Horizon Oil has today announced an off-market takeover offer to acquire all of the fully paid ordinary shares on issue in Cue Energy Resources that Horizon does not already have a relevant interest in.

Details of the Offer  

Under the Offer, each Cue Shareholder is entitled to receive a combination of A$0.008 cash and 0.5625 Horizon Shares for each Cue Share held on the Register Date (being 3 March 2026) (Offer Consideration).(1)
 
As at market close on 27 February 2026, being the last trading day on the ASX before the date of Horizon’s Bidder’s Statement (Last Practicable Date), the implied value of the Offer Consideration represented a value of approximately A$0.143 (14.3 cents) for each Cue Share (being A$0.008 in cash and 0.5625 of a Horizon Share valued at A$0.135).(2)

The Offer Consideration therefore represents a 10% premium to the closing price of Cue Shares of A$0.13 on the Last Practicable Date, and a premium of approximately 16.3% to the 30-day VWAP of Cue Shares of A$0.1230 on ASX up to and including the Last Practicable Date. 

If Horizon is successful in acquiring all of the Cue Shares on issue that Horizon does not have a relevant interest in, existing Cue Shareholders will (in aggregate) hold 16.31% of the Combined Group, and existing Horizon Shareholders will (in aggregate) own 83.69% of the Combined Group.(3) 

(1) Ineligible Foreign Shareholders or Small Parcel Shareholders will not be entitled to receive Horizon Shares under the Offer. Instead, if such persons accept the Offer, they will receive A$0.008 in cash for each of their Cue Shares and will be paid the net proceeds of the sale (on the ASX by the Nominee) of the Horizon Shares they would have otherwise been entitled. More detail is set out in clause 8.4 of Appendix 1 of the Bidder’s Statement. 
(2) Based on Horizon’s Share price of A$0.24 as at close of trading on 27 February 2026, being the Last Practicable Date. The implied aggregate value of the Offer will vary depending on the market price of Horizon Shares. 
(3) As at immediately after Successful Offer Completion. The assumptions that Horizon has made in calculating these indicative Combined Group ownership percentages are set out in section 7.5 of the Bidder’s Statement.

KeyFacts Energy: Horizon Oil Australia company profile