• Cue Energy Resources' application regarding Horizon Oil's takeover bid was declined
• Panel found no unacceptable circumstances regarding insider participation, undisclosed association, or consultancy agreement breaches
• Echelon Resources provided an undertaking not to accept Horizon's bid before April 13, 2026

The Takeovers Panel has declined to conduct proceedings on an application from Cue Energy Resources Limited (Cue) in relation to Horizon Oil Limited's (Horizon) off-market takeover bid for Cue. Cue's application concerned a pre-bid agreement between Horizon and Echelon Resources Limited (Echelon), as well as alleged insider participation issues, an alleged undisclosed association between Horizon and Echelon, and alleged breaches of consultancy agreement provisions between Cue and Echelon. The Panel found that Echelon's intention statement was consistent with the Panel's guidance, there was no reasonable prospect that the timing of the Echelon nominee directors' notification of potential conflict would give rise to unacceptable circumstances, there was insufficient material to support an inference of association between Echelon and Horizon, and there was no reasonable prospect that the alleged consultancy agreement breaches would give rise to unacceptable circumstances. Accordingly, the Panel declined to conduct proceedings.