• Echelon Offshore Limited, Cue Energy's largest shareholder, has accepted the offer
• Horizon now holds a 50.46% stake in Cue, fulfilling the 50.1% minimum acceptance condition
• No competing or superior proposal has emerged, with Horizon holding 51.42% voting power in Cue

Horizon Oil Limited has issued a second supplementary bidder's statement in relation to its off-market takeover bid for all of the ordinary shares in Cue Energy Resources Limited that it did not already own. The key points are:- Cue's largest shareholder, Echelon Offshore Limited, has now accepted the offer for all of the Cue shares it holds or controls, other than those subject to a pre-bid agreement. This means Horizon now has a relevant interest in 50.46% of all Cue shares on issue on a fully diluted basis.- As a result, the 50.1% minimum acceptance condition has been fulfilled, and the offer is no longer subject to this condition. Horizon notes there are risks for Cue shareholders who do not accept the offer, as the trading liquidity of Cue shares may be negatively impacted if Horizon acquires a majority ownership but does not reach the compulsory acquisition threshold.- Horizon is not aware of any potential competing or superior proposal. Given Horizon's current 51.42% voting power in Cue and the statements made by Cue in its target's statement, Horizon considers the likelihood of an alternative bidder emerging to be low.- Horizon has continued to progress the necessary regulatory approvals in New Zealand and the Northern Territory. It will provide further updates on material developments.- Horizon has also provided updates on the expiry of a letter of intent with Power and Water Corporation regarding the Mereenie gas sales agreement, and the fulfilment of certain conditions of the takeover offer.