(photo source: Cue Energy)
JAKARTA (rambuenergy.com) – NZOG Offshore, a wholly-owned subsidiary of New Zealand Oil & Gas, is making an unconditional takeover offer for ASX-listed Cue Energy Resources Limited.
“I am pleased to enclose a bidder’s statement which contains an ofer from NZOG Offshore Limited to acquire all of the issued ordinary shares of Cue Energy Resources Limited that it does not already owned,” NZOG Chairman Peter Griffiths said.
The company has launched an on-market cash offer of A$0.10 per share expires at the end of trading on the ASX on 27 March 2015.
By making the offer, the bidder seeks to increase its shareholding in Cue to a level where it can better influence the future direction of Cue and encourage Cue to seek value for all shareholders.
The offer is at a premium of 11.1 percent to Cue’s last trading price prior to announcement of the offer and values Cue at approximately A$69.8 million.
New Zealand Oil & Gas said it believes Cue’s major asset, a 5 per cent interest in the Maari oil field in New Zealand, is a quality asset that fits our portfolio well.
In December New Zealand Oil & Gas, through NZOG Offshore, made an off-market purchase of 19.99 per cent of Cue Energy from Todd Petroleum at the same price, for a total value of A$13.96 million.
New Zealand Oil & Gas is New Zealand’s largest publicly-listed explorer Established in 1981 and listed on the New Zealand and Australian stock exchanges, it has two major producing assets offshore Taranaki New Zealand and exploration interests in New Zealand and Indonesia.
Cue Energy holds 15 percent working interest in Sampang PSC, offshore East Java, which is operated by Santos Sampang Pte Ltd as well as 40 percent interest in Mahakam Hilir PSC which is operated by SPC Mahakam Hilir Pte Ltd.