NEW ZEALAND Oil & Gas will spend $13.96 million to acquire a 19.99 per cent stake in Cue Energy from Todd Petroleum Mining Company, which trades as Todd Energy.

The stake sale, valued at 10 cents per share, was a premium to the company’s previous day closing price of 8.5 cents.

In an announcement, New Zealand Oil & Gas chief executive Andrew Knight said he was pleased with the move.

“Cue has a 5% interest in the Maari field in PMP 38160, which we view as a quality asset and exposure to it fits our portfolio well,” he said.