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.

Security flaw in Xiaomi electric scooters could have deadly consequences
An attacker could target a rider, and then cause the scooter to suddenly brake or accelerate.
Four ways the technology landscape will change in 2019
Until now, organisations have only spoken about innovative technologies somewhat theoretically. This has left people without a solid understanding of how they will ultimately manifest in our work and personal lives.
IDC: Top 10 trends for NZ’s digital transformation
The CDO title is declining, 40% of us will be working with bots, the Net Promoter Score will be key to success, and more.
Kiwi partner named in HubSpot’s global top five
Hype & Dexter is an Auckland-based agency that specialises in providing organisations with marketing automation solutions.
Moustache Republic expands Aussie presence with new exec
The Kiwi digital commerce partner has appointed a Sydney-based director to oversee the expansion of the company’s Australian footprint.
Epson’s new EcoTank range with two years printing per tank
With 11 new EcoTank printers that give an average user two years of printing and cost just $17.99/colour to refill, Epson is ready to change the game.
Te reo Māori goes global via language app called Drops
If you’re keen to learn a few words of Māori – or as much as 90% of the language, you may want to check out an Android and iOS app called Drops.
Reckon Group announces a steady profit in 2018
Reckon continued its investment in growth throughout the year with a development spend of $14.3 million.