Horizon Oil Clears Major Acquisition Milestone

A significant condition in Horizon Oil's proposed acquisition of Cue Energy Resources Limited has been satisfied, moving the deal substantially closer to completion. The company confirmed on March 27 that the minimum price condition for its offer is now considered fulfilled. This development provides greater certainty for shareholders regarding the transaction's timeline and execution.

Horizon Oil, which already holds a voting stake of nearly 20% in Cue Energy, aims for full integration. The offer terms grant Cue shareholders 0.008 Australian dollars in cash plus 0.5625 Horizon shares for each of their shares. Should the takeover proceed to full ownership, former Cue Energy investors would collectively hold an approximate 16.3% stake in the enlarged entity.

Strategic Rationale and Financial Backing

Management views the merger as a strategic move to build a diversified Asia-Pacific portfolio. Combining oil and gas projects across China, New Zealand, and Thailand is expected to generate annual operational synergies.

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To financially underpin this growth and strengthen its balance sheet for the integration, Horizon Oil is preparing a substantial capital raising initiative. The company plans to finalize the placement of up to 317 million new shares by May 2026. These funds are earmarked for the upcoming merger costs and other operational projects.

Operational Performance and Shareholder Calendar

Separate from the merger activity, the company's latest fiscal year demonstrated operational stability. A net profit of 8.0 million US dollars was reported, supported by consistent production from existing assets, notably the WZ 12-8E field in China.

On the markets, the equity has performed strongly this year, gaining roughly 30% since January despite a slight decline last Friday. The shares currently trade at 0.16 euros.

Key Dates for Shareholders:

• 09 April 2026: Ex-dividend date (0.015 AUD per share)
• 08 May 2026: Planned share placement for capital strengthening
• 05 June 2026: Expected closing date for the Cue Energy offer acceptance period

The coming weeks will focus on the capital raising effort and the final acceptance rate from Cue Energy's shareholders. The offer remains officially open until June 5, barring any regulatory extensions. Concurrently, Horizon continues to advance operational projects like the Nam Phong Booster Compressor to optimize gas production throughout the current year.

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