Cue's Second Supplementary Target's Statement

• Cue's Independent Board Committee recommends shareholders reject Horizon's offer
• Offer consideration declared 'best and final' with no increase
• Horizon has secured acceptances for only 2.4% of Cue Shares
• Cue remains well-capitalized with no debt

Cue Energy Resources Limited (ASX:CUE) has issued a Second Supplementary Target's Statement, urging shareholders to reject Horizon Oil Limited's (ASX:HZN) off-market takeover bid. The Independent Board Committee (IBC) continues to recommend shareholders take no action, citing the 'best and final' offer consideration, low acceptance rates, and Cue's strong financial position. As of June 11, 2026, Horizon had secured acceptances for only 2.4% of Cue Shares, excluding those held by Echelon. The offer remains conditional, with Horizon yet to declare it unconditional. Cue remains well-capitalized with an unaudited cash balance of A$16 million and no debt, as of May 30, 2026. The offer is scheduled to close on June 19, 2026, unless extended or withdrawn.