Cue Energy trading halt

Thursday 27th January 2005

Former "penny dreadful" firm Cue Energy today had its shares placed on a trading halt ahead of a placement of shares on NZX, the sharemarket operator said.

NZX granted the halt, effective from the start of trade today, it said in a statement.

"The halt is requested to last for up to 48 hours, but may well be for a lesser period," the statement said.

No other details were immediately available.

Earlier this week, Cue confirmed it had bought a stake in one of the Taranaki Basin's biggest undeveloped oil fields, which it hopes will start producing oil within two years.

It has paid $6.7 million to take a 5% stake in the Maari field, which it said was the "largest undeveloped offshore oil field in New Zealand".

A development decision on the field, which is 80km offshore and under a water depth of 100m, is expected to be made in April.

Oil was due to start flowing in the second quarter of 2007.

European energy giant OMV owns 69% of the Maari oil field and is the operator. Todd owns 16% and Australian company Horizon Oil has 10%.

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