NZOG, flush with cash, targets undervalued assets

Thu, 29 Oct 2015

By Tina Morrison Oct. 29 (BusinessDesk) - New Zealand Oil & Gas, which has about $100 million of cash and no debt, is seeking to benefit from a slump in oil prices to hoover up undervalued energy assets. Over the past year, NZOG paid $35 million for 48 percent of listed Australian company Cue Energy Resources which owns 5 percent of the Maari oil and gas field off Taranaki, adjacent to the Tui field where NZOG has a 27.5 percent interest. Cue also has an interest in the nearby Manaia prospect. Cue's directors opposed the bid, saying it un...

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