Past year: ▲ 5%(19.5c – 28.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
2 June 2011asset acquisition disposition▲ GoodMajor
Horizon agrees to buy Petsec's 25% of Block 22/12 for A$38m cash plus 15m options at A$0.37. This lifts its Beibu Gulf development interest from 14.7% to 26.95% and net reserves from 6.2 to 11.3 mmbo. It will be funded by a US$75-80m convertible bond.
2 June 2011investor presentation● Neutral
Investor presentation accompanying the Petsec Block 22/12 acquisition and the US$75-80m convertible bond launch. It repeats the same-day announcement; its content is not shown in the text provided.
2 June 2011asset acquisition disposition● Neutral
Seller Petsec confirms the A$38m cash plus 15m Horizon options sale of its 25% Block 22/12 interest, with completion expected in June 2011. Mirrors Horizon's own announcement and adds Petsec's reasons.
1 June 2011asset acquisition disposition▲ GoodMajor
Horizon buys a further 10% of PRL 21 in PNG from Elevala Energy, lifting its interest in the licence to 45%. No price is given in the text.
3 May 2011drilling result▲ GoodMajor
Stanley-4 in PRL 4 reached 3,340 m, finding 35 m of net gas pay in the Toro (about 50% more than Stanley-2) and 10 m in the Kimu. The Kimu gas-water contact is deeper than expected. Preliminary results only.
5 Apr 2011regulatory community update● Neutral
Partner Cue reports the 636 km Te Whatu 2D seismic survey has started in PEP 51313, where Horizon holds 30%, with about 14 days of recording. This is the survey planned earlier. A separate survey covers another permit.
31 Mar 2011joint venture update▲ GoodMajor
PRL 5 court action settled: Horizon gets a 70% interest in a new 5-year licence, PRL 21, reversing the earlier refusal. It will pass half to Talisman, leaving 35%. Talisman owes US$22m on administrative approvals.
21 Mar 2011well test result▲ GoodMajor
Stanley-2 in PRL 4 flowed gas at up to 47 mmcfd from the Kimu and 30 mmcfd from the Toro, each with condensate. The CEO says each zone can beat the 70 mmcfd design rate. Stanley-4 is next, with a mid-year field investment decision targeted.
8 Mar 2011investor presentation● Neutral
Euroz conference presentation. Restates known facts: 2011 net production forecast of 2,000-2,500 bopd, 2P reserves 12 mmbo, market value A$407m at A$0.36, cash US$23.1m, debt US$14.6m. No new announcements in the readable text.
24 Feb 2011half year report▼ Bad
Half-year to December 2010: loss of US$1.6m against a US$56.6m profit a year earlier, which included a PNG asset sale gain. A US$7.3m PRL 5 impairment hit. Cash US$23.1m; Maari debt cut to US$14.6m.
24 Feb 2011investor presentation● Neutral
Presentation repeating the half-year result: loss of US$1.6m (US$5.7m profit before the PRL 5 impairment), revenue US$24.8m, cash US$23.1m, bank debt cut to US$14.6m. Outlook lists continued PRL 4 drilling and a bid to secure PRL 5 renewal. Nothing new.
15 Feb 2011joint venture update● Neutral
Partner Petsec re-releases the Beibu Gulf final investment decision, adding its own share figures. Duplicates Horizon's announcement of the same decision.
14 Feb 2011joint venture update▲ GoodMajor
Horizon confirms the final investment decision on the Beibu Gulf fields, resolving the open FID thread. Its 14.7% share equals 3.5 million barrels of the 24 million barrel reserves. The plan still awaits formal Chinese government approval.
14 Feb 2011joint venture update▲ Good
Partner ROC announces the Beibu Gulf partners have approved the final investment decision for the WZ6-12 and WZ12-8 West fields. 24 million barrels of reserves will be booked; Horizon holds 14.7%.
3 Feb 2011drilling result▲ GoodMajor
Stanley-2 found 23 m net gas pay in the Toro, in line with expectations, plus a second zone (Kimu sandstone) with 43 m net gas pay. The CEO says results meet development criteria and expects a material resource increase; no firm decision yet. Sidetrack and Stanley-4 follow.
2 Feb 2011director officer appointment▲ Good
Andrew Stock, a former Origin Energy executive in charge of major development projects, joins the board as a non-executive director. This fills the seat left by Paul Nimmo's November departure (inference). The chairman cites the shift toward development projects.
31 Jan 2011joint venture update▲ GoodMajor
Horizon confirms CNOOC's internal approval of the Beibu Gulf development plan. Its share of the 24 million barrels is 3.5 million, with upside from WZ12-8 East. It plans a debt facility to fund its roughly US$45m share of capital cost.
31 Jan 2011joint venture update▲ Good
Partner ROC reports CNOOC has internally approved the Beibu Gulf development plan (Block 22/12), with a final investment decision expected by end of February. 24 million barrels gross reserves would be booked. First oil is expected before end-2012. Horizon holds 14.7%.
31 Jan 2011joint venture update● Neutral
Partner Petsec re-releases the CNOOC approval of the Beibu Gulf development plan, adding its own share figures and the US$300m development cost. Duplicates Horizon's own announcement of the same news.
24 Jan 2011drilling progress report▲ Good
Stanley-2 has passed through the Toro sandstone at 3,122 m, with very preliminary logs showing 26 m of net gas pay, in line with Stanley-1. A second gas-bearing zone sits below it. Definitive results await final logging.
6 Jan 2011drilling progress report● Neutral
Stanley-2 in PRL 4 is progressing to plan at 2,102 m measured depth, preparing to run 9 5/8-inch casing. The Toro reservoir is still expected near 3,000 m; planned total depth is 3,270 m. No result yet.
23 Dec 2010other● Neutral
Horizon lodges its Securities Trading Policy, as required by ASX Listing Rule 12.9 from 1 January 2011. Administrative notice only; no new commercial information. (Part of the text is garbled.)
23 Dec 2010regulatory community update▲ GoodMajor
Horizon's PNG subsidiary has started court proceedings against the Minister's refusal to renew PRL 5 and won an injunction restraining dealings in the PRL 5 acreage. This follows the November refusal; the legal challenge flagged then is now under way.
6 Dec 2010drilling spud▲ GoodMajor
Horizon spudded Stanley-2 in PRL 4, PNG, on 5 December 2010 as operator. It appraises a gas field found in 1999, with most likely resources of about 300 bcf gas and 9 million barrels condensate. Planned depth 3,270 m; interest 50% subject to ministerial approval.
29 Nov 2010production update● Neutral
Partner Cue re-releases the OMV statement that Maari production restarted after divers cleaned residual oil from under the FPSO hull. Duplicates Horizon's own announcement.
29 Nov 2010production update▲ Good
Maari production restarted after the shut-in. Inspections found the sheen was residual oil trapped under the FPSO hull from the 18 October discharge. Divers cleaned the area. Resolves the spill and shut-in thread.
22 Nov 2010regulatory community update● Neutral
Partner Cue re-releases the OMV statement on the roughly 120-litre Maari FPSO spill and the precautionary production shut-in. Largely duplicates Horizon's own announcement; Horizon's 10% is confirmed.
22 Nov 2010regulatory community update▼ Bad
OMV reports a small spill of about 120 litres from the Maari FPSO on 21 November, following an earlier 18 October spill. Production was shut in as a precaution until the leak was isolated.
11 Nov 2010director officer appointment● Neutral
Non-executive director Dr Paul Nimmo, with Horizon since 2002 and a former senior manager, resigns at the end of the 18 November 2010 AGM. The chairman credits him with building the Maari interest.
8 Nov 2010regulatory community update▼ BadMajor
The PNG Minister refused the PRL 5 extension, which the joint venture says is contrary to law and plans to challenge. Stanley-2 on PRL 4 is unaffected; the PRL 5 wells are rescheduled behind other operators' drilling. Resolves the pending renewal decision against Horizon.
