Cue returns to NZ bourse

Tuesday 20th October 2009

Cue Energy Resources, the oil and gas explorer whose ASX-listed stock has soared 70% in the past three months, will to return to the NZX after a four-year absence, touting the benefits of its Maari oil field stake.

Cue has a 5% share in Maari, which recently came on line and is 16% owned by Todd Energy, the biggest shareholder in Cue.

Most of Cue's exploration prospects and production wells are in Australia, Indonesia and Papua New Guinea, though its chairman is Todd Energy managing director Richard Tweedie.

Cue and Todd Energy are "working together on a number of fronts," said Tweedie, who is hopeful their alliance in offshore Taranaki will produce "further outstanding results".

"The timing is now 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," he said.

Cue last traded at 24.5 Australian cents on the ASX, giving the company a market value of A$176.6 million. Its 693 million shares also trade on the Port Moresby Stock Exchange. The shares delisted in New Zealand in 2005.

Tweedie links the share listing with the Maari field's success. It began production in February 2009, and together with two further discoveries at the Maari M2A sands and adjacent Manaia field total recoverable oil is estimated at 100 million barrels.

Cue's other major shareholder is Singapore Petroleum (SPC), with a 17% shareholding.

Earlier this year PetroChina International, an international oil company of similar size to Exxon Mobil, acquired all SPC's shares and effectively became Cue's second largest shareholder.

Businesswire.co.nz

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