NZOG acquires 19.99% shares in Cue Energy

By Ruli Setiawan

ASX-listed New Zealand Oil and Gas (NZOG) said Monday it has agreed to acquire a 19.99 percent stake in ASX-listed Cue Energy Resources Ltd.

?The holding was purchased off market from Todd Petroleum Mining at AUD10 cents per share, for a total value of AUD$13.96 million. The agreement is expected to be completed today,? NZOG said in a statement, which was also confirmed by Cue Energy in a separate announcement.

Chief executive of NZOG Andrew Knight said, "Cue has a 5 percent interest in the Maari field in PMP 38160, which we view as a quality asset and exposure to it fits our portfolio well."

Meanwhile, Cue welcomes NZOG as a substantial shareholder in the company.

Cue Energy Resources Limited is an oil and gas exploration and production company with a regional focus on Southeast Asia and Australasia. The company has petroleum assets in Papua New Guinea, Indonesia, New Zealand and Australia. The company owns stakes in various oil and gas assets in Indonesia including the Mahakam Hilir PSC and Sampang PSC.

Editing by Reiner Simanjuntak