Past year: ▲ 5%(19.5c – 28.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
16 Jan 2015drilling result▼ BadMajor
Nama-1 reached 3,533m and found 77m of gas-saturated sandstone, thicker than predicted, but poor reservoir quality means it is not commercially productive at this location. Well plugged. Horizon's 35% is hit; the wider Nama prospect remains under evaluation.
5 Dec 2014drilling spud● NeutralMajor
Nama-1 exploration well spudded 4 December in PPL 259, PNG, 20km east of Stanley, planned to 3,434m over about 36 days. Horizon drives it with 35%. If successful, it could be about Stanley's size (399 bcf gas, 13 mmbbl condensate).
2 Dec 2014production update▲ GoodMajor
First oil from the Maari growth program: the MR-8A well began producing 28 November at about 2,000 bopd, rising toward 4,500 bopd gross. Horizon holds 10%. About 1.1 mmbo is hedged at over US$95/bbl through mid-2016. Program due to finish mid-2015.
2 Dec 2014production update▲ Good
Cue, Horizon's Maari partner, reports MR8A first oil at about 2,000 bopd gross, aiming for 4,500 bopd. Duplicates Horizon's own release.
26 Nov 2014security holder rights change● Neutral
Administrative notice that 2.7m employee options at A$0.309 and 5.525m at A$0.289 lapsed unexercised. No cash or share count effect.
21 Nov 2014investor presentation● Neutral
AGM presentation repeats known points: record FY2014 results, Beibu discoveries to lift reserves ahead of a 1H 2015 development decision, Nama-1 due December, and a US$130m Osaka Gas payment on LNG decision. Notes possible refinancing of the US$150m facility. No new results.
13 Oct 2014drilling result▲ GoodMajor
WZ 12-10-2 found about 11m of net oil pay in the Jiaowei T42 formation, the second discovery of the two-well Beibu campaign. Horizon thinks it can be developed from the existing WZ 12-8W platform, which could extend the project's life.
7 Oct 2014drilling spud● Neutral
Roc reports the second Beibu exploration well, WZ12-10-2, began drilling on 3 October, planned to 1,600m. It sits 1.6km from the WZ12-8W platform. Duplicates information Horizon later confirmed.
29 Sept 2014drilling result▲ GoodMajor
WZ 12-10-1 found oil in the top of the Jiaowei T42 formation, 4.2m net pay, with a sidetrack confirming 5.5m. It could add volume to the planned WZ 12-8E development. First of two exploration wells; the second is next.
29 Sept 2014drilling result▲ Good
Roc, Horizon's Beibu partner, reports WZ12-10-1 found oil in the Jiaowei T42 formation, 4.2m net pay, with a sidetrack showing 5.5m. No pay in the Weizhou formation. Duplicates Horizon's release.
11 Sept 2014drilling spud● Neutral
Horizon starts the first of two Beibu Gulf exploration wells, WZ 12-10-1, planned to 1,539m near the WZ 12-8E field. Horizon holds 26.95% in production and 55% in exploration. The development area expands to 66.6 sq km.
11 Sept 2014drilling spud● Neutral
Roc, Horizon's Beibu partner, reports drilling began on WZ12-10-1, the first of two Block 22/12 exploration wells, planned to 1,539m. The development area was expanded to 66.6 sq km. Duplicates Horizon's own release.
27 Aug 2014well test result▲ GoodMajor
Stanley-5 flowed about 68 million cubic feet of gas per day with condensate, in line with pre-drill estimates. Stanley-2 and -5 together can exceed the 140 mmcfd plant capacity. Initial output of about 4,000 barrels/day of condensate is scheduled for 2H 2016. Stanley-3 spud is expected 31 August.
27 Aug 2014annual report▲ Good
FY2014 profit before tax US$30.0m (up 200%) on revenue US$138.5m, helped by a US$23.8m gain on the Osaka Gas PNG sale. Cash was US$98.9m. Horizon chose not to exercise its Block 09/05 option, closing that thread.
27 Aug 2014investor presentation● Neutral
Results presentation repeats FY2014 figures: revenue US$138.5m, cash US$98.9m, debt paid down to US$119.2m. Says Maari growth work should lift Maari to about 20,000 bopd gross, and Nama well planned for late 2014. Largely known facts.
27 Aug 2014annual report● Neutral
Full statutory accounts for FY2014: net profit after tax US$12.8m (2013: US$3.5m), basic earnings 1.00 cent per share. Finance costs rose to US$18.9m. Repeats the results already announced.
26 Aug 2014drilling result▼ BadMajor
Whio-1 reached 2,824m and is being plugged and abandoned. It found sandstones in all objectives as expected but could not confirm commercial hydrocarbons. Effectively a dry hole for Horizon's 21%, though it was free-carried by OMV.
26 Aug 2014drilling result▼ Bad
Cue repeats the Whio-1 result: total depth 2,824m, sandstones in all objectives, but commercial hydrocarbons could not be confirmed. The well is being abandoned. This is Cue's last weekly report.
22 Aug 2014drilling progress report● Neutral
Cue reports Whio-1 at 2,670m on 22 August, drilling through the deeper targets. Preliminary indications show reservoir-quality sandstones; hydrocarbon content awaits wireline logs.
15 Aug 2014drilling progress report▼ Bad
Cue reports Whio-1 at 1,582m on 15 August. The upper targets (Whio A, M2A, Upper Moki) are water-bearing. Drilling continues to the deeper Mangahewa target, the primary objective.
8 Aug 2014drilling progress report● Neutral
Cue reports Whio-1 at 1,235m on 8 August, with 13⅜-inch casing cemented and 12¼-inch drilling about to start. No hydrocarbon results yet.
6 Aug 2014other● Neutral
Letter to shareholders: the Roc merger is terminated and no action is needed. Horizon stays listed and holders keep their shares. It cites about US$100m cash at end of June and says it will focus on its own assets.
5 Aug 2014material agreement termination▼ BadMajor
Horizon terminates the Roc Merger Implementation Deed after Roc's board backed Fosun's offer. The Federal Court cancelled the 7 August scheme meeting and the 14 August hearing, ending the merger announced 29 April.
5 Aug 2014debt financing● Neutral
Horizon terminates its convertible bondholder tender offer launched 21 July. No tendered bonds will be accepted and they will be unblocked. The offer depended on the Roc scheme, which has ended.
4 Aug 2014business combination▼ BadMajor
Roc's board recommends a superior A$0.69 per share cash takeover from Fosun, conditional on terminating the Horizon merger deed. This is a rival bid that threatens the Horizon merger; the two sides must consult for up to 5 business days.
4 Aug 2014business combination▼ BadMajor
Horizon notes Roc's Fosun cash takeover and expects Roc to terminate the merger deed. Management says it will pursue value from its own assets, citing about US$100m cash at end of June, and sees the Fosun price as supporting Beibu's value.
1 Aug 2014drilling progress report● Neutral
Cue reported Whio-1 drilling ahead at 1,049m in 16-inch hole on 1 August, with no results yet. Horizon holds 21% of the well; Cue, not Horizon, is free-carried by operator OMV.
31 July 2014admin correction● Neutral
Horizon re-issues its quarterly report, correcting an administrative error that labelled it the third quarter rather than the fourth. The content appears the same: 350,845 barrels produced and US$78m received from Osaka Gas.
24 July 2014drilling spud● Neutral
Partner Cue reported that the Whio-1 exploration well spudded on 23 July 2014, 4.5 km from the Maari platform, with a planned depth of 2,879m. Cue estimates mean unrisked prospective resources of 18 million barrels (100%). Horizon would hold 21% of any development, and Cue is free-carried by OMV.
24 July 2014drilling spud● NeutralMajor
Horizon confirms the Whio-1 exploration well spudded 23 July 2014 near the Maari field, expected to take 22 days. Targets 18 million barrels mean unrisked prospective resources (100%). Horizon holds 21% and is free-carried by OMV.
