Giving Kiwis Chance To Invest In Success Of Maari

Cue Energy Lists On NZX Giving Kiwis Chance To Invest In Success Of Maari

Oil and gas company Cue Energy Resources Ltd announced today it will publically list on the NZX market on Wednesday 21 October 2009, offering Kiwi investors a chance to enjoy the sucess of Maari.

Chairman for Cue Energy, Richard Tweedie said “Cue’s investment in the Maari field has created outstanding results.”

He added “the timing is now right for Cue to enter the New Zealand market, already 26% of the company’s shareholders are New Zealanders who together hold 40% of Cue Energy’s shares.”

The Maari oil field began production in February 2009 and since then two further discoveries have been made at the Maari M2A sands and the adjacent Manaia field. Together they amount to over 100 million barrels of recoverable oil.

New Zealand ’s largest locally owned energy producer, Todd Energy owns 27% of Cue. Todd Energy's tanker, the MS Sophie ship's Cue Energy’s share of Maari crude to market (Todd Energy owns 16% of Maari and Cue owns 5%). Cue has also farmed-in to two of Todd Energy’s exploration licenses adjacent to the Maari field.

Mr Tweedie commented that Cue and Todd Energy are “working closely together on a number of fronts” and he is hopeful their alliance in offshore Taranaki will produce “further outstanding results."

Cue’s other major shareholder is Singapore Petroleum (SPC) with a 16.31% shareholding. SPC is also in a joint venture with Cue in Indonesia . Earlier this year PetroChina International acquired all the shares in SPC and effectively became the second largest shareholder in Cue. PetroChina is an international oil major of similar size to Exxon Mobil.

Cue Energy to date has oil production in three countries, Papua New Guinea , Indonesia and New Zealand and recently commenced gas production in Indonesia .

Bob Coppin, Cue Energy CEO said “Cue is growing through exploration success and the development of oil and gas discoveries and acquisitions.”

In early October 2009 first gas production began from its Oyong gas field located in the straits of Madura, offshore East Java, Indonesia. Oil production continues from the Oyong field and from the SE Gobe oil field in PNG. The announcement by Exxon Mobil of their intention to build an LNG scheme in PNG should allow Cue to develop its gas resources in PNG over time.

In Australia Cue has exploration licenses in the Carnarvon Basin , the Bass Basin and the Timor Sea . Mr Coppin commented that the Carnarvon Basin licenses in particular are “very prospective” and hold “considerable promise."

Mr Coppin also said he was pleased Cue is joining Todd Energy to further explore licenses adjacent to the Maari field and added “the recent Manaia and M2A discoveries auger well for the exploration prospects of these licenses to the south of Maari, these are interpreted to cover the migration path of oil that may have overflowed the Maari and Manaia structures."

Finally Mr Tweedie commented, "I believe Cue is in a strong position for growth and it’s an exciting time for New Zealand investors to share in the ongoing Cue success story."

ENDS

© Scoop Media