New Zealand Oil & Gas (NZOG) has agreed to purchase 19.99 per cent of shares in ASX-listed exploration and production company Cue Energy.
The holding was purchased off market from Todd Petroleum Mining at AUDIO cents per share, for a total value of AUD$13.96 million. The agreement is expected to be completed today.
NZOG Chief executive Andrew Knight says, “Cue has a 5 per cent interest in the Maari field in PMP 38160, (New Zealand) which we view as a quality asset and exposure to it fits our portfolio well.”
Cue Energy Resources Limited is an oil and gas exploration and production company with a regional focus on SE Asia and Australasia.The company has petroleum assets in Papua New Guinea, Indonesia, New Zealand and Australia.
In a separate statement Cue Energy said: “The Company welcomes NZOG as a substantial shareholder in the Company.”