New Zealand Oil & Gas (NZOG) entered a deal to secure a 50.01% holding in its Australian subsidiary, Cue Energy Resources.
“Our controlling interest in Cue provides diversified exposure to Cue's production and exploration interests in Australia, New Zealand, and Indonesia,” said Andrew Jefferies, CEO, NZOG.
Cue has production interest in the Maari oil field off Taranaki, and from the Sampang production sharing contract in East Java, Indonesia.
It has a portfolio of exploration including the substantial Ironbark prospect in the Carnarvon basin off West Australia, and in Indonesia.
“Cue has cut costs significantly and refined its strategy. All of its shareholders benefit from these changes, which provide a positive reason to increase our holding to over 50%,” Jefferies said.