Past year: ▲ 5%(19.5c – 28.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 June 2014resource reserve update● Neutral
Horizon releases the RISC technical specialist report on Horizon and Roc assets, prepared for Deloitte's independent expert review of the merger. It is released because Roc already published its version. The excerpt shows only contents pages, no figures.
16 June 2014other● Neutral
Roc chairman's cover letter to ROC shareholders summarises the Grant Samuel report and urges a vote against Allan Gray's 11 July meeting resolution. Repeats the previous announcement; no new information for Horizon holders.
16 June 2014other● Neutral
Roc releases Grant Samuel's report finding the merger fair and in the best interests of ROC shareholders. It also notes fund manager Allan Gray has requisitioned a ROC meeting on 11 July to frustrate the merger. A ROC-side document; it adds a risk to the deal.
2 June 2014regulatory community update▲ GoodMajor
PNG granted the Stanley development and pipeline licences on 30 May, the last condition for the Osaka Gas sale. Horizon is due about US$78m within 10 business days of the US$204m total. This also meets a condition for the Roc merger.
26 May 2014regulatory community update● Neutral
Horizon says a press report that it had secured the Stanley development licence is premature. Approval, the signed Gas Agreement and acceptance of the offered licence are already known; the grant awaits the Minister, with the landowner forum still in progress.
8 May 2014investor presentation● Neutral
CFO's Macquarie conference presentation gives market value of A$494m at A$0.38 and cash of US$23.2m at 31 March. Debt drawn is US$119.2m, with the US$80m convertible bond; net debt is US$176.0m. Targets exit-2014 production of about 5,000 bopd net. Mostly known facts.
8 May 2014other● Neutral
Roc's chairman writes to ROC shareholders promoting the merger, repeating the terms and saying completion is scheduled for August 2014. It is a ROC document with no new information for Horizon holders.
30 Apr 2014quarterly activities report▲ Good
March quarter: production 411,664 bbl, up 6.7%, revenue US$44.1m. Stanley Gas Agreement signed 17 April, licence due mid-May, then about US$77m from Osaka Gas. Maari drilling began in April; Talisman will take over Stanley development operatorship. Roc merger noted.
29 Apr 2014business combination● NeutralMajor
Horizon agrees an all-scrip merger of equals with Roc Oil by scheme of arrangement: 0.724 ROC shares per Horizon share, giving Horizon holders about 58% of the merged group. Horizon's board recommends it, subject to an independent expert and no superior proposal. Bondholders get a redemption right.
29 Apr 2014investor presentation● Neutral
Joint presentation on the Roc merger repeats the terms announced the same day: 0.724 ROC shares per Horizon share, about 58%/42% ownership, pro forma market value about A$800m, 2P reserves 36.9 mmboe. No new terms.
14 Apr 2014regulatory community update▲ GoodMajor
PNG's executive council approved the Stanley gas condensate project, and the Gas Agreement is to be signed on 17 April. Grant of the development licence, due within two weeks of signing, is the last step to completing the Osaka Gas sale, releasing about US$77m.
28 Mar 2014drilling scheduled▲ Good
OMV says the Ensco 107 rig has arrived in New Zealand and is heading to Maari, with drilling due to start in April. The five-well growth program, expected to run well into 2015, follows the 2013 shut-in. Horizon holds 10%.
28 Feb 2014resource reserve update▼ BadMajor
Horizon cuts its Maari/Manaia reserves, as at 31 December 2013: 1P to 3.3 from 4.1 mmbo, 2P to 6.0 from 8.6 mmbo. It calls this a provisional, conservative lender-report basis, and says production is running about 15% above forecast. A fuller update is expected in early 2015.
28 Feb 2014half year report● Neutral
Half-year to 31 December 2013: revenue US$64.8m, a loss of about US$0.05m, and cash of US$37.1m (US$19.0m at 30 June). Beibu Gulf is about 15,000 bopd gross. Maari restarted in December after the shut-in.
28 Feb 2014investor presentation● Neutral
Half-year results presentation repeats the 28 Feb report: revenue US$64.8m, loss about US$0.05m, cash US$37.1m, US$134.3m drawn on the debt facility. Adds production up 311% on the prior period and says reserves are expected to rise materially after Tingu-1. Mostly known facts.
31 Jan 2014quarterly activities report▲ Good
December quarter: production 385,908 bbl, up 35%, with revenue of US$35.9m. Maari restarted on 12 December, and PNG Stanley licence negotiations are finalised, awaiting Cabinet approval. Horizon's share of the Maari works is now stated as US$8m, up from US$7m earlier.
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.
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 2013quarterly activities report● Neutral
September quarter: Maari/Manaia shut in since 21 July, with return to production expected December. Beibu Gulf's 15 wells produce over 15,000 bopd gross (Horizon over 4,000). Tingu-1 discovery made. Cash and debt figures are in the report; Stanley licence offer expected before year end.
