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Echelon Resources Limited (ASX:ECH)
ALERT: Price-sensitive ASX Announcement for ECH
Current share price for ECH : $0.350 -0.005 (-1.41%)+
Announcement
Release
3 Jul 2026 12:16PM
Price at Release
$0.355
Full Release
Summary
Echelon Resources Limited announced the completion of its divestment in Cue Energy Resources Limited following Horizon Oil Limited's off-market takeover. As part of the transaction, Echelon received cash and scrip consideration and fully exited its shareholding in Cue, becoming a substantial shareholder in Horizon with a 6.64% ownership. The proceeds from this transaction were used mainly to repay Echelon's debt, strengthening its financial position. The CEO, Andrew Jefferies, highlighted the significance of the milestone for maintaining exposure to the regional energy market through Horizon.
Key Points
- Completion of Cue divestment by Echelon Resources Limited.
- Horizon Oil Limited's takeover of Cue Energy Resources Limited completed.
- Echelon received cash and scrip as consideration.
- Echelon exited its shareholding in Cue.
- Echelon became a substantial shareholder in Horizon with 6.64% stake.
- Transaction proceeds mainly used for debt repayment.
- Strengthening of Echelon's balance sheet and financial flexibility.
- CEO emphasized the strategic significance and continued market exposure.
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.
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