Horizon Oil Ltd becomes substantial holder in Cue Energy
Key points
- Horizon Oil Ltd and its group members have acquired a 19.99% stake in Cue Energy Resources
- Acquisition made through a pre-bid agreement with Echelon Offshore Limited
- Completion of the share purchase is subject to regulatory approvals
Full summary
Horizon Oil Limited (Horizon) and its group members have become a substantial holder in Cue Energy Resources Limited (Cue), acquiring a 19.99% stake in the company. The acquisition was made through a pre-bid agreement dated 2 March 2026 between Horizon and Echelon Offshore Limited (Echelon), under which Horizon has agreed to purchase 139,885,879 fully paid ordinary shares in Cue from Echelon. The consideration for the share purchase is $0.1150 per share. Completion of the share purchase is subject to obtaining any required Ministerial consent or approval under the Petroleum (Prospecting and Mining) Act 1980 (NT) in connection with the transfer of the shares. Horizon must use reasonable endeavours to ensure this condition is satisfied as expeditiously as possible, including promptly making all required applications and submissions, diligently pursuing the necessary approvals, and complying with any reasonable requests or conditions imposed by the relevant Government Agency.
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