Dual-listed oil and gas company Cue Energy - which has a 5% stake in the offshore Maari crude oil field - is listing on the New Zealand stock exchange today.
Cue is listed on the Australian and Port Moresby stock exchanges with a market capitalisation of about $NZ200 million. Its shares traded on the ASX at about A24.5c yesterday.
Aside from oil production in Papua New Guinea, New Zealand and Indonesia, Cue is involved in gas production in Indonesia plus has stakes in further New Zealand exploration permits.
Craigs Investment Partners broker Peter McIntyre said the New Zealand listing would raise liquidity for Cue and would give it the capacity in the future to go to shareholders for capital to expand.
He expected Cue shares to trade around NZ30c on listing.
Mr McIntyre said Cue's links with Singapore Petroleum had been enhanced by the latter's purchase by Petro-China, a Chinese company about the size of Exxon Mobil, which is the world's largest non-government oil company.
The Maari field is about 80km offshore from south Taranaki and began producing oil in February, and had pumped more than 900,000 barrels by May. Todd Energy has since made adjacent discoveries within Maari and the neighbouring Mania field estimated at more than 100 million barrels of recoverable oil.
Cue had also bought into two Todd exploration licences near the Maari field.
Cue chairman Richard Tweedie said Cue and Todd were "working closely" on several fronts on offshore Taranaki prospects. Cue was "in a strong position for growth" and New Zealand investors had an opportunity to share in the Maari success, he said. At present, 26% of Cue's shareholders held 40% of its shares, he said.
