Past year: ▲ 5%(19.5c – 28.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Jan 2020quarterly activities report▲ Good
December quarter: net debt down to US$7.4m after a further US$10m prepayment, with cash US$22m. WZ 6-12 M1 is put at 0.6 mmbbl gross 2C contingent resources (0.2 mmbbl net). Calendar 2019 sales were 1.62m bbl, with net cash still expected by mid-2020.
22 Nov 2019other▲ Good
AGM addresses: net debt cut further to about US$14m at end-October, with net cash still expected by mid-2020. The CEO calls WZ 6-12 M1 an oil discovery, says the WZ 12-8E FID is expected in coming months, and expects PNG joint venture composition to change.
20 Nov 2019agm notice● Neutral
Notice that the 22 November 2019 AGM will be webcast live. Administrative.
19 Nov 2019asset acquisition disposition● NeutralMajor
Jadestone Energy has agreed to buy OMV's 69% interest and operatorship of the Maari Project, where Horizon holds 26%. Completion needs partner acceptance of Jadestone as operator and New Zealand approvals, by 15 November 2020. Jadestone expects to finish in the second half of 2020.
8 Nov 2019drilling result▲ GoodMajor
WZ 6-12 M1 reached 2025 m with oil columns indicated in four sands, supported by logs and pressure data; no production test planned. Horizon holds 26.95%. Development is intended to tie into the WZ 6-12 North and South fields, subject to further evaluation.
28 Oct 2019drilling spud● Neutral
CNOOC spudded the WZ 6-12 M1 exploration well in Beibu Gulf on 25 October 2019, testing the undeveloped WZ 6-12 Mid prospect to 2025 m, with about 17 days planned. Horizon holds 26.95% in the block. A discovery could be tied into the adjacent WZ 6-12 fields.
24 Oct 2019quarterly activities report▲ Good
September quarter: revenue US$27m, a further US$10m of debt voluntarily prepaid, and net debt down to US$20m (US$28m in June). Net cash is still targeted by mid-2020. China cost-recovery oil is now fully recouped, so sales there fall towards production.
17 Oct 2019annual report▲ Good
2019 Annual Report restating the FY19 results already released: record sales of 1.87 mmbbl, revenue US$122m, EBITDAX US$93m, net debt down 68% to US$28m. PPL 430 noted as expired after 30 June 2019. No new information.
30 Sept 2019agm notice● Neutral
Horizon will hold its 2019 AGM on Friday 22 November 2019 at 10am Sydney time; a separate notice will follow. Administrative.
12 Sept 2019investor presentation● Neutral
Good Oil Conference presentation by the CEO repeating FY19 results: record sales of 1.87 mmbbl, EBITDAX US$93m, net debt US$28m, market cap A$175m. Notes Beibu Gulf workovers and CNOOC targeting WZ 12-8E first production in early 2021. No new information.
28 Aug 2019resource reserve update▲ GoodMajor
At 30 June 2019, 2P oil reserves are 8.8 mmbbl (from 8.9) after 2.1 mmbbl of upward revisions offset production. 2C is 26.7 mmbbl liquids and 599 bcf gas; WZ 12-8E contingent oil fell 1 mmbbl on reassessment. PRL 40 swap completed 30 April 2019.
28 Aug 2019investor presentation▲ Good
FY19 results presentation repeating the results released the same day: record sales of 1.87 mmbbl, EBITDAX US$93m, net debt US$28m, about 95% reserve replacement. No new information.
28 Aug 2019other● Neutral
Annual corporate governance statement approved by the board on 28 August 2019. Administrative, no new business information.
28 Aug 2019annual report▲ GoodMajor
FY19 revenue up 19.4% to US$126.7m, EBITDAX US$93.0m, underlying pre-tax profit US$37.3m, statutory pre-tax profit US$48.4m (against a loss last year). Net debt US$28.0m; net cash expected by mid-2020 if production and prices hold.
28 Aug 2019other● Neutral
Appendix 4G confirming the FY19 corporate governance statement is on the company website, accurate as at 28 August 2019 and board-approved. Administrative; no new business information.
27 Aug 2019other● Neutral
Notice of a shareholder webcast on 28 August 2019 on the FY19 results. Administrative, no new information.
30 July 2019quarterly activities report▲ Good
June quarter: FY2019 revenue US$126.7m, net operating cashflow US$92.6m, net debt US$28.0m (down 68%), cash US$21.5m. About US$5.0m Maari insurance recovery finalised, closing that thread. New PNG Petroleum Minister Kua described talks as cordial and constructive.
1 July 2019production update▲ GoodMajor
FY2019 sales of 1.86m barrels and revenue of about US$126m beat the top of guidance (US$100-120m). US$35.2m of debt repaid in the June quarter; net debt about US$30m, with net cash expected by mid-calendar 2020 if oil prices hold.
29 Apr 2019quarterly activities report▲ Good
March quarter: revenue US$26.2m, net debt down US$11.0m to US$53.2m, cash US$31.3m, production entitlement about 5,500 bopd. Net debt expected near US$30m by end of calendar 2019. Gas agreement for Papua LNG signed; third-party pipeline access points confirmed by ExxonMobil.
11 Apr 2019director officer appointment● Neutral
Chris Hodge, a geologist with over 40 years' experience and former ROC Oil director, joins as independent non-executive director. ROC is Horizon's partner in Beibu Gulf. Board addition following Mike Harding's appointment as chair.
4 Apr 2019regulatory community update▼ BadMajor
PNG Petroleum Minister says his department cannot approve the 2014 Elevala/Ketu (PRL 21, Horizon 30.15%) development plan and invited a new or varied plan. Horizon points to Western LNG and third-party access to ExxonMobil's pipeline as new routes.
8 Mar 2019other▲ Good
S&P Dow Jones index rebalance adds Horizon Oil to the All Ordinaries from 18 March 2019, reversing its March 2017 removal. Index announcement, not a company announcement; no change to the business.
20 Feb 2019half year report▲ Good
Half-year to 31 December 2018: sales revenue US$70.3m, EBITDAX US$44.3m (up 81%), net debt down to US$64.2m. Statutory profit before tax was US$26.4m, helped by an US$11.4m option valuation gain; underlying profit after tax was US$8.7m.
20 Feb 2019investor presentation▲ Good
Presentation of the half-year results already released that day: oil sales up 54% to 1.0m barrels, EBITDAX US$44.3m, net debt US$64.2m. Repeats known figures; notes CNOOC expects WZ 12-8E FID in 2019 and Minister-level gas policy allowing third-party pipeline access.
19 Feb 2019other● Neutral
Notice of a shareholder webcast on 20 February 2019 covering half-year results. Administrative, no new information.
29 Jan 2019quarterly activities report▲ Good
December quarter: net debt down US$10.4m to US$64.2m, cash US$20.4m; calendar 2018 operating cashflow US$95.6m. CNOOC completed its expert review of WZ 12-8 East, with FID now targeted later in 2019 and first production in early 2021, a slip from the earlier 2018 FID expectation.
10 Dec 2018other● Neutral
Share registry changed from Boardroom to Computershare. Administrative, with no business impact.
28 Nov 2018investor presentation● Neutral
AGM chairman's address and CEO presentation, mostly repeating known results. New detail: current oil sales entitlement is about 6,200 bopd, WZ 12-8E FID now scheduled early 2019 (previously calendar 2018) and would lift Block 22/12 2P reserves about 20%. About 800,000 barrels hedged for FY2019.
28 Nov 2018director officer appointment▲ GoodMajor
Mike Harding, a former BP executive and current chair of Lynas and Downer EDI, joins the board as an independent director. He becomes chairman when John Humphrey retires at the close of the AGM. Resolves the chair succession thread.
26 Nov 2018agm notice● Neutral
Notice that the AGM at 10am on 28 November 2018 will be webcast live. Administrative, no new information.
