Horizon Oil Releases Shareholder Distribution Schedule Following Closed Cue Energy Takeover Bid

Horizon Oil's Off-Market Takeover Bid for Cue Energy Closes After Offer Period

Horizon Oil Limited's off-market takeover bid for Cue Energy Resources Limited formally closed at 7:00pm Sydney time on 19 June 2026, marking the conclusion of the offer period under Chapter 6 of the Corporations Act 2001 (Cth). The offer was made to acquire all Issued Shares in Cue Energy that Horizon did not already hold a relevant interest in at the time of the bid. The company has not disclosed the final level of acceptances received or the precise outcome of the offer in this particular company update.

The disclosure of the distribution schedule and top-20 shareholders list has been made pursuant to ASX Listing Rule 3.4.1, which requires listed entities to provide updated shareholder information following certain corporate actions. For investors tracking the progress of Horizon's strategic move on Cue Energy, this filing represents a key post-offer procedural update. Further announcements regarding the outcome of the acquisition are anticipated as the company works through any post-offer compulsory acquisition or settlement processes, though no specific timeline was provided in this update.

Horizon Oil's Total Issued Capital Reaches 1.77 Billion Shares Across 6,297 Holders

As of the date of the company update, Horizon Oil's total issued capital stands at 1,774,478,592 shares, held by 6,297 registered shareholders. This figure provides important context for investors assessing the company's scale and the breadth of its shareholder base following the completion of the Cue Energy offer period. The distribution schedule filed with ASX reflects the current state of the Horizon Oil share register as required under Listing Rule 4.10.7.

The breakdown across holding brackets reveals a clear concentration of ownership. The largest bracket — holders of more than 100,000 shares — comprises 1,063 holders who collectively account for 1,653,942,675 shares, representing 93.21 per cent of total issued capital. At the other end of the spectrum, 304 holders own between one and 1,000 shares, collectively representing just 14,753 shares or effectively zero per cent of issued capital. This distribution pattern is consistent with a company that has a significant institutional and strategic shareholder base.

JP Morgan Nominees Holds Largest Registered Position at 18.52 Per Cent of Horizon Oil

JP Morgan Nominees Australia Pty Limited holds the largest single registered position on the Horizon Oil share register, with 328,632,765 shares representing 18.52 per cent of total issued capital. As a nominee and custodial entity, JP Morgan Nominees typically holds shares on behalf of a range of underlying beneficial owners, meaning the actual end investors behind this position are not identified in the company update. This is a common feature of the Australian securities register where institutional custodians aggregate holdings on behalf of fund managers and other financial intermediaries.

In second position is IMC Investments Ltd, holding 242,240,259 shares or 13.65 per cent of issued capital, followed by Citicorp Nominees Pty Limited with 198,963,598 shares (11.21 per cent). The presence of multiple major Custodian and nominee entities in the top three positions reflects the institutional nature of Horizon Oil's investor base. Investors monitoring control dynamics of the company will note that these nominee structures make it challenging to assess the full extent of any single beneficial owner's economic interest solely from the register data.

IMC-Linked Entities Represent a Substantial Combined Presence on the Horizon Register

A notable feature of Horizon Oil's top-20 shareholder list is the appearance of multiple entities with IMC branding across different register positions. IMC Investments Ltd holds 13.65 per cent of issued capital, while IMC Oil & Gas Investments Limited holds a further 148,333,916 shares (8.36 per cent), and IMC Resources Investments Pte Ltd holds an additional 10,000,000 shares (0.56 per cent). The company update does not clarify whether these entities are related parties or whether their holdings should be aggregated for the purpose of assessing a combined relevant interest under the Corporations Act.

If these entities were treated as associated, their combined registered holding would be substantial relative to total issued capital. However, any determination of association or aggregation for legal purposes under Chapter 6 of the Corporations Act would require formal legal analysis beyond the scope of the register data provided. Investors seeking to understand the beneficial ownership structure of Horizon Oil are encouraged to review any substantial holder notices and other relevant disclosures lodged separately with ASX. The company did not disclose any commentary on this point in the current update.

Echelon Offshore Limited Holds 6.64 Per Cent as Fifth-Largest Registered Holder

Echelon Offshore Limited is listed as the fifth-largest registered holder of Horizon Oil shares, with 117,834,145 shares representing 6.64 per cent of total issued capital. The company update does not provide background on Echelon Offshore Limited or its relationship, if any, to other entities on the register. The nature and domicile of Echelon Offshore Limited is not elaborated upon in the filing, and the company has not disclosed any further information regarding this holder's Investment intentions or strategic position.

Following Echelon Offshore, BNP Paribas Nominees Pty Ltd appears in the register across multiple lines — including positions at rank six (1.80 per cent), rank fifteen (0.37 per cent), rank sixteen (0.36 per cent), and rank seventeen (0.35 per cent) — reflecting the multi-account structure through which custodian banks hold securities on behalf of different client pools. As with JP Morgan Nominees and Citicorp Nominees, the beneficial owners behind these BNP Paribas custodial positions are not identified in the register.

Managing Director Richard Beament and Related Parties Appear in Horizon's Top-20 Register

Horizon Oil's Managing Director and Chief Executive Officer, Richard Cameron Beament, holds 7,433,286 shares in a personal capacity, representing 0.42 per cent of the company's issued capital, placing him at number 13 on the list of 20 largest registered holders. Mrs Sophie Nicole Beament also appears at rank 18 with 6,186,000 shares (0.35 per cent of issued capital). The company update does not indicate whether these holdings represent the entirety of shares held by or associated with these individuals, and investors should consult any separate director interest notices for a complete picture.

The appearance of management-aligned holders in the top-20 list is generally viewed by analysts as a signal of insider alignment, as it indicates that senior Leadership has meaningful personal exposure to the company's share price performance. The company did not disclose any changes to director holdings in connection with this filing, nor did it provide commentary on whether any shares were acquired or disposed of during or after the Cue Energy offer period.

Small Holders Represent a Negligible Fraction of Horizon Oil's Total Share Register

The distribution schedule reveals that smaller retail holders make up the largest number of individual registered accounts but hold only a minimal fraction of total issued capital. The 304 holders in the one-to-1,000 share bracket collectively own just 14,753 shares — a figure that is essentially immaterial relative to the company's total issued capital of approximately 1.77 billion shares. The 992 holders with between 1,001 and 5,000 shares collectively hold 3,305,965 shares, or 0.19 per cent of issued capital.

Combined, the three smallest holding brackets — covering shareholders with up to 10,000 shares — account for 2,375 registered holders but only 12,047,712 shares in aggregate, representing less than one per cent of the total register. This concentration profile is typical of ASX-listed oil and gas companies with a long operating history and institutional following. The data suggests that any changes to Horizon Oil's strategic direction or ownership are more likely to be driven by its institutional and strategic investor cohort rather than retail shareholder activity.

Regulatory Compliance Background: Why ASX Listing Rules 4.10.7 and 4.10.9 Triggered This Disclosure

The publication of this distribution schedule and top-20 shareholder list is a mandatory disclosure obligation under ASX Listing Rules 4.10.7 and 4.10.9, triggered in conjunction with Listing Rule 3.4.1 following the close of Horizon Oil's off-market takeover bid. These rules require listed entities to provide updated shareholder information to the market as part of the ongoing transparency obligations that apply to all ASX-listed companies, particularly where corporate transactions have the potential to materially affect the share register.

For investors and market observers, such disclosures serve as a useful checkpoint to understand who holds the shares of a company following a significant corporate event such as a takeover offer. The filing was signed by Managing Director and CEO Richard Beament and lodged via ASX Online on 2 July 2026, confirming that Horizon Oil has met its post-offer disclosure obligations in accordance with the relevant listing rules. Investors should note that this filing is procedural in nature and does not constitute an announcement of the outcome of the Cue Energy acquisition itself.

What Investors Should Watch as Horizon Oil Moves Past the Cue Energy Offer Period

With the Cue Energy takeover offer now formally closed as of 19 June 2026, the key milestone for investors to monitor is any further announcement from Horizon Oil regarding the level of acceptances received and whether the company has achieved a sufficient interest to proceed with compulsory acquisition of remaining Cue Energy shares under the Corporations Act. Under Australian law, a bidder that acquires 90 per cent or more of the target's shares during the offer period may compulsorily acquire the remaining shares. The company did not disclose acceptance levels in this update.

Additionally, investors may be watching for updates on the integration or consolidation of Cue Energy's Assets into Horizon Oil's portfolio, any changes to the combined group's operational strategy, and the potential impact on Horizon Oil's production and reserve base. Any material developments in these areas would be expected to be disclosed to the market via separate company updates in due course. The immediate share price impact of this particular procedural filing was not clear from available public information.