In fact, Oil And Gas Singapore own 71% and effectively control...

In fact, Oil And Gas Singapore own 71% and effectively control both NZO and CUE.
This removes a lot of stock from the trading pool, leading to low liquidity, and also removes any potential takeover premium. Hence, both companies have traded below fair value for a long time without attracting significant interest.
Fortunately, the only way Oil and Gas Singapore can extract any value from either company is by paying dividends, which also flow to minority shareholders.
Hopefully, going forward, they keep paying dividends on a regular basis or take over both companies completely.
I am also excited about the Perth Basin drills. Has the potential to add $100-200 million to the share price if they prove up another West Erregulla/South Erregulla/Lockyer Deep/Waitsia.