New Zealand Oil & Gas Ltd. (NZOG) has now taken full control of Cue Energy Resources Ltd. after having launched a hostile takeover the Melbourne-based Cue nearly 2 years ago (OGJ Online, Mar. 27, 2015).
NZOG has now lifted its stake to a majority 50.01% interest from the 48.1% it obtained at the end of its 2015 takeover attempt.
NZOG originally made the bid for Cue at 10¢ (Aus.)/share after buying 19.99% of the company in 2014 from Todd Energy and picking up further shares from Zeta Resources Ltd. The offer closed in March 2015.
NZOG said at the time that it would carry out a strategic review of Cue, including whether it should remain a listed company.
This week NZOG announced it had acquired 13,514,462 shares in Cue in the current financial year to move to the controlling 50.01% shareholding. Total cost of the acquisition was $1.124 million (Aus.).
Cue has production from an interest in the Maari field off Taranaki in New Zealand as well as from the Sampang PSC in East Java, Indonesia. Its exploration portfolio includes the significant Ironbark prospect in the offshore Carnarvon basin, Western Australia, and some leads in Indonesia.