Horizon Oil (ASX:HZN) completed its off-market takeover of Cue Energy Resources, acquiring a controlling interest of 57.03% in Cue through the issue of 146.9 million new Horizon shares and a cash payment of about AU$2.1 million on July 2, according to a Friday Australian bourse filing.
The company said the acquisition delivers an effective 15% increase in Horizon's daily production to about 7,300 barrels of oil equivalent per day (boepd), increases net 2P reserves by more than 20% to about 15.35 million barrels of oil equivalent, and expands Horizon's geographic footprint to nine producing oil and gas fields across five countries.
Following completion, Horizon nominated its Chair Bruce Clement, Chief Executive Officer Richard Beament, Chief Operating Officer Gavin Douglas, and Chief Financial Officer Kyle Keen to the Cue board, with the five directors previously nominated by Echelon having resigned, the filing added.
Total cash amounts paid for the pre-bid and off-market takeover were AU$17.8 million, with funding primarily sourced from existing cash reserves and drawings under Horizon's Macquarie Bank debt facility, which was raised by a further $10 million following completion of the Thailand acquisition in August 2025, it added.
The company's shares rose 1% in recent Friday trade.