Past year: ▲ 5%(19.5c – 28.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
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.
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.
