TOV: CUE Panel Receives Application

• Cue Energy Resources filed an application with the Takeovers Panel regarding Horizon Oil's takeover bid and related arrangements with Echelon Resources
• Cue alleges undisclosed association between Horizon and Echelon, reduction of potential auction, and chilling effect on auction
• Cue seeks interim and final orders to address the issues

Cue Energy Resources Limited (ASX: CUE) (Cue) has filed an application with the Takeovers Panel in relation to Horizon Oil Limited's (ASX: HZN) (Horizon) off-market takeover bid for all of Cue's shares, and related arrangements involving Echelon Resources Limited (ASX: ECH) (Echelon), a substantial shareholder of Cue. Cue alleges that there is an undisclosed association between Horizon and Echelon, that Horizon's pre-bid agreement with Echelon has reduced the prospect of a potential auction for the control of Cue developing, and that the pre-bid agreement and Horizon's intention statement have a chilling effect on the auction for the control of Cue. Cue also alleges that the conduct of the Echelon Nominees (5 of Cue's 8 directors who are also directors of Echelon) in failing to notify the remaining directors of Cue of Horizon's intention to make a takeover bid magnified the impact of the above issues. Cue submits that the proposed acquisition of control over Cue shares by Horizon is not taking place in an efficient, competitive and informed market, contrary to section 602(a) of the Corporations Act, and that there are contraventions of sections 606 and 671B by Horizon. Cue is seeking various interim and final orders from the Takeovers Panel to address these issues.