Cue late last week told the ASX and NZX that it was planning to issue up to 60 million A30-cent shares to help fund development of the offshore Taranaki Maari oil field in which it now holds a 5% stake.

“The monies raised will be utilised to fund the recently announced acquisition of an interest in the Maari oil field in New Zealand, project developments and augment working capital,” Cue told the exchanges.