20 Oct 2009

Cue Energy to list on NZ stock market

11:16 am on 20 October 2009

Cue Energy Resources will list on the New Zealand stock market on Wednesday.

The oil and gas exploration company is controlled by Todd Energy, which has a 27% stake, and PetroChina, which owns 17%.

Cue Energy is already listed on Australia's stock market.

Cue Energy has a 5% stake in the Maari oil field, which began production in February.

Along with other discoveries at Maari and the nearby Manaia field, the company says there is over 100 million barrels of recoverable oil.

Chairman Richard Tweedie says the listing will allow a greater number of New Zealanders' to invest in the energy sector.

Cue is also involved in working oil fields in Papua New Guinea and Indonesia, and hopes to expand in presense in the gas market in these areas.

It also has exploration licences in Australia.

Radio New Zealand's business editor says the company currently has about 4800 shareholders. New Zealanders, including Todd Energy, hold 39% of its shares.