NZ Oil & Gas gets 3 directors on expanded Cue Energy board
NZ Oil & Gas gets 3 directors on expanded Cue Energy board of 6
By Jonathan Underhill
April 14
(BusinessDesk) - 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.
(BusinessDesk)