Past year: ▲ 5%(19.5c – 28.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
6 Mar 2017director officer appointment● Neutral
Greg Bittar was appointed non-executive director, nominated by IMC under the terms of the subordinated loan, so not independent. Bruno Lorenzon, IMC's head of group corporate finance, is his alternate. This fills the intended extra board seat, giving IMC board representation.
28 Feb 2017investor presentation● Neutral
CEO presentation at a PNG energy summit on developing Western Province gas, comparing a Western LNG plant near Daru (1.5-2.0 mtpa) with a Western Pipeline to Port Moresby. It sets out strategy options and makes no new decision or numbers specific to Horizon.
27 Feb 2017half year report● Neutral
Half-year to December 2016: loss US$5.1m (against US$42.0m a year earlier), EBITDAX US$18.4m, operating cashflow US$19.7m. Net debt US$120.8m, cash US$18.3m. Net operating cashflow is forecast at US$50-60m a year for 2017-2022. Current net production is about 4,000 bopd.
27 Feb 2017investor presentation● Neutral
Half-year results presentation repeating the results release: gross profit US$8.8m, loss US$5.1m, net debt US$120.8m, about 50% of 2017 sales hedged near US$54. Mentions the Ubuntu field (PRL 28) 50% interest acquired in January 2017 via Eaglewood Energy (BVI). Little new.
12 Jan 2017production update▲ GoodMajor
Maari production restarted on 12 January 2017 after the November shutdown. A temporary clamp repair fixed the cracked strut and the water injection line was replaced. Gross cost US$25m; Horizon's share US$2.5m, about half expected from insurance. Field was making 10,000 bopd before shutdown. Resolves the shut-in.
12 Jan 2017production update▲ GoodMajor
Beibu Gulf fields passed 13.9m bbl cumulative production on 10 January 2017, cutting the fixed pipeline tariff from US$4.75 to US$0.50 per barrel. Expected to add about US$0.5m a month to Horizon's cash flow. Resolves the milestone flagged in the June quarter.
2 Dec 2016security holder rights change● Neutral
6,478,276 share appreciation rights issued in 2011 under the long-term incentive plan lapsed unexercised. Administrative notice with no stated cash effect.
29 Nov 2016investor presentation● Neutral
AGM chairman's address and CEO presentation, repeating known points: FY2016 revenue US$76m, EBITDAX US$54m, hedging over 1m bbl to March 2018 at US$50-56, and the 18.7% dilution if IMC warrants are exercised. No new results or decisions.
24 Nov 2016production update▼ BadMajor
Operator OMV shut in the Maari field (Horizon 10%) and de-manned the platform after a 1.4m fatigue crack was found in a platform strut, with bad weather approaching. This follows the earlier mooring and water injection repairs; the planned December repairs now proceed.
27 Oct 2016annual report● Neutral
Filing of the 2016 Annual Report and AGM notice for 29 November 2016. The report restates known FY2016 figures (production 1.35m bbl, revenue US$76.0m, 116.1 mmboe 2P+2C) and the IMC refinancing. Little new beyond a share price of about 4 cents quoted by the chair.
20 Sept 2016security holder rights change● Neutral
500,000 employee options exercisable at A$0.294 were cancelled. Administrative notice with no stated cash effect.
20 Sept 2016debt financing▲ GoodMajor
The remaining US$58.8m of 2011 convertible bonds were redeemed and cancelled. This removes the overhang that had weighed on the company since the bonds were issued, and closes the open refinancing thread.
15 Sept 2016debt financing▲ GoodMajor
After shareholders approved the IMC financing on 6 September, all conditions on the US$50m subordinated loan were met. Proceeds plus cash were applied to the US$58.8m bonds. 300m warrants at A$0.061 are to be issued to IMC, with a prospectus. Average debt maturity is at least three years.
30 Aug 2016other● Neutral
2016 Corporate Governance Statement and Appendix 4G, filed to meet listing rules. Administrative only, with no new business information.
30 Aug 2016investor presentation● Neutral
Full-year results presentation repeating the release: production 1.35m bbl, revenue US$76.0m, underlying profit US$3.0m before US$147.5m impairments, cash US$16.1m. Average cash cost was US$12.90/bbl. Little new beyond the results announcement.
30 Aug 2016annual report▼ BadMajor
FY2016 loss of US$144.5m against an US$18.3m profit, driven by US$147.5m non-cash impairments including Maari and PNG. Revenue fell 27% to US$76.0m; production rose 3%. Cash is US$16.1m; the bonds are to be redeemed using the IMC loan, subject to shareholder approval.
29 Aug 2016other● Neutral
Notice of a CEO webcast on 30 August 2016 covering full-year results. Administrative only.
1 Aug 2016resource reserve update● NeutralMajor
At 30 June 2016, 2P reserves are 9.0 mmbbl and 2C contingent resources 24.3 mmbbl of oil and condensate. Gas contingent resources rose 97 bcf to 497 bcf. Maari reserves fell 1.7 mmbbl on delayed water injection, and a non-cash Maari writedown is expected.
12 July 2016director officer appointment● Neutral
Monika Fedorczyk is appointed Assistant Company Secretary, replacing Michael Lyon, who steps down from the role. Administrative change only.
27 June 2016debt financing▲ GoodMajor
Refinancing simplified: funding need falls to about US$50m, so IMC's subordinated loan rises from US$40m to US$50m and the planned US$20m rights issue is dropped. 300m warrants to IMC at A$0.061 stay, needing shareholder approval at an August general meeting. Cited reasons: higher oil prices and Beibu output.
1 June 2016debt financing● Neutral
Bondholders unanimously passed the resolution, so the US$58.8m convertible bonds now mature on 19 September 2016, effective 31 May. Interest is 10% over the extension, and the 8.80% premium is payable on the original 17 June date. Completes the bondholder step of the IMC refinancing.
23 May 2016debt financing● Neutral
Notice to bondholders seeking approval to extend the US$58.8m convertible bonds' maturity to 19 September 2016, lifting interest to 10% over the extension and bringing the 8.80% accrued premium forward to the original date. Follows the IMC refinancing announced the same day.
23 May 2016debt financing● NeutralMajor
Major shareholder IMC backs a US$60m refinancing to repay the US$58.8m bonds: a US$20m rights issue and a US$40m subordinated loan at LIBOR+9% with 300m warrants to IMC. Bond maturity moves to 19 Sep 2016. Needs shareholder approval at a July EGM.
17 Mar 2016security holder rights change● Neutral
Administrative notice that 6,693,828 share appreciation rights under the long-term incentive plan went unexercised and lapsed. No stated cash or share count effect.
25 Feb 2016half year report▼ BadMajor
Half-year to December 2015 swung to a US$42.0m loss from a US$7.3m profit, driven by US$38.0m of non-cash impairments. Revenue fell 22% to US$41.2m; production rose 10%. Cash is US$51.1m, net debt US$127.7m, and bonds US$58.8m.
25 Feb 2016investor presentation● Neutral
Half-year results presentation repeating the release: production 681,900 bbls, loss before tax US$34.7m after US$38.0m write-downs, cash US$51.1m, net debt US$127.7m. Adds that Elevala's environmental impact statement was approved in PNG. Little new.
25 Feb 2016other● Neutral
Notice of a CEO and CFO shareholder webcast on 29 February 2016 at 11am AEST on the half-year results. Administrative only.
2 Feb 2016director officer appointment● Neutral
Sandra Birkensleigh, a former PwC partner of 24 years, is appointed non-executive director and audit committee chair. This fills one of the two new non-executive director places signalled at the October chair succession announcement.
18 Dec 2015material agreement● Neutral
Maari joint venture will upgrade the FPSO mooring system in early 2016, timed with the annual shutdown, at about US$4m net to Horizon before insurance recoveries. OMV puts total cost at about NZ$60m. The mooring stays certified and operational during the work.
18 Dec 2015production update▲ GoodMajor
WZ 12-10-2, discovered in 2014, has started producing via a horizontal sidetrack after appraisal; it is flowing at over 1,400 bopd after clean-up. The well intersected 512 m of oil sand. This adds near-term output and feeds 2016 combined development planning.
