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Horizon Oil Limited (ASX:HZN)

ALERT: Price-sensitive ASX Announcement for HZN
Current share price for HZN : $0.215 -0.04 (-15.69%)+
Announcement
Release
14 Apr 2026 11:53AM
Price at Release
$0.255
Full Release
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Summary
The First Supplementary Target's Statement by Cue Energy Resources Limited details a binding multi-year Gas Sales Agreement with the Northern Territory Government, aimed at increasing Cue's contracted gas production and revenue through drilling two new wells in the Palm Valley field. This agreement supersedes a previous Letter of Intent and is projected to significantly enhance Cue's financial position from the second half of 2026 through to 2034. Despite Horizon's takeover bid, Cue's Independent Board Committee recommends shareholders reject the offer, emphasizing Horizon's lack of involvement in the new gas agreement.
Key Points
  • Cue announces multi-year Gas Sales Agreement with Northern Territory Government.
  • Agreement involves drilling two new wells in Palm Valley field.
  • Expected to add long-term contracted cash flow and increased gas production.
  • Cue's Independent Board Committee recommends rejecting Horizon's takeover bid.
  • Horizon Oil Limited does not participate in the Palm Valley Joint Venture.
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.