13 Sept 2013drilling progress report▼ Bad
Manaia-2 is at 754 m, with preparations under way to run 13⅜-inch casing. Adverse weather suspended operations for a significant period, delaying the 16-inch hole section until 10 September. No result yet.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
6 Sept 2013drilling progress report● Neutral
Cue's first Manaia-2 report: the well is at 189 m, with the conductor pipe run and cemented without incident. Preparing to drill 16-inch hole. Routine early progress; no result yet.
2 Sept 2013drilling spud● Neutral
Partner Cue reports Manaia-2 spudded on 1 September in PMP 38160, with Kan Tan IV, to 2,850 m over about 30 days. The undeveloped zones could add 11 million barrels of gross reserves. Horizon holds 10%. Duplicates Horizon's own notice.
2 Sept 2013other● Neutral
Top 20 holder list after the entitlement offer shows about 1,297.4m shares on issue. Citicorp Nominees holds 21.93% and Austral-Asia Energy (IMC) 11.43%. Administrative; no new operational information.
2 Sept 2013drilling spud● NeutralMajor
Manaia-2 spudded on 1 September, as flagged, the first well of a year-long Kan Tan IV campaign. It targets the Moki and F-sand reservoirs in PMP 38160, with a planned depth of 2,860 m in about 30 days. Horizon holds 10%; Whio-1 follows in early 2014.
29 Aug 2013production update▼ BadMajor
Maari is shut in until December for a major upgrade: the FPSO Raroa will be towed to port for a swivel replacement after a bearing fault, plus mooring-line work. Horizon's share is about US$7m of the US$70m cost and about US$5m of deferred cashflow; 2013/14 capex funding is said to be unaffected.
28 Aug 2013capital raising announcement▲ GoodMajor
The retail offer is complete, raising about A$21m. Retail holders took about 31.4m shares (A$10.4m) and the underwriter and sub-underwriters took up about 31.5m shares. This completes the A$53.5m raising at A$0.33; new shares trade from 3 September.
27 Aug 2013investor presentation● Neutral
FY2013 results presentation: profit after tax US$3.5m, revenue US$48.1m, and US$29.6m already received in August from the rights issue. Post-Osaka reserves and contingent resources are 91 mmboe. Mostly restates results and known positions.
27 Aug 2013annual report● Neutral
FY2013 preliminary report: pre-tax profit US$10.0m, with cash of US$19.0m at 30 June. Maari reserves share rose to 8.8 mmbo from 5.2 mmbo, and Beibu produced 10,000 bopd gross from WZ 6-12. Restates the Osaka Gas sale and PNG progress.
27 Aug 2013annual report● Neutral
Full statutory accounts for the year to 30 June 2013: net profit US$3.5m (US$7.6m prior year), revenue US$48.1m, and sales of 467,809 barrels. Maari output was hurt by poor water injection, pump failures and scaling. Detail behind the preliminary report.
26 Aug 2013drilling spud● NeutralMajor
Tingu-1 spudded on 26 August in PRL 21, PNG, targeting 3,213 m over about 45 days. Success could match Elevala's 2C contingent resource of about 400 bcf gas and 22 mmbbl condensate, and would be added to the development design.
19 Aug 2013production update▲ GoodMajor
The five-well WZ 12-8W drilling finished, completing the 15-well Beibu Gulf program ahead of schedule and on budget. All five wells are producing on natural flow. Peak of 16-18,000 bopd gross (Horizon about 4,500) is still expected in the September quarter.
9 Aug 2013capital raising announcement● Neutral
Letter telling shareholders outside Australia and New Zealand that they cannot take part in the retail offer. Repeats that the institutional part raised about A$33m and the retail part about A$21m. Administrative.
9 Aug 2013security holder rights change▼ Bad
Because the entitlement offer prices shares at 87.3% of the recent average price, the convertible bond conversion price falls from US$0.416 to US$0.409. This follows the June reset to US$0.416 and slightly increases potential dilution from the US$80m bonds.
9 Aug 2013capital raising announcement● Neutral
Retail offer booklet for the 1-for-7 entitlement offer at A$0.33, opening 9 August and closing 23 August. Supplies the paperwork for the retail part of the A$53.5m raising; the extract shows no new terms.
5 Aug 2013capital raising announcement● Neutral
ASX circular repeating the timetable for the 1-for-7 entitlement offer at A$0.33, raising up to about A$53.5m. Record date 6 Aug, retail offer closes 23 Aug. No new information beyond the 31 July announcements.
1 Aug 2013drilling scheduled● Neutral
Partner Cue says the Kan Tan IV rig is loaded for shipping to New Zealand. Manaia-2 is due to spud in the second half of August, with Whio expected in Q1 2014. Horizon holds 10% of Maari.
1 Aug 2013capital raising announcement▲ Good
The institutional part of the entitlement offer raised about A$33m with a 90% take-up at A$0.33. The retail offer, about A$21m and underwritten, opens 9 August and closes 23 August.
31 July 2013investor presentation● Neutral
Presentation supporting the A$53.5m entitlement offer at A$0.33. The extract is mostly legal disclaimers and shows no new operational information.
31 July 2013capital raising announcement● NeutralMajor
Horizon launches a fully underwritten 1-for-7 entitlement offer to raise A$53.5m at A$0.33 per share, a 10.8% discount to the last close. Funds bridge work programmes until Osaka Gas payments arrive. Largest shareholder IMC (19.9%) will participate.
4 July 2013investor presentation● Neutral
Analysts' briefing shows the market cap at A$386m (A$0.34) and, after the Osaka Gas sale, 2P reserves of 19.6 mmbo. Whio-1 is planned for Q1 2014 and Beibu net peak of about 4,500 bopd. Mostly restates known facts.
20 June 2013production update▲ GoodMajor
All ten Beibu Gulf WZ 6-12 wells are done, ahead of schedule and on budget, producing 10,000 bopd gross (Horizon 2,700 bopd). Drilling of five WZ 12-8W wells began 19 June, with plateau of 16-18,000 bopd gross expected by September.
18 June 2013security holder rights change▼ Bad
The convertible bond conversion price resets to US$0.416, the 80% floor, because the 20-day average price of US$0.374 was below the price. Bonds (US$80m, due 2016) can now convert into more shares, a possible dilution.
23 May 2013asset acquisition disposition▲ GoodMajor
Horizon sells 40% of its PNG assets to Osaka Gas for US$204m: US$74m cash on completion, US$130m on an LNG FID, plus possible production payments. This concludes the sale process begun in Nov 2012. Completion needs approvals and the Stanley licence grant.
2 May 2013investor presentation● Neutral
May investor presentation restates known positions: net production 2,500 bopd, 2P reserves 21.0 mmbo, net debt US$184m, market cap A$482m at A$0.425. Beibu peak forecast of 16-18,000 bopd gross; Stanley condensate expected early 2015. No new events.
22 Apr 2013asset acquisition disposition▲ GoodMajor
Horizon wins a 50% interest in new PNG licence PPL 430 and acquires 90% of PPLs 372 and 373, as operator. Gross PNG acreage rises from 3,900 to about 7,900 sq km, extending the exploration strategy flagged at the 2012 AGM.
22 Mar 2013production update▲ GoodMajor
First oil achieved at Beibu Gulf from two wells, A5H and A2, with ten wells planned on the WZ 6-12 platform. A RISC audit lifts 2P gross reserves 18% to 28.3 mmbbl. Horizon (26.95%) now expects to exceed 3,500-4,000 bopd peak.
1 Mar 2013other▲ Good
Horizon announces it will join the S&P/ASX 200 Index after trading on 15 March 2013, attaching the S&P notice. Duplicates the index announcement; no change to the business.
1 Mar 2013other▲ Good
S&P Dow Jones index announcement lists Horizon among additions to the S&P/ASX 200 after close on 15 March 2013. Third-party notice; the rest is a long list of other companies' changes.
25 Feb 2013half year report▼ Bad
Half-year to December 2012: loss after tax US$6.8m versus profit US$8.5m a year earlier, on revenue of US$18.3m (down 35%). The loss includes a US$4.7m bond revaluation from the higher share price. Cash US$48.4m; US$120m drawn.