Monday 22nd December 2014
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New Zealand Oil & Gas, the listed exploration company, has acquired 19.99 percent of ASX-listed Cue Energy for A$13.96 million from Todd Petroleum Mining, gaining exposure to the Maari field.
The transaction, at 10 Australian cents a share, is expected to be completed today, the company said in a statement. Shares of Cue last traded at 8.5 Australian cents.
Cue has a 5 percent interest in the Maari field, which NZOG regards as "a quality asset and exposure to it fits our portfolio well," said NZOG chief executive Andrew Knight.
Last month Bill Houston, NZOG's general manager of exploration, resigned less than a year after he took up the role with the company, which has interests in the Tui and Kupe fields. In August, NZOG posted a 61 percent drop in annual profit, reflecting rising exploration costs and some foreign exchange losses on its US dollar holdings.
Its shares last traded at 60 cents and have declined 25 percent this year.
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