Australia's Horizon Oil rises after offering to buy Cue Energy Resources

Cue Energy Resources

02/03/2026 03:49

Updates

** Horizon Oil HZN.AX shares rise as much as 8.3% to A$0.26, highest level since June 24, 2014

** Marks biggest intraday pct jump since June 13, 2025

** Co made off-market offer to acquire all issued shares of Cue Energy Resources CUE.AX which it currently does not own

** Cue shareholders will get A$0.008 in cash and 0.5625 Horizon shares for each share held

** HZN to buy 19.99% stake in CUE from energy producer Echelon Resources ECH.AX, via off‑market transaction at A$0.115 per share

** About 5.6 mln HZN shares traded so far, 3.2x 30-day average

** HZN up 2.1%, YTD gains of about 20%

** ECH rise as much as 5.7% to A$0.37, YTD up 10.5%

** CUE on trading halt

(Reporting by Sneha Kumar and Aamir Sheik Khalid in Bengaluru)

((Sneha.kumar@thomsonreuters.com; Aamir.SheikKhalid@thomsonreuters.com))