Past year: ▲ 5%(19.5c – 28.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
4 May 2018price query● Neutral
Reply to an ASX query: Horizon first received the PDL 10 cancellation notice on 23 March 2018 and disclosed it on 2 May, after a false social media report. It says it relied on the exception to disclosure and confirms it complies with the Listing Rules.
2 May 2018regulatory community update▼ BadMajor
Horizon says PDL 10 (Stanley field, 30% interest, about 20% of Western LNG resource) has not been cancelled, but the PNG Minister issued a notice of intention to cancel it. Horizon and Repsol call the notice procedurally invalid; no action is to be taken pending a presentation before 1 October 2018.
13 Mar 2018investor presentation● Neutral
Euroz conference presentation repeating known points: US$60-70m a year cashflow, net debt US$94.3m, US$130m Osaka Gas payment on LNG FID. States market cap A$176m and a claim of favourable valuation versus peers. No new results.
26 Feb 2018half year report● Neutral
Half-year to December 2017: revenue US$36.4m (up 15%), operating cashflow US$24.3m, net debt down to US$94.3m. Statutory loss widened to US$9.5m, driven by a US$9.2m non-cash charge on the IMC options after the share price rose 121%.
26 Feb 2018investor presentation● Neutral
Half-year results presentation repeating the reported figures: revenue US$36.4m, net debt US$94.3m, free cashflow breakeven US$34/bbl. Adds Beibu cost recovery entitlement of US$76.7m remaining and that Western LNG resources are undergoing independent certification.
26 Feb 2018other● Neutral
Notice of a shareholder webcast on 27 February 2018 covering the half-year results. Administrative, no new information.
11 Jan 2018investor presentation● Neutral
Release of a new corporate overview video comparing Horizon's financial measures with peers. No new information in the announcement itself.
29 Nov 2017investor presentation● Neutral
CEO presentation at the PNG Mining and Petroleum Conference on Western LNG, restating the 1.5 mtpa plan, 2.0-2.5 tcf gas and 60-70 mmbbl condensate, and Horizon's 28% share. Gives FID target of 2019 and pre-FEED completion by end-2017. No new decisions.
24 Nov 2017other▲ Good
Chairman's AGM address says FY2017 was good but the share price, though doubled in a year, still undervalues production and PNG gas. Says the Maari purchase (US$17.6m) should be repaid from about 1,400 bopd extra output within about 18 months, with US$60-70m a year cash flow expected.
22 Nov 2017investor presentation● Neutral
Release of a corporate overview video covering strategy, the pending 16% Maari acquisition and Western LNG progress. No new information in the announcement itself.
13 Nov 2017investor presentation● Neutral
Updated investor presentation repeating known points, with the pending Maari purchase now reflected: operating cashflow guidance US$60-70m a year over FY2018-22, including the extra Maari interest. Net debt US$104.6m at 30 September.
6 Nov 2017asset acquisition disposition▲ GoodMajor
Horizon agreed to buy Todd's 16% of the Maari/Manaia fields in New Zealand for US$17.6m, lifting its interest from 10% to 26%. Subject to approvals; funded from cash and bank debt. Net output would rise from about 4,100 to 5,500 bopd; 2P reserves up 43% to 11.3 mmbbl.
24 Oct 2017annual report● Neutral
2017 Annual Report and Notice of AGM for 24 November 2017 released. Repeats the FY2017 results already announced, with a two-part strategy: steady China and NZ production, and advancing Western LNG in PNG.
21 Sept 2017security holder rights change● Neutral
500,000 employee options exercisable at A$0.20 were cancelled. Administrative notice with no stated cash effect.
14 Sept 2017investor presentation● Neutral
Good Oil Conference presentation repeating known points: about 4,000 bopd, net debt US$108.5m, US$130m Osaka Gas payment on LNG FID, and a claim that shares are undervalued against peers. No new results.
7 Sept 2017investor presentation● Neutral
CEO presentation at the PNG Investment Conference on Western LNG, restating the 1.5 mtpa plan and 2.0-2.5 tcf gas and 60-70 mmbbl condensate resource. Horizon and Repsol hold 70% combined. No new decisions or figures.
29 Aug 2017other● Neutral
Notice of a shareholder webcast on 30 August 2017 covering the full-year results. Administrative, no new information.
29 Aug 2017resource reserve update● NeutralMajor
At 30 June 2017, 2P oil reserves fell to 7.9 mmbbl from 9.0 mmbbl, mostly from 1.1 mmbbl produced. 2C oil and condensate rose 4.5 mmbbl to 28.9 mmbbl, mainly from the Manaia Moki field in New Zealand. 2C gas unchanged at 497 bcf.
29 Aug 2017other● Neutral
Annual corporate governance statement and Appendix 4G, approved by the board on 22 August 2017. Routine compliance document with no business developments.
29 Aug 2017annual report▲ GoodMajor
FY2017 results: revenue US$68.5m on 3% higher sales of 1.42m barrels, operating cashflow US$51.7m and a small pre-tax profit of US$4.2m versus a US$149.7m loss in FY2016. Net debt fell to US$108.5m from US$131.9m. Beibu Gulf cost recovery entitlement remaining is US$89.6m.
29 Aug 2017investor presentation● Neutral
Results presentation repeating the FY2017 figures: revenue US$68.5m, operating cashflow US$51.7m, net debt US$108.5m. Adds that Elevala/Tingu and Ketu environmental approval was granted in PNG. Little new beyond the results announcement.
17 Aug 2017investor presentation● Neutral
CEO conference presentation on the Western LNG concept: a 1.5 mtpa floating LNG plant off Daru fed by a 74 km Stanley-Elevala line and two roughly 490 km onshore pipelines. Restates the existing plan with no new decision or Horizon-specific numbers.
14 Aug 2017security holder rights change● Neutral
9,561,936 share appreciation rights issued in 2012 lapsed unvested. Administrative notice with no stated cash effect.
18 July 2017asset acquisition disposition▲ GoodMajor
Horizon lifted its PRL 21 (Elevala/Tingu, Ketu) interest to 30.15% and swapped 20% of Ubuntu for 20% of Puk Puk/Douglas (PRL 40) with Kumul. Ubuntu falls to 30%. Gives about 28% of Western LNG's 2.0-2.5 tcf; cash cost confidential; PNG approvals pending.
3 July 2017director officer appointment● Neutral
Kylie Quinlivan replaces Monika Fedorczyk as Assistant Company Secretary. Administrative change.
30 May 2017security holder rights change● Neutral
1,666,667 employee options issued in 2012 lapsed unexercised. Administrative notice with no stated cash effect.
22 May 2017debt financing▲ GoodMajor
Horizon prepaid US$5m of the US$50m IMC subordinated loan (LIBOR + 9%) and plans a further US$5m by year end, saving about US$1.0m a year in interest. Net debt is targeted at about US$100m by end-2017, from US$120.8m. Senior facility drawn US$88.0m after redetermination.
11 Apr 2017investor presentation● Neutral
CEO presentation at an ASX/Finance News Network event repeating the March investor pitch: 4,000 bopd, US$120.8m net debt, and a claim shares are undervalued against the 2016 Grant Samuel valuation. Little new information.
22 Mar 2017investor presentation● Neutral
March 2017 investor presentation repeating known points: net production about 4,000 bopd, net debt US$120.8m, operating cashflow forecast US$50-60m a year to 2022, and a US$33/bbl free cashflow breakeven. Debt is expected to be repaid in about four years. No new results.
10 Mar 2017other▼ Bad
S&P Dow Jones Indices' March 2017 rebalance lists Horizon Oil among the removals from the All Ordinaries index, effective 20 March 2017. Horizon already dropped out of the ASX 200 and 300 in 2015. Index housekeeping, no change to the business.
