New Zealand Oil & Gas has increased its interest to 50.01% in subsidiary Cue Energy Resources, a regional energy company focusing in South East Asia and Australia.
In the current financial year, New Zealand Oil & Gas has purchased 13,514,462 Cue shares carrying an average cost of 8.32 cents.
With this purchase, it increased its interest in Cue Energy to 50.01% from the existing 48.11%.
New Zealand Oil & Gas paid A$1.124m (A$850,000) as consideration for this purchase.
New Zealand Oil & Gas chief executive Andrew Jefferies said: “Our controlling interest in Cue provides diversified exposure to Cue's production and exploration interests in Australia, New Zealand and Indonesia.”
Cue Energy produces oil from its interests in the Maari oilfield located offshore Taranaki and from the Sampang PSC in East Java, Indonesia.
This company holds a range of interests in exploration in Australia and Indonesia, including significant Ironbark prospect situated in the Carnarvon basin off West Australia.
Jefferies added: “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%.”
Headquartered in Wellington in New Zealand, this company holds exploration and production interests in Australia and Indonesia, as well as multiple locations in its own country.