15 May 2015admin correction● Neutral
Share registry Boardroom is moving to a new Sydney address from 18 May 2015. Administrative only.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 Apr 2015quarterly activities report▲ Good
March quarter production was 324,478 bbl, revenue US$25.7m, and capex fell to US$8.9m. Horizon agreed terms with ANZ on a revised facility: no scheduled repayments for at least 15 months, maturing 2019, with a US$50m accordion. MR6A started at 7,800 bopd.
20 Apr 2015security holder rights change● Neutral
Administrative notice that 1,000,000 general options exercisable at A$0.209 lapsed unexercised. No stated cash or share count effect.
24 Mar 2015production update▲ GoodMajor
Maari MR6A started production on 21 March at about 7,800 bopd, with the field at about 14,000 bopd. This follows MR-8A's first oil in November 2014 and is expected to meet or exceed pre-drill expectations. Horizon holds 10%; MR7A is now drilling.
24 Mar 2015production update▲ Good
Cue, Horizon's Maari partner, reports MR6A began producing at about 7,800 bopd. Duplicates Horizon's own release.
13 Mar 2015security holder rights change● Neutral
Administrative notice that 1,000,000 general options exercisable at A$0.26 were cancelled. No stated cash or share count effect.
6 Mar 2015other▼ Bad
S&P Dow Jones announces Horizon will be removed from the S&P/ASX 200 index after close on 20 March 2015. Index-tracking funds may need to sell. This ends its ASX 200 membership noted in earlier context.
23 Feb 2015half year report▲ Good
Half-year to December 2014 profit was US$7.3m against a US$47k loss a year earlier, on revenue of US$53.1m. Cash fell to US$43.5m from US$98.9m in June; debt drawn is US$110m. Only Nama-1 exploration costs were written off, with no other impairments.
23 Feb 2015investor presentation● Neutral
Half-year results presentation repeats the reported figures: profit before tax US$7.9m, EBITDAX US$43.7m, cash US$43.5m. Notes about US$7.4m of expected insurance recoveries and a Stanley value engineering review. No new information.
28 Jan 2015investor presentation● Neutral
CEO's Singapore conference presentation repeats known points: cash US$43.5m, US$110m drawn on the facility, US$80m bonds due June 2016, 95 mmboe reserves and contingent resources. No new results.
27 Jan 2015quarterly activities report● Neutral
December quarter production was 306,349 bbl, revenue US$23.8m, with hedging cushioning the Brent fall to US$57.33. Beibu's two new discoveries are estimated at about 10 mmbo; 2015 capital spending is cut. Nama-1 was plugged and abandoned; Stanley is under a value engineering review.
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.
31 Oct 2014quarterly activities report● Neutral
September quarter: production 312,316 bbl, revenue US$29.64m. Two Beibu discoveries are being assessed for the field development. Stanley-3 was drilled to 3,501m and completed as an injector, finishing Stanley development drilling. Nama spud is planned for December.
21 Oct 2014agm notice● Neutral
Horizon lodges its 2014 annual report and the notice of its AGM, to be held 21 November 2014. Administrative; the report repeats the FY2014 results already released.
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.