WELLINGTON, Oct 20 - Australian oil and gas producer Cue Energy (CUE.AX) will list on the New Zealand stock exchange to allow local investors a chance to invest in its New Zealand oil field, the company said on Tuesday.
Cue Energy, which also has oil and gas assets in Australia, Papua New Guinea and Indonesia, said the timing was right to list on the New Zealand exchange, after oil began flowing earlier this year from the Maari field, of which it has a 5 percent stake.
Cue's shares will list on the New Zealand exchange on Wednesday.
"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," chairman Richard Tweedie said in a statement. Cue's shares closed on Monday at A$0.25, valuing the company at around A$170 million ($157 million). Maari and its adjacent Manaia field, in New Zealand's oil-and-gas rich region of Taranaki, have been estimated to contain 100 million barrels of oil.
Cue is 27 percent owned by privately-owned New Zealand energy company Todd Energy, which also owns 16 percent of Maari.
Cue Energy, which also has oil and gas assets in Australia, Papua New Guinea and Indonesia, said the timing was right to list on the New Zealand exchange, after oil began flowing earlier this year from the Maari field, of which it has a 5 percent stake.
Cue's shares will list on the New Zealand exchange on Wednesday.
"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," chairman Richard Tweedie said in a statement. Cue's shares closed on Monday at A$0.25, valuing the company at around A$170 million ($157 million). Maari and its adjacent Manaia field, in New Zealand's oil-and-gas rich region of Taranaki, have been estimated to contain 100 million barrels of oil.
Cue is 27 percent owned by privately-owned New Zealand energy company Todd Energy, which also owns 16 percent of Maari.
