Horizon Takeover offer for Cue Energy Resources Ltd (CUE)

• Horizon Oil Limited (ASX:HZN) announces off-market takeover offer for Cue Energy Resources Limited (ASX:CUE)
• Offer Consideration of A$0.008 cash and 0.5625 Horizon Shares per Cue Share
• Offer represents a 10% premium to Cue's closing price on the last practicable date

Horizon Oil Limited (ASX:HZN) has announced an off-market takeover offer to acquire all of the fully paid ordinary shares in Cue Energy Resources Limited (ASX:CUE) that Horizon does not already have a relevant interest in. Under the Offer, each Cue Shareholder is entitled to receive a combination of A$0.008 cash and 0.5625 Horizon Shares for each Cue Share held. As at the last practicable date, the implied value of the Offer Consideration represented a value of approximately A$0.143 per Cue Share, which is a 10% premium to Cue's closing price on that date and a 16.3% premium to Cue's 30-day VWAP. If successful, the Offer will result in existing Cue Shareholders holding 16.31% of the Combined Group, with Horizon Shareholders holding the remaining 83.69%. Horizon believes the combination may deliver strategic and financial benefits, including increased scale, expanded asset portfolio, and potential synergies. The Offer is subject to various conditions, including a 50.1% minimum acceptance condition and regulatory approvals.