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Cue Energy lists on New Zealand stock exchange
3 November 2009 - Melbourne-based oil and gas company Cue Energy Resources Ltd, 27% owned by Todd Energy, has publically listed on the NZX New Zealand share market following up the success of the Maari oil field.
Cue Energy holds a 5% stake in the Maari and associated Manaia oil permits which together hold over 100 million barrels of recoverable oil. Todd Energy holds 16% of the Maari permit.
Cue Energy chairman Richard Tweedie, who is also managing director of Todd Energy, said: “Cue’s investment in the Maari field has created outstanding results."
He said the timing was right for Cue to enter the New Zealand market. Already 26% of the company’s shareholders are New Zealanders who together hold 40% of Cue Energy’s shares.
Cue’s other major shareholder is Singapore Petroleum (SPC) with a 16.31% shareholding.
Earlier this year PetroChina International, the listed arm of state-owned China National Petroleum Corporation, acquired all the shares in Singapore Petroleum and effectively became the second largest shareholder in Cue.
Cue Energy to date has oil production in three countries; New Zealand, Papua New Guinea and Indonesia and recently commenced gas production in Indonesia.
Sources: Cue Energy and Lindsay Clark
