(EnergyAsia, March 14, Friday) — Singapore Petroleum Company Limited (SPC) said it has raised its stake in Australian upstream company Cue Energy Resources Limited to approximately 14.06%. SPC has been steadily buying into Cue Energy with announcements of its growing stakes posted to the Australian Securities Exchange (ASX) since last July.

In its latest announcement, SPC said it bought another 7,735,303 Cue Energy shares on the open market as investment at an average price of A$0.2006 per share.

SPC said: “This brings SPC’s total shareholding in Cue Energy to 88,309,429 ordinary shares. These shares are held through nominee holders.”

SPC is a regional oil and gas company with interests in oil and gas exploration and production, refining, terminalling and distribution, marketing and trading of crude and refined petroleum products. It is an associated company of Keppel Oil & Gas Services Pte Ltd, a wholly-owned subsidiary of Keppel Corporation Limited.

Melbourne-based Cue Energy has operations in Papua New Guinea, Indonesia, New Zealand and Australia. It is one of SPC’s existing partners in the Sampang production sharing contract in Indonesia.