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New Zealand Oil & Gas Limited ( (AU:ECH) ) has issued an announcement.
Echelon Resources Limited has accepted Horizon Oil’s off-market takeover offer for all remaining Cue Energy Resources shares it holds or controls, excluding those covered by an existing pre-bid agreement. The decision follows the Takeovers Panel’s refusal to conduct proceedings on Cue’s complaint about the pre-bid agreement and Echelon’s shareholder intention statement, effectively endorsing Echelon’s approach.
Chief executive Andrew Jefferies said the outcome provides clarity and allows Echelon to proceed as previously indicated, framing the transaction as part of its strategy of actively managing its portfolio. The move is presented as delivering a positive result for Echelon shareholders while supporting an orderly transition of control of Cue to Horizon, although the offer and pre-bid agreement still depend on regulatory and other conditions being satisfied.
More about New Zealand Oil & Gas Limited
Echelon Resources Limited is an Australasian-focused energy commodity exploration and production company headquartered in Wellington, New Zealand. It holds a portfolio of partly owned onshore and offshore oil and gas assets in Australia, New Zealand and Indonesia, both directly and through its 49.93% stake in ASX-listed Cue Energy Resources Limited, and emphasises ethical, values-based operations with strong ESG standards.
Average Trading Volume: 29,998
Technical Sentiment Signal: Buy
Current Market Cap: A$89.58M
For detailed information about ECH stock, go to TipRanks’ Stock Analysis page.