Announcement • Jun 26
Horizon Oil Limited (ASX:HZN) completed the acquisition of 19.99% stake in Cue Energy Resources Limited (ASX:CUE) from Echelon Resources Limited (ASX:ECH) for AUD 15.7 million. Horizon Oil Limited (ASX:HZN) proposed to acquire 19.99% stake in Cue Energy Resources Limited (ASX:CUE) from Echelon Resources Limited (ASX:ECH) for AUD 16.1 million on March 2, 2026. A cash consideration valued at AUD 0.115 per share will be paid by Horizon Oil Limited, subject to any applicable adjustments under the agreement. Completion of the is subject to applicable approvals in the Northern Territory and, subject to receiving those approvals, will occur shortly after the end of the offer period for the takeover offer (provided the takeover offer has become unconditional).
Horizon’s proposed off market takeover bid is subject to customary conditions, including regulatory approvals as set out in its announcement today. Echelon will update the market as the transaction progresses. The transaction was approved by Echelon’s board. The transaction is expected to close on June 5, 2026. On March 27, 2026, Horizon Oil Limited has fulfilled the minimum bid price condition for its off-market takeover bid. As of April 7, 2026 The Independent Board Committee unanimously recommends that to reject the Offer by taking no action. On April 8, 2026, Echelon Resources Limited (Echelon) undertakes to the Panel that, without the Panel’s consent, it will not accept the off-market takeover bid made by Horizon Oil Limited (Horizon) for all of the ordinary shares in Cue Energy Resources Limited (Cue) in which Horizon does not have an interest, in respect of any Cue shares held or controlled by Echelon (other than those the subject of the pre-bid agreement between Echelon and Horizon dated March 2, 2026), before April 13, 2026. As of April 13, 2026, Panel has declined to conduct proceedings stating that there was no reasonable prospect that it would make a declaration of unacceptable circumstances. The Panel will publish its reasons for the decision in due course. As of April 14, 2026, The Independent Board Committee continues to recommend that the shareholders REJECT the Offer. As of April 15, 2026, Echelon Resources Limited has accepted the off-market takeover offer from Horizon Oil Limited. As of May 14, 2026, the Cue IBC reminds Cue shareholders that to REJECT the Offer, Cue shareholders should DO NOTHING and TAKE NO ACTION in relation to all documents sent by Horizon. As per the announcement dated May 27, 2026 the transaction has fulfilled the Crown Minerals Act 1991 (NZ)) condition the now free of that condition. As per the announcement dated May 29, 2026 the transaction has received Ministerial consent under the Petroleum Act 1984 (NT) and the Petroleum (Prospecting and Mining) Act 1980 (NT). As of June 17, 2026. the offer is now UNCONDITIONAL and the Offer is scheduled to close on June 19, 2026. Completion is conditional on any required Ministerial consent under the Petroleum (Prospecting and Mining) Act 1980 (NT) in connection with the transfer of Cue Shares being obtained prior to the end of the Offer Period, and is expected to occur five Business Days after the end of the Offer Period.
Azure Capital Pty Ltd. acted as financial advisor to Cue Energy Resources Limited. Gilbert and Tobin acted as legal advisor to Cue Energy Resources Limited. Mallesons acted as legal advisor to Horizon Oil Limited.
Horizon Oil Limited (ASX:HZN) completed the acquisition of 19.99% stake in Cue Energy Resources Limited (ASX:CUE) from Echelon Resources Limited (ASX:ECH) for AUD 15.7 million on June 26, 2026. The proceeds from the transaction, will predominantly be applied towards repayment of Echelon's existing debt facilities, further strengthening the Company's balance sheet. 
