Past year: ▲ 5%(19.5c – 28.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 Apr 2026business combination▼ Bad
Cue's first supplementary target's statement keeps the recommendation to reject. It adds the Palm Valley gas deal, which Horizon is not part of, as a further reason, and notes the Medco Sampang dispute is concluded.
13 Apr 2026joint venture update● Neutral
Cue (the takeover target) says it signed the Palm Valley gas deal with the NT Government, 3.2 PJ its share to 2034. It confirms no agreement was reached on the Mereenie volumes. Strengthens Cue's case, as Horizon has no Palm Valley stake.
13 Apr 2026joint venture update▼ BadMajor
The Power and Water letter of intent for new Mereenie gas has expired with no replacement agreed. The JV suspends the two infill wells, cutting Horizon's 2026 capex by about US$5m. Existing supply to 2030 is unaffected; the JV will seek other buyers.
13 Apr 2026regulatory community update▲ GoodMajor
The Takeovers Panel declined to conduct proceedings on Cue's application, finding no reasonable prospect of unacceptable circumstances and insufficient material to infer an Echelon-Horizon association. This removes the main obstacle to the bid and clears the way for Echelon to accept.
13 Apr 2026joint venture update● Neutral
Central (a third party, Palm Valley operator) signed a binding gas deal with the NT Government to 2034, underwriting two Palm Valley wells. It says Mereenie volumes are not included and it will market them elsewhere. Horizon has no Palm Valley interest.
13 Apr 2026joint venture update● Neutral
Echelon says the Palm Valley JV (Central 50%, Echelon 35%, Cue 15%) signed a gas supply agreement with the NT to 2034 and approved two wells. Mereenie wells stay uncommitted without a Mereenie deal. Horizon holds no Palm Valley interest.
9 Apr 2026regulatory community update● Neutral
The Takeovers Panel accepted an undertaking from Echelon not to accept Horizon's Cue bid (beyond the pre-bid shares) before 13 April 2026. It is a short pause while Cue's Panel application is considered.
7 Apr 2026business combination▼ BadMajor
Cue's independent directors formally recommend shareholders REJECT Horizon's offer by taking no action. Reasons include an inadequate control premium, opportunistic timing with Horizon shares at a 10-year high, dilution, Horizon's debt, and heavy conditionality.
2 Apr 2026joint venture update● Neutral
Echelon (a third party) says the Mereenie and Palm Valley JVs extended the binding gas supply deadline with Power and Water from 1 April to 10 April 2026. Duplicates Horizon's announcement.
2 Apr 2026joint venture update● Neutral
The Mereenie JV (Horizon 25%) agreed with Power and Water to extend the binding gas sales agreement deadline from 1 April to 10 April 2026. Fourth extension since December's letter of intent; still unsigned.
1 Apr 2026joint venture update● Neutral
Central (a third party) says the binding gas sales agreement deadline with Power and Water was extended from 1 April to 10 April 2026. Duplicates Horizon's announcement.
31 Mar 2026regulatory community update▼ BadMajor
The Takeovers Panel received an application from Cue alleging an undisclosed Horizon-Echelon association and that the pre-bid deal chills competition. Cue seeks to stop Echelon accepting into the bid. No Panel decision yet; this puts the Cue takeover timetable at risk.
27 Mar 2026business combination▲ Good
Horizon notified that the minimum bid price condition of its Cue offer has been fulfilled, so the offer is now free of that condition. Other conditions, including regulatory approvals, are not addressed in this notice.
25 Mar 2026joint venture update● Neutral
Echelon (a third party) says the Mereenie and Palm Valley JVs extended the binding gas supply deadline with Power and Water from 24 March to 1 April 2026. Duplicates Horizon's announcement.
25 Mar 2026joint venture update● Neutral
The Mereenie JV (Horizon 25%) agreed with Power and Water to extend the binding gas sales agreement deadline from 24 March to 1 April 2026. Third extension; agreements still unsigned.
24 Mar 2026joint venture update● Neutral
Central (a third party) says the binding gas sales agreement deadline with Power and Water was extended again, from 24 March to 1 April 2026. Duplicates Horizon's announcement.
19 Mar 2026business combination● Neutral
Horizon lodged the clean replacement bidder's statement for the Cue takeover, replacing the 2 March version. It sets the offer close at 5 June 2026. Mainly a re-release of the mark-up with the closing date filled in.
19 Mar 2026business combination● Neutral
Horizon issued a supplementary bidder's statement with a mark-up of changes to its Cue bid documents. The offer opens 19 March and closes 5 June 2026 unless extended or withdrawn. Terms of A$0.008 plus 0.5625 Horizon shares are unchanged.
19 Mar 2026business combination● Neutral
Horizon gave formal notice that it has finished despatching the replacement bidder's statement to Cue shareholders. Administrative step; the offer is open and closes 5 June 2026.
12 Mar 2026business combination● Neutral
Cue's independent directors appointed Gilbert + Tobin and Azure Capital as advisers and told shareholders to take no action on Horizon's offer yet. They will give a formal recommendation in a Target's Statement. No recommendation is made yet.
3 Mar 2026joint venture update● Neutral
The Mereenie JV (Horizon 25%) agreed with Power and Water to extend the binding gas sales agreement deadline from 2 March to 24 March 2026. The agreements remain unsigned after a further delay.
3 Mar 2026joint venture update● Neutral
Central (a third party, Mereenie operator) says the deadline to sign binding gas sales agreements with Power and Water was extended from 2 March to 24 March 2026. Duplicates Horizon's own announcement.
2 Mar 2026business combination● Neutral
Horizon lodged its bidder's statement for the off-market takeover of Cue Energy: A$0.008 cash plus 0.5625 Horizon shares per Cue share. This formalises the bid announced earlier the same day; the closing date was still blank.
2 Mar 2026business combination▲ GoodMajor
Echelon, which holds 49.93% of Cue, confirmed it will sell 19.99% of Cue to Horizon at A$0.115 per share, subject to Northern Territory approvals. It intends to accept the bid for its remaining Cue shares 21 days after the offer opens, absent a superior proposal.
2 Mar 2026business combination● NeutralMajor
Horizon launched an off-market takeover of Cue Energy (Cue holds Mereenie 7.5%, a Horizon partner): A$0.008 cash plus 0.5625 Horizon shares per Cue share, about 14.3c, a 10% premium. Horizon already holds 19.99% via a pre-bid deal with Echelon at A$0.115; Cue holders would own 16.31% of the combined group.
25 Feb 2026half year report● Neutral
Half-year to December 2025: production up 26% to 1,068,821 boe, underlying revenue US$54.2m, EBITDAX US$28.6m, operating cash flow up 37% to US$25.1m. Interim dividend of 1.5c (A$24.4m) declared; net debt US$9.8m.
25 Feb 2026investor presentation● Neutral
Half-year results presentation restating known figures: US$54.2m underlying revenue, US$28.6m EBITDAX, 1.5c interim dividend, and Nam Phong compressor first gas in July 2026. Mereenie infill wells planned late 2026.
24 Feb 2026other● Neutral
Notice of a live webcast on 25 February 2026 at 11.00am (AEDT) on the half-year results. Administrative only.
23 Feb 2026joint venture update● Neutral
Echelon (a third party) says the Mereenie and Palm Valley JVs extended the binding gas sales agreement deadline with Power and Water from 20 February to 2 March 2026. Duplicates Horizon's announcement.
20 Feb 2026joint venture update● Neutral
Central (a third party) says the deadline to sign binding gas sales agreements with Power and Water was extended from 20 February to 2 March 2026. Duplicates Horizon's announcement.
