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.”

"All of its shareholders benefit from these changes, which provide a positive reason to increase our holding to over 50%."

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.