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    NZ Oil & Gas Becomes Cue's Majority Shareholder

Summary

New Zealand Oil & Gas has increased its stake in Australia listed Cue Energy from 48.11% to 50.01% at the cost of A$1.12mn (US$0.85mn)

by: Shardul Sharma

Posted in:

Natural Gas & LNG News, Asia/Oceania, Corporate, Mergers & Acquisitions, News By Country, Australia

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NZ Oil & Gas Becomes Cue's Majority Shareholder

New Zealand Oil & Gas has increased its stake in Australia listed Cue Energy from 48.11% to 50.01% at the cost of A$1.12mn (US$0.85mn).

“Our controlling interest in Cue provides diversified exposure to Cue's production and exploration interests in Australia, New Zealand and Indonesia,” New Zealand Oil & Gas CEO Andrew Jefferies said January 17. "Cue has cut costs significantly and refined its strategy."

Cue has production from its interest in the Maari oil field off Taranaki, and from the Sampang PSC in East Java, Indonesia. It has a portfolio of exploration including the Ironbark prospect in the Carnarvon basin off West Australia, and in Indonesia.

 

Shardul Sharma

 

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