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Echelon Resources Limited (ASX:ECH)

ALERT: Price-sensitive ASX Announcement for ECH
Current share price for ECH : $0.345 -0.01 (-2.82%)+
Announcement
Release
26 Jun 2026 1:44PM
Price at Release
$0.355
Full Release
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Summary
Echelon Resources Limited announced the completion of the sale of a significant number of shares in Cue Energy Resources Limited to Horizon Oil, which resulted in cash proceeds of approximately A$15.7 million. These funds will be applied towards debt repayment, strengthening the company's financial position. Echelon has also accepted a takeover offer from Horizon for its remaining shares in Cue, which is expected to result in Echelon acquiring a stake in Horizon. The company plans to provide further updates after the settlement process is completed.
Key Points
  • Echelon Resources Limited completed the sale of 139,885,879 shares in Cue Energy Resources Limited to Horizon Oil.
  • The settlement resulted in Echelon receiving cash proceeds of approximately A$15.7 million.
  • The proceeds will be used primarily to repay existing debts and strengthen the balance sheet.
  • Echelon has accepted Horizon's takeover offer for its remaining Cue shareholding.
  • The transaction is expected to culminate in Echelon holding approximately 6.7% of Horizon's issued capital.
  • Further updates will be provided after the completion of the takeover offer settlement process.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.