Horizon Oil Holds 52.21% Stake as Cue Takeover Offer Closes 19 June

Horizon Oil Locks Majority Stake in Cue Energy

Horizon Oil Limited (ASX:HZN) has solidified its controlling interest in Cue Energy Resources, holding a relevant interest in 366.5 million shares, equating to 52.21% of Cue’s issued capital. This majority stake marks a critical milestone in Horizon’s ongoing off-market takeover bid, positioning it to potentially consolidate full ownership.

Best and Final Offer Declared Amid Absence of Rival Bids

In its third supplementary bidder’s statement dated 9 June 2026, Horizon declared its offer consideration as best and final, signalling no intention to increase the bid unless a competing proposal emerges. As of the statement date, Horizon is unaware of any rival bids, a stance that reflects the low likelihood of alternative offers given its current majority holding and Cue’s public statements.

Closing Date Set for 19 June 2026

The offer period is scheduled to conclude at 7:00pm Sydney time on 19 June 2026, barring any further extensions or withdrawal. Shareholders must submit acceptance forms before this deadline to participate. Horizon urges Cue shareholders to consider the offer carefully, highlighting risks associated with remaining minority holders if the bid succeeds but compulsory acquisition thresholds are not met.

Regulatory Hurdles Cleared to Clear Path for Acquisition

All regulatory approval conditions attached to the offer have been satisfied, including consents under New Zealand’s Crown Minerals Act and the Northern Territory Petroleum Act. With these approvals secured, the offer is free from regulatory conditions, removing significant barriers to completion. This regulatory clearance also facilitates the expected completion of a pre-bid agreement with Echelon Offshore Limited, which covers nearly 20% of Cue’s shares and is contingent on the offer becoming unconditional.

Implications for Remaining Minority Shareholders

Horizon cautions that shareholders who do not accept the offer may face reduced liquidity in Cue shares due to a shrinking free float if the bid progresses without reaching compulsory acquisition thresholds. This scenario could make it more challenging to sell shares at prevailing market prices, a risk that Horizon reiterates from earlier communications.