7 stories mentioning ASX:CUEUpdated 24d ago
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Cue Energy Resources (ASX:CUE) appointed Bruce Clement as chairman, according to a Monday filing with the Australian bourse.Clement currently serves as chairman of Horizon Oil (ASX:HZN), the filing said.
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.
Horizon Oil (ASX:HZN) completed the acquisition of 139.9 million Cue Energy Resources (ASX:CUE) shares, under a pre-bid agreement between Horizon and Echelon Offshore, representing around 19.9% of all Cue shares presently on issue, according to a Friday Australian bourse filing.After the closure of the offer period on June 19, Horizon now has a stake of 57.06% of all Cue shares on issue.Horizon's shares rose over 3% in recent trading on Friday.
Cue Energy Resources' (ASX:CUE) independent board committee continued to unanimously recommend that Cue shareholders reject the unsolicited, off-market takeover offer from Horizon Oil (ASX:HZN), noting that Horizon declared the offer consideration "best and final," with no increase in the consideration proposed in the absence of a competing proposal, according to a Wednesday Australian bourse filing.As of Tuesday, Horizon secured acceptances in respect of 17.1 million Cue shares, or around 2.4% of the total Cue shares currently on issue, other than the shares held by Echelon Offshore, per the filing.If Horizon fails to obtain acceptances in respect of at least 80% of Cue shares, scrip-for-scrip capital gains tax rollover relief will not be available to Cue shareholders who accept the offer, the committee said.Horizon has not yet declared the offer unconditional. The offer is set to close on June 19, unless it is extended or withdrawn.Horizon's shares fell 2% in recent trading on Wednesday.
Horizon Oil (ASX:HZN) said the minimum acceptance condition for its off-market takeover bid for Cue Energy Resources has been fulfilled, according to a Wednesday Australian bourse filing.Horizon Oil fell 4% in recent Wednesday trade while Cue Energy Resources slipped past 3%.
Energy stocks were gaining nearly 3% in midday trading Monday as oil prices spiked once again after peace talks between the US and Iran failed over the weekend, prompting US President Donald Trump to order a blockade of the Strait of Hormuz.Cue Energy Resources (ASX:CUE) and Palm Valley joint venture partners Echelon Resources (ASX:ECH) and Central Petroleum (ASX:CTP) signed a binding multi-year gas sales deal with the Northern Territory government. Cue Energy shares rose 5% and Central Petroleum more than 3%, while Echelon was over 2% lower.On the flip side, nearly all other sectors were in the red, as information technology stocks led decliners with a fall of more than 2%.WiseTech Global (ASX:WTC) was down more than 1%, and Xero (ASX:XRO) was shedding almost 2%.
Cue Energy Resources (ASX:CUE) and Palm Valley joint venture partners Echelon Resources (ASX:ECH) and Central Petroleum (ASX:CTP) have signed a binding multi-year gas sales deal with the Northern Territory government, according to Monday filings with the Australian bourse.The Palm Valley JV will drill two new wells to supply up to 21 petajoules of gas on a firm basis from the second half of 2026 through 2034. Cue Energy pegged its share at 3.2 petajoules, and Central Petroleum said its share is 10.5 petajoules.The gas is contracted at a fixed price with consumer price index escalation and take-or-pay provisions, per the filings. Drilling for the first well is due to begin mid-year, with production from the new wells expected to come online progressively over the second half.The binding agreement replaces the proposed gas supply arrangements in a previous letter of intent with the Northern Territory's Power and Water Corp. The letter of intent contemplated supply from the Mereenie gas field, but no final agreement was reached on volume and pricing for those tranches.In a separate statement, Horizon Oil (ASX:HZN) said the expiry of the letter of intent does not impact its existing gas supply deal with Power and Water Corp., which remains in place through to 2030.However, without a new agreement, the joint venture has decided that certain additional near-term drilling is no longer needed, which reduces Horizon's 2026 forecast capital expenditure by about $5 million, the company said.Horizon Oil has a stake in the Mereenie permits OL4/OL5, together with units of Central Petroleum, Echelon Resources, and Cue Energy.Horizon Oil shares gained 6% in recent trading, Central Petroleum and Cue Energy both rose 3%, while Echelon Resources was down 2%.
