NZOG bids for Cue Energy

Offshore staff

WELLINGTON, New Zealand – NZOG Offshore, a subsidiary of New Zealand Oil & Gas, has made an unconditional takeover offer for ASX-listed Cue Energy Resources.

The cash offer of A$0.10 ($0.077) per share expires at the end of trading on the ASX on March 27, 2015.

For New Zealand Oil & Gas, Cue’s major asset is a 5% interest in the producing Maari oil field offshore New Zealand.

In December NZOG Offshore made an off-market purchase of 19.99% of Cue Energy from Todd Petroleum at the same price, for a total value of A$13.96 million ($10.85 million).

02/16/2015

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