate till October 03, 2019. April 27 2018 CUE Energy Resources: Quarterly Reports for Period Ended 31 March 2018 $2. 1 million Net Cashflow for the quarter WA - 359 - P application for Suspension, Extension and Variation submitted Source: Australian Securities Exchange April 17 2018 CUE Energy Resources: WA-359-P Extension of BP equity option Melbourne, Australia 17 April 2017; Cue Energy Resources Ltd (ASX:CUE) is pleased to advise that through its 100% owned subsidiary, Cue Exploration Pty Ltd, the 42.5% equity option over exploration permit WA-359-P granted to BP Developments Australia Pty Ltd (BP), as announced on 13 October 2016, has been extended by 6 months until 25 October 2018. Source: Company Website February 20 2018 CUE Energy Resources: Interim Financial Report - 31 Production from Maari during H1 FY2018 was reduced due to the 6 week field shut in while permanent repairs were completed on the Maari Well Head Platform (WHP) and disruptions to production from the MN1 and MR7A wells during workovers. Both workovers were successfully completed during October and November. Source: Company Website February 20 2018 CUE Energy Resources: FY18 First Half Financial Results Cue Energy Resources Ltd (ASX:CUE) today announced its FY18 First Half financial report which displays the ongoing outcomes of the implementation of the Company strategy of maintaining a sustainable business that is focused on delivering disciplined growth and providing step change opportunities to maximise shareholder value. Source: Company Website February 20 2018 CUE Energy Resources: Appendix 4D - Half-year Report 2. Results for announcement to the market Source: Company Website January 24 2018 CUE Energy Resources: Quarterly Reports for Period Ended 31 December 2017 Highlights  $5.5 million revenue for the quarter  WA-359-P Farmout Agreement and WA-490-P Equity Option with Beach Energy executed  Paus Biru-1 Exploration well approved  Sampang PSC conversion to gas only complet Source: Company Website

www.BuySellSignals.com Page 29 Daily Research Report: CUE Energy Resources Includes FY2021 Financials Australia Edition Friday, October 01, 2021 Currency Synopsis: Australian Dollar (AUD)

Fig 53: % Change of AUD vs Currency Basket Period-Based

In the past three years the Australian Dollar fell 0.5% against the US Dollar. However, in the past year the Australian Dollar rose 1.1% against the US Dollar. Last Country 1-day % 1-week % 1-Year % 3-Yrs % AUD1=0.719USD United States Of America -0.8 -0.8 1.1 -0.5 AUD1=4.662CNY China -0.5 -0.5 -3.7 -6.1 AUD1=80.599JPY Japan -0.3 1.3 7.5 -1.6 AUD1=0.621EUR European Union 0.1 0.4 2.6 0.2 AUD1=854.259KRW South Korea -0.5 0.1 2.8 6.5 AUD1=0.981SGD Singapore -0.3 0.3 0.8 -0.6 AUD1=1.048NZD New Zealand 0.5 1.5 -2.9 -4.0 AUD1=0.536GBP United Kingdom 0.2 1.0 -3.2 -2.8 AUD1=5.611HKD Hong Kong -0.6 -0.5 1.8 -0.8 AUD1=0.673CHF Switzerland -0.2 0.3 2.8 -4.6 AUD1=0.918CAD Canada -0.2 -0.7 -3.7 -2.4 AUD1=6.346SEK Sweden 0.3 0.9 -0.7 -0.6 AUD1=6.313NOK Norway 0.7 0.8 -6.1 7.3 AUD1=14.76MXN Mexico 0.2 1.6 -7.6 9.2

3 FIN STMTS AS REPORTED: PAST 2 YEARS

RESULTS OF OPERATIONS AND FINANCIAL CONDITION (In $A Thousand, except per share data and shares outstanding) Fig 54: INCOME STATEMENT AS REPORTED (FY2020)

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Profit before income tax expense 5,099 12,856 Down 60.3 Income tax expense -3,786 -4,307 Improved 12.1 Profit after income tax expense for the year attributable to the 1,313 8,549 Down 84.6 owners of Cue Energy Resources Limited Other comprehensive income Items that may be reclassified subsequently to profit or loss 691 -444 Recovery Foreign currency translation Other comprehensive income for the year net of tax 691 -444 Recovery Total comprehensive income for the year attributable to the 2,004 8,105 Down 75.3 owners of Cue -Energy Resources Limited Basic earnings per share 0.19c 1.22c Down 84.4 Diluted earnings per share JDJ 0.19c 1.22c Down 84.4 Weighted average number of ordinary shares 699,812,131 698,119,720 Up 0.2

Fig 55: BALANCE SHEET AS REPORTED (FY2020)

Description $A Thousand $A Thousand Jun 30 2020 2019 Change % Assets Current assets Cash and cash equivalents 19,936 14,671 Up 35.9 Restricted cash 12,008 11,523 Up 4.2 Trade and other receivables 4,715 5,297 Down 11.0 Inventories 458 1,003 Down 54.3 Total current assets 37,117 32,494 Up 14.2 Non-current assets Other financial assets 5,713 5,278 Up 8.2 Property plant and equipment 64 21 Up 204.8 Right-of-use assets 90 Exploration and evaluation assets 4,605 3,401 Up 35.4 Production properties 18,682 24,645 Down 24.2 Deferred tax assets 2,888 3,002 Down 3.8 32,042 36,347 Down 11.8 Total assets 69,159 68,841 Up 0.5 h Liabilities Current liabilities Trade and other payables 2,044 1,907 Up 7.2 Lease liabilities 80 Tax liabilities 2,287 4,227 Down 45.9 Provisions 140 81 Up 72.8 Total current liabilities 4,551 6,215 Down 26.8 Non-current liabilities Lease liabilities 16

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Deferred tax liabilities 4,058 3,947 Up 2.8 Provisions 16,970 17,270 Down 1.7 Total non-current liabilities 21,044 21,217 Down 0.8 Total liabilities 25,595 27,432 Down 6.7 Net assets 43,564 41,409 Up 5.2 Equity Contributed equity 152,416 152,416 Steady Reserves 83 -750 Recovery Accumulated losses -108,935 -110,257 Improved 1.2 Total equity 43,564 41,409 Up 5.2

Fig 56: CASH FLOW AS REPORTED (FY2020)

Description $A Thousand $A Thousand Jun 30 2020 2019 Change % Cash flows from operating activities Receipts from customers 23,004 28,154 Down 18.3 Other receipts 606 1,070 Down 43.4 Interest received 374 368 Up 1.6 Payme nts to suppliers and employees -9,298 -10,114 Improved 8.1 Payments for exploration and evaluation expenditure -1,496 -3,127 Improved 52.2 Income tax paid -4,314 -4,593 Improved 6.1 Royalties paid -1,476 -715 Deterioration 106.4 Reimbursement of Ironbark past costs 1,780 Net cash from operating activities 7,400 12,823 Down 42.3 Cash flows from investing activities Payments with respect to production properties -881 -1,042 Improved 15.5 Payments for plant and equipment -62 -7 Deterioration 785.7 Payments for exploration and evaluation (Capex) -729 -3,401 Improved 78.6 Net cash used in investing activities -1,672 -4,450 Improved 62.4 Cash flows from financing activities Payments of principal element of lease liabilities -85 Net cash used in financing activities -85 Net increase in cash and cash equivalents and restricted cash 5,643 8,373 Down 32.6 Cash and cash equivalents and restricted cash at the 26,194 16,983 Up 54.2 beginning of the financial year Effects of exchange rate changes on cash and cash 107 838 Down 87.2 equivalents and restricted cash Cash and cash equivalents and restricted cash at the end of 31,944 26,194 Up 22.0 the financial year

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Fig 57: Margins %

Jun 30 2020 2019 Gross Profit Margin 45.9 53 EBITDA Margin 21.3 50 Earnings from Cont. Ops. Margin 21.3 50 Net Income Margin 5.5 33.2 RESULTS OF OPERATIONS AND FINANCIAL CONDITION (In $A Thousand, except per share data and shares outstanding) Fig 58: INCOME STATEMENT AS REPORTED (FY2020)

Description $A Thousand $A Thousand Jun 30 2020 2019 Change % Revenue Production revenue from operations 23,916 25,730 Down 7.1 Production costs -12,944 -12,081 Deterioration 7.1 Gross profit from production 10,972 13,649 Down 19.6 Oiher income 831 3,058 Down 72.8 Net foreign currency exchange gain 79 785 Down 89.9 Expenses Impairment - Production properties -2,722 Exploration and evaluation expenditure -1,438 -2,176 Improved 33.9 Administration expenses -2,623 -2,460 Deterioration 6.6 Profit before income tax expense 5,099 12,856 Down 60.3 Income tax expense -3,786 -4,307 Improved 12.1 Profit after income tax expense for the year attributable to the 1,313 8,549 Down 84.6 owners of Cue Energy Resources Limited Other comprehensive income Items that may be reclassified subsequently to profit or loss 691 -444 Recovery Foreign currency translation Other comprehensive income for the year net of tax 691 -444 Recovery Total comprehensive income for the year attributable to the 2,004 8,105 Down 75.3 owners of Cue -Energy Resources Limited Basic earnings per share 0.19c 1.22c Down 84.4 Diluted earnings per share JDJ 0.19c 1.22c Down 84.4 Weighted average number of ordinary shares 699,812,131 698,119,720 Up 0.2

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Fig 59: BALANCE SHEET AS REPORTED (FY2020)

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Fig 60: CASH FLOW AS REPORTED (FY2020)

Fig 61: Margins %

Jun 30 2020 2019 Gross Profit Margin 45.9 53 EBITDA Margin 21.3 50 Earnings from Cont. Ops. Margin 21.3 50 Net Income Margin 5.5 33.2

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Section 1 CUE Energy Resources (CUE)1 Fig 4: CUE Stock Dashboard [traded in Australian Dollar, AUD]2 Fig 5: LONG-TERM FUNDAMENTAL RANKING: 3 OUT OF 5 [5 is best]2 Fig 6: Short-Term Technical Ranking: 3 out of 5 [5 is best]2 Section 2 The Past Quarter: Regulatory Announcements3 Fig 7: Meetings3 Fig 8: Press Releases3 Section 3 Bullish Signals4 PAST WEEK: WEAK MOMENTUM UP - CUE strengthens 1.6% on volume 0.2 times average4 Uptrend4 Undervaluation5 Section 4 Ongoing Bullish Parameters5 Fig 9: Present Value of AUD1000 Invested in the Past 3 Months; The Best Period with PVAUD1000 > 1,0155 Fig 10: Past quarter: price rise of 1.6%5 Fig 11: Increased Volume, up 511% in 5 years6 Fig 12: Increased VWAP, up 26% in 5 years6 Fig 13: Increased share turnover, up 496% in 5 years6 Fig 14: Declining Days Untraded7 Fig 15: Satisfies one criterion of Benjamin Graham7 Fig 16: Rising Relative Strength7 Fig 17: Turnover Period Above Average8 Section 5 Bearish Signals9 Fig 18: Rank in the bottom 5% by Price Performance in the Australian market9 Downtrend9 Section 6 Ongoing Bearish Parameters9 Fig 19: Present Value of AUD1000 Invested in the Past [1 Yr, 3 Yrs]; The Worst Periods with PVAUD1000 < 9719 Fig 20: The Worst Periods [1 Yr, 3 Yrs] with Price Change % < -2.910 Fig 21: Moving Annual Return of -62.4% in the past year10 Fig 22: Annualised Period-based Total Shareholder Returns [TSR %]: The Worst Periods with TSR < -0.9%10 Fig 23: Deteriorated EBIT Margins11 Fig 24: Satisfies 2 out of 9 criterion of Joseph Piotroski [pass mark 5]11 Fig 25: % Change (Tr. 12 Mo): Stock (-62.4%) v Index (24.6%)11 Fig 26: Past 12 Mo Stock Sector Index (%)12 Fig 27: Price < Moving Avg Price12 Fig 28: Rank in the Asia Pacific Region [out of 2,046 stocks]13 Section 7 Corporate Profile13 Fig 29: Activities13 Fig 30: Contact Details13 Fig 31: Industry & Sector13 Section 8 Financials FY 2021, Past 7 Years14 Fig 32: Financials, FY 202114 Fig 33: Annual growth in Revenue, Net Profit and EPS14 Fig 34: Year-on-year comparison of Performance Ratios [FY2021 vs FY2020]15 Fig 35: Financials Past 7 Years15 Section 9 Board of Directors16

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Fig 36: Board and Management16 Fig 37: Resignations in the past 3 years16 Fig 38: Profiles16 Matthew Boyall (CEO)16 Alastair McGregor (Non-Executive Chairman & Non-Executive Director)17 Andrew Knight (Director)17 Grant Worner (Director)17 Andrew Jefferies (Non-Executive Director)18 Rod Ritchie (Non-Executive Director)18 Richard Malcolm (Non-Executive Director)18 Samuel Kellner (Non-Executive Director)18 Marco Argentieri (Non-Executive Director)18 Melanie Leydin (Company Secretary)18 Section 10 Top shareholders19 Section 11 Peer Comparison & Ranking of CUE20 Fig 39: Global Peer Comparison: CUE - KEY FINANCIALS (all figures in $)20 Fig 40: Global Peer Group - Price Performance21 Fig 41: Global Peer Group - Total Shareholder Returns [TSR in $]21 Fig 42: BUYSELLSIGNALS FUNDAMENTALS VALUATION RANKING22 Fig 43: GLOBAL RANK [out of 47,497 stocks] AND RANK OF CUE ENERGY RESOURCES IN THE ASIA PACIFIC REGION [out of 2,046 stocks]22 Fig 44: RANK OF CUE ENERGY RESOURCES IN THE TOTAL AUSTRALIAN MARKET [out of 1894 stocks] AND IN THE ENERGY SECTOR [out of 135 stocks]23 Section 12 News Archives (Nov 2017 - Jun 2021)23 Fig 45: AGM23 Fig 46: Changes in Board23 Fig 47: Meetings24 Fig 48: Acquisitions24 Fig 49: Litigation24 Fig 50: Exchange Activity25 Fig 51: Natural Reserves/Resources Discovery25 Fig 52: Press Releases25 Section 13 Currency Synopsis: Australian Dollar (AUD)30 Fig 53: % Change of AUD vs Currency Basket Period-Based30 Section 14 3 FIN STMTS AS REPORTED: PAST 2 YEARS30 Fig 54: INCOME STATEMENT AS REPORTED (FY2020)30 Fig 55: BALANCE SHEET AS REPORTED (FY2020)31 Fig 56: CASH FLOW AS REPORTED (FY2020)32 Fig 57: Margins %33 Fig 58: INCOME STATEMENT AS REPORTED (FY2020)33 Fig 59: BALANCE SHEET AS REPORTED (FY2020)34 Fig 60: CASH FLOW AS REPORTED (FY2020)35 Fig 61: Margins %35

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Annual Return (Fig 21): Relative Strength (n-th Period) (Fig 16, 28): Dividends Paid In a 12-Month Period/Price at the Beginning of the Period Price close today/Price close 'n' periods ago, then ranked by percentile + Capital Gain or Loss over 1 Year/Price 1 Year Ago (%) within the entire market. Capital Gain/Loss from n Years Ago to n-1 Years Ago: Return on Equity (Shareholders' Funds) (Fig 28, 43, 44): Capital Gain or Loss over 1 Year/Price 1 Year Ago (%) Net Profit/Net Assets (%) Current Ratio (Fig 34): TSR (Fig 22): Current Assets/Current Liabiliites (times) Total Shareholder Returns is expressed as an annualized rate of return for EBIT Margin (Fig 23): shareholders after allowing for capital appreciation and dividend Earnings Before Interest and Tax/Revenue (%) TTM: Moving Average Price (n periods): Trailing 12 Months Sum of Prices for each Period/Number of Periods Turnover Period (Fig 17): PVAUD1000 (Fig 18, 43, 44, 9, 19): Time Period required for trading all Outstanding Shares Present value of AUD1000 invested 1 year/'n' years ago Turnover Rate (Fig 17): Price Close/Moving Avg Price: Australian Dollar value of annual trading volume as a percentage of Latest Price/Moving Average Price market capitalisation Price/NTA (Fig 28, 43, 44): Volatility: Closing Share Price/Net Tangible Assets Per Share (times) Highest Price minus Lowest Price/Lowest Price (%) Price/Sales (Fig 42): Volume Index (VI): Share Price/Sales Per Share (times) Number of shares traded in the period/Average number of shares Relative Price Change [RPC]: traded for the period Relative price change is price change of stock with respect to Volume Weighted Average Price (VWAP) (Fig 12): Benchmark Index The Volume Weighted Average Price (VWAP) is the summation of turnover divided by total volume in the same period.

Momentum Up Price increase fuelled by above average Volume

Weak Momentum Up Price increase on below average Volume

Momentum Down Price decrease fuelled by above average Volume

Weak Momentum Down Price decrease on below average Volume

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