Horizon Oil has launched a takeover bid for Cue Energy Resources, signalling consolidation in the Australian oil and gas sector. The takeover offer by Horizon for all remaining Cue shares, aims to bring the smaller energy producer under Horizon’s ownership.
Cue Energy operates oil and gas assets in Australia, Indonesia and New Zealand, and holds a 7.5 per cent interest in the Northern Territory’s Mereenie field alongside partners including Horizon Oil.
The proposal follows Horizon’s previous strategic moves in energy production — including its acquisition of a 25 per cent non-operated interest in the Mereenie oil and gas field — which positions it as a larger player with enhanced production and supply capabilities.
Details of the offer, including the price per share and shareholder response, are now being circulated to investors as Cue shareholders consider the bid.
The full ASX statement can be read here.