Past year: ▲ 5%(19.5c – 28.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
29 Jan 2016quarterly activities report● Neutral
December quarter revenue was US$20.4m at US$54.84/bbl realised; cash rose to US$51.1m. Production is about 4,200 bopd, helped by the new WZ 12-8W-A6H well. Lower lender price decks will force debt amortisation, and the company is pursuing options to meet or modify the bond terms.
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.
20 Nov 2015investor presentation● Neutral
AGM chairman's address and CEO presentation. Says FY2015 operating income held up through hedging (74% hedged above US$95/bbl), and describes spending and G&A cuts, with executive salaries frozen to July 2016. Defends long-term incentive grants. Largely repeats known facts.
17 Nov 2015drilling spud● Neutral
Appraisal well WZ 12-8W-A6P1 spudded 14 November 2015 in Beibu Gulf, 1.5 km east of the 2014 WZ 12-10-2 discovery. If oil is confirmed, a horizontal sidetrack would add near-term production ahead of 2016 development planning for an integrated development.
28 Oct 2015quarterly activities report● Neutral
September quarter revenue was US$20.8m on production of 354,063 bbls, with realised price US$64.70/bbl including hedging. Cash fell to US$44.0m from US$61.3m; bonds now US$58.8m. Management expects cash reserves to meet the mid-2016 bond redemption. Capex for the rest of FY2016 is about US$26m.
28 Oct 2015admin correction● Neutral
Corrects transposition and arithmetic errors in the financial summary table on page 5 of the quarterly report. States there are no changes to the reported Q1 financial information.
20 Oct 2015annual report● Neutral
2015 Annual Report and Notice of AGM, to be held 20 November 2015. The report repeats FY2015 results and says cash generation puts the company in a good position to redeem the convertible bonds in mid-2016.
20 Oct 2015director officer appointment● NeutralMajor
Chairman Fraser Ainsworth, in the role since April 2002, will retire at the 20 November 2015 AGM, with John Humphrey taking over as chair. Two new non-executive directors are intended within twelve months; Humphrey is then expected to retire at or soon after the 2016 AGM.
19 Oct 2015debt financing▲ GoodMajor
Horizon bought back and cancelled US$21.2m of its US$80m 5.5% convertible bonds due 17 June 2016, saving about US$2m of interest. This starts to address the 2016 bond repayment thread, leaving about US$58.8m outstanding.
1 Oct 2015security holder rights change● Neutral
Administrative notice that 350,000 general options exercisable at A$0.304 lapsed unexercised. No stated cash or share count effect.
14 Sept 2015security holder rights change● Neutral
Administrative notice that 1,000,000 general options exercisable at A$0.264 lapsed unexercised. No stated cash or share count effect.
4 Sept 2015other▼ Bad
S&P Dow Jones announces Horizon will be removed from the S&P/ASX 300 after close on 18 September 2015. Index-tracking funds may need to sell. Follows its earlier removal from the ASX 200 in March.
3 Sept 2015investor presentation● Neutral
CEO's Good Oil Conference presentation. Reports reserves and contingent resources of 100.8 mmboe and prospective resources of 78 mmboe, up from 51 mmboe in July. Beibu WZ 12-8E plan to go for approval by end 2015; its production is assumed from 2017.
27 Aug 2015admin correction● Neutral
Corrects arithmetic errors in the results presentation's Maari and Stanley 2P reserve figures, giving a small increase in overall reserves, and fixes a production-cost subtotal to US$18.5m. Operating costs of US$60.0m are unchanged.
25 Aug 2015annual report● Neutral
FY2015 revenue fell 25% to US$104.0m and production 9% to 1.31m bbl, but profit after tax rose 43% to US$18.3m, helped by hedging (74% of sales at US$95.45/bbl). Cash fell to US$61.3m; Nama-1 drove a US$16.2m exploration write-off. Beibu WZ 12-8E plan due late 2015/early 2016.
25 Aug 2015other● Neutral
Notice of a CEO-hosted shareholder webcast on 28 August 2015 at 11am AEST covering the full-year results. Administrative only.
25 Aug 2015investor presentation● Neutral
Full-year results presentation repeating the FY2015 figures: revenue US$104.0m, profit after tax US$18.3m, cash US$61.3m, Stanley-3 and -5 development wells drilled, and the US$80m bonds expected to be met from cash reserves. Nothing new beyond the results release.
25 Aug 2015annual report● Neutral
Appendix 4G governance disclosure key, stating the corporate governance statement is in the annual report (pages 23-33) and is up to date as at 25 August 2015. Administrative, no new substance.
5 Aug 2015director officer appointment● Neutral
CEO Brent Emmett's employment agreement has been extended to 31 December 2017 under its existing terms, with no material variation. Administrative continuity of leadership.
13 July 2015quarterly activities report▲ Good
June quarter production was 367,342 bbl, revenue US$25.1m; cash is US$61.3m. Horizon's Beibu cost-recovery oil entitlement is US$98.0m. Repsol joins the Elevala/Ketu and Stanley ventures. FY2016 capex is forecast at about US$33m, with the 2016 bonds expected to be repaid from cash.
13 July 2015investor presentation● Neutral
Presentation accompanying the June quarter report, repeating known figures: quarterly production 0.37m bbl, revenue US$25.1m, cash US$61.3m, US$98m Beibu cost recovery, FY2016 capex about US$33m. Net debt is stated as US$138.7m. Largely repeats the quarterly report.
7 July 2015production update▲ GoodMajor
The Maari Growth Project is complete: the final well, MR10, flows about 2,000 bopd, taking the field to about 16,500 bopd. The operator expects capacity to reach about 20,000 bopd after optimisation and a workover campaign from August. Resolves the mid-2015 program thread.
7 July 2015production update▲ Good
Cue, Horizon's Maari partner, reports the Maari Growth Project is complete, with MR10 flowing about 2,000 bopd and the field at about 16,500 bopd. Duplicates Horizon's own release.
22 May 2015production update▲ Good
Maari MR7A began producing on 18 May at a provisional 1,500-2,000 bopd, lifting the field to about 15,000 bopd. Horizon holds 10%. The rig has moved on to drill MR10, continuing the Maari growth program.
15 May 2015debt financing▲ GoodMajor
Horizon closed a US$120m revolving facility with ANZ and Westpac, used to repay the old reserves-based facility, plus a US$50m accordion for working capital or the US$80m bonds due June 2016. Maturity extends to May 2019. This resolves the refinancing thread.
