19 Dec 2013production update▲ Good
Partner Cue repeats the Maari restart: all wells online by 17 December at about 11,600 bopd after a 145-day shut-in. Cue puts its own share of costs at about US$4m. No new Horizon information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
18 Dec 2013production update▲ GoodMajor
Maari production restarted on 12 December and all 6 wells were back on by 17 December, at about 11,600 bopd gross. This ends the shut-in from 21 July. Horizon's share of the works is about US$7m, plus about US$5m deferred cashflow, partly insured.
13 Dec 2013director officer appointment● Neutral
Michael Lyon is appointed Assistant Company Secretary, replacing Richard Beament in that role. Administrative change only.
22 Nov 2013other● Neutral
Lodges the amended company constitution adopted after shareholder approval at the 21 November AGM. Administrative; no substance beyond the filing itself.
21 Nov 2013investor presentation● Neutral
CEO's AGM presentation reviews 2013 and sets 2014 priorities: Maari growth projects, the Whio-1 well in Q1 2014, the Beibu Gulf Phase II plan and Block 09/05 seismic. Repeats previously announced facts.
21 Nov 2013other● Neutral
AGM chairman's address: the board says the share price does not reflect progress. It cites cash of US$65m at 30 September, Osaka Gas proceeds of US$65-70m on completion, and Maari back in production next month. Mostly repeats known facts.
21 Nov 2013production update▲ Good
The FPSO Raroa returned to the Maari field on 20 November after the swivel replacement and mooring repairs, on schedule. Production restart is expected in December, ending the shut-in that began 21 July.
15 Nov 2013drilling progress report● Neutral
Partner Cue reports Manaia-2/2A is being plugged and abandoned as planned. Mangahewa results were in line with expectations; Moki fluid analysis from three deeper levels is ongoing, so no confirmed Moki oil result yet.
11 Nov 2013flow test result▲ GoodMajor
Ketu-2 in PRL 21 flowed 35-40 mmcfd with no water, condensate 50-60 bbl/mmcf, matching Elevala and Tingu. Data feeds the FEED study; a development licence application for a combined PRL 21 development is targeted for March 2014.
11 Nov 2013flow test result▲ Good
Partner Kina repeats Horizon's Ketu-2 test results (35-40 mmcfd, condensate 50-60 bbl/mmcf) and calls the PRL 21 appraisal program a success. No new Horizon information.
8 Nov 2013drilling progress report▲ Good
Manaia-2/2A reached total depth of 2,891 m on 4 November and is being logged. Elevated gas readings and oil fluorescence were seen in the Mangahewa Formation. Significance awaits logging results.
8 Nov 2013drilling progress report● Neutral
Manaia-2/2A reached 2,891 m and met its goals of drilling through the Moki, Mangahewa and Farewell formations. Oil indications came from Moki fluid samples and oil-stained cores. Analysis continues; Horizon holds 10%. Repeats the 8 November update.
1 Nov 2013drilling progress report● Neutral
Manaia-2 was plugged and sidetracked at 2,005 m, now called Manaia-2A, and is at 2,010 m. Planned depth is raised to 2,886 m. The reason for the sidetrack is not stated. Reserve potential is now 'at least' 11 million barrels gross.
31 Oct 2013admin correction● Neutral
Corrects a typographical error in the first-quarter report: the exploration and development expenditure total was shown as 22,01122,011 and should read 22,011. An amended page 9 is attached. No change to substance.
28 Oct 2013flow test result▲ GoodMajor
Tingu-1 flowed gas at an average 48 mmcfd with no water from a 7 m interval. Condensate yield measured about 65 barrels per million cubic feet over three hours. Horizon calls it encouraging, pending sample analysis. This backs up the 2 October discovery.
28 Oct 2013flow test result▲ Good
Partner Kina repeats the Tingu-1 flow test: 48 mmcfd with no water and about 65 barrels per million cubic feet of condensate. It notes a PPL 437 farmout to Heritage Oil. Duplicates Horizon's release.
25 Oct 2013drilling progress report● Neutral
Manaia-2 is at 2,008 m. Debris at the bottom of the hole halted drilling after the 9⅝-inch casing was cemented, and it has now been cleared. Drilling ahead towards 2,850 m.
21 Oct 2013annual report● Neutral
Horizon lodges its 2013 Annual Report and the notice for the AGM on 21 November 2013. The report repeats FY2013 results already released (revenue US$48.1m, 467,809 barrels sold).
18 Oct 2013drilling progress report▲ Good
Logging at Manaia-2 recovered fluid samples with indications of oil from the Moki Formation, plus several oil-stained cores. Analysis is ongoing and casing is being prepared. Encouraging but not yet a confirmed result.
11 Oct 2013drilling progress report▲ Good
Manaia-2 drilled to 2,005 m through the Moki Formation, with elevated gas readings and oil fluorescence throughout. Wireline logging is under way to judge significance. Early encouraging shows; Horizon holds 10%.
10 Oct 2013farm in farm out agreement▲ GoodMajor
Horizon takes a farmout option from ROC on Block 09/05, Bohai Bay, China. It pays 40% of exploration costs until it exercises the option for a 40% interest, a 2-for-1 promote on two wells. CNOOC approval is needed. This is a new China exploration position.
4 Oct 2013drilling progress report▼ Bad
Manaia-2 is at 811 m after rig problems were fixed. Weather delays and repairs now put the program at 58 days in total, versus about 30 planned. No result yet.
2 Oct 2013drilling result▲ Good
Partner Kina repeats Horizon's Tingu-1 discovery: liquids-rich gas column and gas-water contact in the Elevala Sandstone, probably connected to Elevala. Kina holds 15%. Duplicates Horizon's announcement.
2 Oct 2013drilling result▲ GoodMajor
Tingu-1 found a liquids-rich gas column and gas-water contact in the Elevala Sandstone, probably connected to the Elevala field. Total depth was 3,235 m. Horizon says it could add about 100 mmboe of contingent resources. Horizon is 45%, falling to 27% after the Osaka sale. A flow test follows.
1 Oct 2013security holder rights change● Neutral
After the July entitlement offer, the exercise price of all options and share appreciation rights on issue at 31 July is cut by A$0.006. Affects 13.97m employee options, 19m general options and 22.7m rights. Administrative adjustment.
27 Sept 2013drilling progress report▼ Bad
Manaia-2 is still at 754 m. Rig equipment problems and bad weather have caused further delay since the last report. No result yet.
26 Sept 2013drilling progress report▲ Good
Tingu-1 cut a core over 3,098-3,126 m, including the main Elevala Sandstone target, with elevated gas readings. Drilling continues to 3,213 m, with logs due early next week. Shows only, not yet a confirmed discovery.
26 Sept 2013drilling progress report● Neutral
Kina repeats Horizon's 26 September Tingu-1 update: core cut over 3,098-3,126 m with elevated gas readings, logging results due early next week. Duplicates Horizon's own notice.
20 Sept 2013drilling progress report● Neutral
Cue's third Manaia-2 report: still at 754 m after the 13⅜-inch casing was run and cemented, preparing to drill ahead. No result yet. Horizon holds 10%.
18 Sept 2013drilling progress report● Neutral
Partner Kina reports Tingu-1 (PRL 21, PNG) at about 2,300 m with 9 5/8-inch casing being set. Drilling is on expectations, with about 45 days planned in total. No result yet.