Past year: ▲ 5%(19.5c – 28.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
30 July 2013quarterly activities report● Neutral
June quarter: Beibu Gulf produced 177,276 bbl net, with US$16.2m revenue. Cash fell to US$19.0m with US$134.3m drawn. Maari was shut in 21 July for mooring repairs. Stanley environmental approval gained; Elevala/Ketu FEED underway.
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.
30 Apr 2013quarterly activities report● Neutral
March quarter: Maari sales 84,210 bbl at US$105.87, revenue US$8.9m. Beibu Gulf has five wells online at 6,000 bopd gross. Cash fell to US$34.7m from US$48.4m, and bank drawings rose to US$140m from US$120m. Raroa purchase completed.
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.
25 Feb 2013admin correction● Neutral
Corrects an error on slide 9 of the results presentation: cash was US$19.3m at 30 June 2012 and US$48.4m at 31 December 2012. Administrative correction only.
25 Feb 2013investor presentation● Neutral
Half-year results presentation restates known figures: US$6.8m loss, 53% rise in reserves and resources to 138 mmboe, US$48.4m cash, US$120m drawn. No new information in the extract.
4 Feb 2013contract award▲ Good
Partner Cue reports the ENSCO 107 jack-up rig is contracted for Maari's multi-well campaign, arriving Q4 2013 for about nine months. This follows through on the planned 2013-14 drilling to extract Maari's remaining reserves. Horizon holds 10%.
31 Jan 2013quarterly activities report● Neutral
December quarter: Maari sales 79,272 bbl at US$104.19, revenue US$8.3m. Cash US$48.4m, with US$120m drawn on the bank facility. Rigs contracted for Maari and Whio, PEP 51313 farmed out, and Stanley licence approval is described as moving slowly.
26 Nov 2012listing compliance notice● Neutral
Response to an ASX query on the annual report's diversity disclosures, adding gender-diversity detail. It states 19 employees and all-male executives and non-executive directors. Administrative; no operational or financial news.
22 Nov 2012other▲ Good
Chairman's AGM address repeats known points: Beibu Gulf 90% built within US$300m, first oil Q1 2013, and Maari reserves above 100 mmbo ultimate. New: NDRC approval is stated as granted, and production is forecast to reach 23,000 boe/d within five years.
22 Nov 2012agm notice● Neutral
All three AGM resolutions passed: the remuneration report, John Humphrey's re-election, and a long-term incentive grant of up to 3,876,460 securities to CEO Brent Emmett. Routine meeting outcome.
22 Nov 2012investor presentation● Neutral
CEO's post-AGM presentation sets 2013 priorities: Beibu Gulf start-up, Stanley PDL approval, Tingu well mid-2013, Whio well, and the March 2013 Raroa buyout. Mostly repeats known facts; total reserves and resources are 138 mmboe.
21 Nov 2012joint venture update▲ Good
Beibu Gulf construction is 89% complete and development drilling has begun, with a base programme of ten wells. First oil target is now early 2013, ramping to peak mid-year at 3,500-4,000 bopd for Horizon. Costs remain within the US$300m budget; Horizon's interest is 26.95%.
13 Nov 2012drilling result▲ GoodMajor
Third Beibu Gulf well, WZ6-12-A7, found 10.4 m of oil pay in the Sliver prospect; deeper Liushagang sands were water-wet with oil shows. The CEO expects a meaningful reserves increase from the three-well programme. Development drilling to start shortly.
5 Nov 2012drilling result▲ Good
Operator ROC reports the WZ6-12-A6 well hit 58 m of net oil pay, the second successful Beibu Gulf exploration well, drilled ahead of schedule. Third well A7 is now drilling.
