• Echelon to sell 19.99% stake in Cue Energy Resources to Horizon Oil
• Echelon intends to accept Horizon's takeover offer for remaining Cue shares
• Completion of sale and participation in takeover subject to approvals

Echelon Resources Limited (ASX: ECH) has announced that it has agreed with Horizon Oil Limited (ASX: HZN) to sell 19.99% of its shareholding in Cue Energy Resources Limited (ASX: CUE) via an off-market transaction at A$0.115 per share. Echelon also notes Horizon's proposed off-market takeover bid for the balance of Cue shares announced today. Echelon intends to accept the offer in respect of all other Cue shares that it holds or controls, 21 days from the opening of the offer period for the takeover offer, in the absence of a superior proposal. Completion of the sale of Echelon's 19.99% interest in Cue 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. Echelon will update the market as the transaction progresses.