Cue Energy announces reshuffle

By Ruli Setiawan

ASX-listed Cue Energy Resources, an active player in Indonesia?s oil and gas industry, announced on Friday a reshuffle at its Board of Management, which has been executed at the request of its major shareholder New Zealand Oil and Gas Limited (NZOG).

Effective March 4, Paul Foley, Stuart Brown and Peter Hezledine have resigned as directors on the Board. They will be replaced by Grant Worner and Andrew Knight. Other members of the Board, Koh Ban Heng and Brian Smith, will continue as directors of Cue, the firm said.

Knight is currently the CEO of NZOG., while Worner is an experienced oil and gas executive, who is currently Executive Director of Pan Pacific Petroleum and a Non-Executive Director of New Guinea Energy Ltd.

?As Cue?s last remaining independently nominated, and currently longest serving Director, it has been a privilege to watch the evolution of Cue?s Indonesian focused exploration strategy come to fruition with the Naga Selatan-2 discovery. The acreage position, technical experience and operational capabilities which have been established over the last few years now provide multiple opportunities for future success and growth in shareholder value,? outgoing director Brown said in the statement.

?Similarly the rationalization of Cue?s other Australasian interests will hopefully culminate in the successful farm-out of WA-359-P and WA-409-P which would also bring significant value to Cue shareholders. This said, the oil and gas industry faces unprecedented challenges in the current environment and I wish the new Board success in steering an appropriate course between the interests of Cue?s major shareholders while protecting the interests of all other shareholders,? he added.

Naga Selatan field in located in Mahakam Hilir PSC in East Kalimantan, which is 100 percent owned by Cue.

Editing by Johannes Simbolon