Story image

NZ Oil & Gas gets 3 directors on expanded Cue Energy board of 6

14 Apr 2015

New Zealand Oil & Gas has gained three directors on an expanded board at Cue Energy Resources after securing 48 percent of the ASX-listed energy company.

Cue said Paul Foley, a former NZOG director and current partner at law firm at Minter Ellison Rudd Watts, oil and gas industry consultant Peter Hazledine and Sydney-based lawyer Brian Smith will join Geoffrey King, who remains chairman, Stuart Brown and Andrew Young on the board. Rowena Sylvester resigned from the board.

NZOG made a hostile takeover bid for Cue at 10 Australian cents a share after buying 19.99 percent of the company in December from Todd Energy and has then picked up further stakes from shareholders including Todd and Zeta Resources. Cue owns 5 percent of the Maari oil and gas field, offshore Taranaki, adjacent to the Tui field, where NZOG has a 27.5 percent interest. Cue also has an interest in the nearby Manaia prospect.

The Wellington-based oil and gas company has said it plans to carry out a strategic review "on Cue's corporate structure, governance, assets, businesses, personnel and operations with a view to identifying potential areas where Cue's business can be enhanced." That review will consider whether continued listing on the ASX "constitutes value for money."

NZOG shares last traded at 58 cents and have declined 22 percent in the past 12 months. It is rated a 'buy' based on three analyst recommendations compiled by Reuters. Cue last traded at 8.8 Australian cents, has dropped 30 percent in the past 12 months, and is rated a 'strong buy' by two analysts.

Platform9 and Intersect partner to bring unified cloud to A/NZ
“For Intersect, Platform9 represents the single most strategic solution to a set of challenges we see expanding across the board."
Meet the future of women in IT
Emily Sopers has just won Kordia’s first ever Women in Technology Scholarship, which was established to address gender imbalance in the information and communications technology (ICT) sector.
Web design programmers do an about face – again!
Google is aggressively pushing speed in the mobile environment as a critical ranking factor, and many eb design teams struggling to reach 80%+ speed scores on Google speed tests with gorgeous – but heavy - WordPress templates and themes.
Digital spending to hit US$1.2 trillion by 2022
A recent study by Zinnov shows that IoT spend reached US$201 billion in 2018 while outsourcing service providers generated $40 billion in revenue.
'Iwi Algorithm' can grow Aotearoa's mana
Ngāti Whātua Ōrākei innovation officer Te Aroha Grace says AI can help to combine the values from different cultures to help grow Aotearoa’s mana and brand – and AI is not just for commercial gain.
Dropbox brings in-country document hosting to A/NZ & Japan
Dropbox Business users in New Zealand, Australia, and Japan will be able to store their Dropbox files in-country, beginning in the second half of 2019.
Why 'right to repair' legislation could be a new lease on life for broken devices
“These companies are profiting at the expense of our environment and our pocketbooks as we become a throw-away society that discards over 6 million tonnes of electronics every year.”
Kiwis know security is important, but they're not doing much about it
Only 49% of respondents use antivirus software and even fewer – just 19% -  change their passwords regularly.