Past year: ▲ 5%(19.5c – 28.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Aug 2016resource reserve update● NeutralMajor
At 30 June 2016, 2P reserves are 9.0 mmbbl and 2C contingent resources 24.3 mmbbl of oil and condensate. Gas contingent resources rose 97 bcf to 497 bcf. Maari reserves fell 1.7 mmbbl on delayed water injection, and a non-cash Maari writedown is expected.
17 Nov 2015drilling spud● Neutral
Appraisal well WZ 12-8W-A6P1 spudded 14 November 2015 in Beibu Gulf, 1.5 km east of the 2014 WZ 12-10-2 discovery. If oil is confirmed, a horizontal sidetrack would add near-term production ahead of 2016 development planning for an integrated development.
16 Jan 2015drilling result▼ BadMajor
Nama-1 reached 3,533m and found 77m of gas-saturated sandstone, thicker than predicted, but poor reservoir quality means it is not commercially productive at this location. Well plugged. Horizon's 35% is hit; the wider Nama prospect remains under evaluation.
5 Dec 2014drilling spud● NeutralMajor
Nama-1 exploration well spudded 4 December in PPL 259, PNG, 20km east of Stanley, planned to 3,434m over about 36 days. Horizon drives it with 35%. If successful, it could be about Stanley's size (399 bcf gas, 13 mmbbl condensate).
13 Oct 2014drilling result▲ GoodMajor
WZ 12-10-2 found about 11m of net oil pay in the Jiaowei T42 formation, the second discovery of the two-well Beibu campaign. Horizon thinks it can be developed from the existing WZ 12-8W platform, which could extend the project's life.
7 Oct 2014drilling spud● Neutral
Roc reports the second Beibu exploration well, WZ12-10-2, began drilling on 3 October, planned to 1,600m. It sits 1.6km from the WZ12-8W platform. Duplicates information Horizon later confirmed.
29 Sept 2014drilling result▲ GoodMajor
WZ 12-10-1 found oil in the top of the Jiaowei T42 formation, 4.2m net pay, with a sidetrack confirming 5.5m. It could add volume to the planned WZ 12-8E development. First of two exploration wells; the second is next.
29 Sept 2014drilling result▲ Good
Roc, Horizon's Beibu partner, reports WZ12-10-1 found oil in the Jiaowei T42 formation, 4.2m net pay, with a sidetrack showing 5.5m. No pay in the Weizhou formation. Duplicates Horizon's release.
11 Sept 2014drilling spud● Neutral
Horizon starts the first of two Beibu Gulf exploration wells, WZ 12-10-1, planned to 1,539m near the WZ 12-8E field. Horizon holds 26.95% in production and 55% in exploration. The development area expands to 66.6 sq km.
11 Sept 2014drilling spud● Neutral
Roc, Horizon's Beibu partner, reports drilling began on WZ12-10-1, the first of two Block 22/12 exploration wells, planned to 1,539m. The development area was expanded to 66.6 sq km. Duplicates Horizon's own release.
26 Aug 2014drilling result▼ BadMajor
Whio-1 reached 2,824m and is being plugged and abandoned. It found sandstones in all objectives as expected but could not confirm commercial hydrocarbons. Effectively a dry hole for Horizon's 21%, though it was free-carried by OMV.
26 Aug 2014drilling result▼ Bad
Cue repeats the Whio-1 result: total depth 2,824m, sandstones in all objectives, but commercial hydrocarbons could not be confirmed. The well is being abandoned. This is Cue's last weekly report.
22 Aug 2014drilling progress report● Neutral
Cue reports Whio-1 at 2,670m on 22 August, drilling through the deeper targets. Preliminary indications show reservoir-quality sandstones; hydrocarbon content awaits wireline logs.
15 Aug 2014drilling progress report▼ Bad
Cue reports Whio-1 at 1,582m on 15 August. The upper targets (Whio A, M2A, Upper Moki) are water-bearing. Drilling continues to the deeper Mangahewa target, the primary objective.
8 Aug 2014drilling progress report● Neutral
Cue reports Whio-1 at 1,235m on 8 August, with 13⅜-inch casing cemented and 12¼-inch drilling about to start. No hydrocarbon results yet.
1 Aug 2014drilling progress report● Neutral
Cue reported Whio-1 drilling ahead at 1,049m in 16-inch hole on 1 August, with no results yet. Horizon holds 21% of the well; Cue, not Horizon, is free-carried by operator OMV.
24 July 2014drilling spud● Neutral
Partner Cue reported that the Whio-1 exploration well spudded on 23 July 2014, 4.5 km from the Maari platform, with a planned depth of 2,879m. Cue estimates mean unrisked prospective resources of 18 million barrels (100%). Horizon would hold 21% of any development, and Cue is free-carried by OMV.
24 July 2014drilling spud● NeutralMajor
Horizon confirms the Whio-1 exploration well spudded 23 July 2014 near the Maari field, expected to take 22 days. Targets 18 million barrels mean unrisked prospective resources (100%). Horizon holds 21% and is free-carried by OMV.
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.
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.
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.
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.
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.
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.
