• Echelon completed the sale of 139,885,879 shares in Cue Energy Resources Limited to Horizon Oil Limited.
• The settlement resulted in cash proceeds of approximately A$15.7 million for Echelon.
• Proceeds will be used to repay existing debt facilities, strengthening Echelon's balance sheet.
• Echelon has accepted Horizon's takeover offer for its remaining Cue shareholding.

Echelon Resources Limited has finalized the settlement of the sale of 139,885,879 shares in Cue Energy Resources Limited to Horizon Oil Limited under a pre-bid agreement. This transaction resulted in Echelon receiving cash proceeds of approximately A$15.7 million. The funds will primarily be applied towards the repayment of Echelon's existing debt facilities, thereby strengthening the company's balance sheet. Echelon has also accepted Horizon's takeover offer for its remaining Cue shareholding. Upon completion of the takeover offer, Echelon is expected to receive a combination of Horizon shares and cash consideration, holding approximately 6.7% of Horizon's issued capital.

Echelon expects to receive approximately A$15.7 million in cash proceeds from the sale.

Echelon expects to strengthen its balance sheet through debt repayment and anticipates receiving additional consideration from the Horizon takeover offer.