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Asia

Cue Energy Board Committee Urges Shareholders to Reject Horizon Oil's Unsolicited Takeover Bid

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 The offer is set to close on June 19, unless it is extended or withdrawn.Horizon's shares fell 2% in recent trading on Wednesday.

ASX:CUEASX:HZN
Asia

Horizon Oil Says Minimum Acceptance Condition Met for Cue Energy Takeover Bid, Shares Down 4%

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%.

ASX:CUEASX:HZN
Asia

Cue Energy, Echelon Resources, Central Petroleum Sign Binding Gas Sales Deal With Northern Territory

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%.

ASX:CTPASX:CUEASX:ECHASX:HZN