18 Oct 2010annual report● Neutral
2010 annual report and notice of the 18 November AGM. Repeats known figures: profit US$52.3m, cash US$26.5m, Maari cumulative 10 million barrels. Stanley-2 spud is now stated as November 2010.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
13 Oct 2010production update▲ Good
OMV reports oil now flowing from the Manaia well, the Maari area's newest producer, with production testing under way. Recoverable reserves will take several months to determine, and further wells are undecided. Resolves the open Manaia first-production thread; Horizon holds 10%.
21 Sept 2010other● Neutral
Horizon forwards an Oil Search release on chairman Fraser Ainsworth resigning from the Oil Search board. The text provided contains no detail and concerns his role at another company, not Horizon.
20 Sept 2010production update▲ Good
Operator OMV says Maari produced its 10 millionth barrel, about 18 months after first oil in February 2009. Manaia is on track for production start-up and testing in October. Horizon holds 10%.
31 Aug 2010annual report▲ Good
Preliminary results for the year to 30 June 2010: profit US$52.3m, including a US$32.6m gain on the PRL 4 part-sale. Cash US$26.5m; Maari debt cut to US$21.96m. Confirms the earlier US$21.5m gain reduction pending PNG consent.
31 Aug 2010investor presentation● Neutral
FY2010 results presentation repeating the preliminary report: profit US$52.3m (US$19.7m excluding the PNG sale), sales revenue US$48.0m, Maari debt down to US$22.0m. Outlook lists the China investment decision, PEP 51313 drill-target selection and PNG appraisal drilling.
31 Aug 2010annual report▼ BadMajor
Full accounts for the year to 30 June 2010. The PNG gain on selling half of PRL 4 was cut by US$21.5m to US$32.6m because PNG consent for the US$22m deferred carry is not received. The Minister intends not to renew PRL 5, which the joint venture disputes.
25 Aug 2010material agreement▲ Good
Petsec, Horizon's partner in Block 22/12, repeats the signed CNOOC development agreement. It expects approval and investment decision early in Q4 2010, with first oil in 2H 2012. Horizon's interest is confirmed at 14.7%. Largely duplicates the ROC release.
25 Aug 2010material agreement▲ GoodMajor
Horizon confirms the Block 22/12 joint venture signed the CNOOC development agreement, leaving it 14.7% with CNOOC at 51%. Total development cost is about US$300m, roughly a third fixed price. Past exploration costs are recoverable from a cost recovery pool.
25 Aug 2010material agreement▲ GoodMajor
Operator ROC announces the Beibu Gulf Supplemental Development Agreement was signed on 24 August, confirming CNOOC's 51% and facility sharing. Horizon holds 14.7%. Final CNOOC approval of the development plan, then investment decision, are still to come; first oil is expected 2H 2012.
23 June 2010director officer appointment● Neutral
Jyn Sim Baker resigned as alternate director to Gerrit de Nys, effective 22 June 2010. She had held the role since August 2007. Administrative only.
3 June 2010investor presentation● Neutral
CEO presentation at the UBS conference. Repeats known facts: market cap A$315m at A$0.28, 1,127m shares, cash US$26.0m and debt US$25.6m at 31 March, 94 mmboe. Forecast H2 2010 net production is 3,000 bopd.
20 Apr 2010investor presentation● Neutral
CEO presentation at the Wilson HTM conference. It repeats known facts: 94 mmboe of reserves and resources, Maari cashflow funding the program, PEP 51313 and Block 22/12 (14.7% after CNOOC back-in), and PNG planning. No new figures in the readable text.
15 Apr 2010regulatory community update● Neutral
Cue reports the Matariki 3D seismic survey has started in PEP 51313, covering 204 sq km of 3D and about 80 km of 2D, taking roughly three weeks. This is the first seismic work under the permit in which Horizon holds 30%.
3 Mar 2010production update▲ GoodMajor
Cue reports oil production has started from the M2A (MR9) well at Maari, with flow testing continuing for several days. M2A holds P50 oil in place of 33.6 million barrels. Resolves the tie-in awaited since late 2009; Horizon holds 10%.
25 Feb 2010half year report▲ Good
Half-year to 31 Dec 2009 profit US$56.6m, driven by a US$54.1m gain on selling half of PRL 4 to Talisman plus US$17.1m gross Maari profit. Maari debt fell to US$31.1m; cash US$27.6m. Stanley-2 is scheduled to spud Q3 2010.
21 Dec 2009production update● Neutral
Horizon forwards OMV's release, which is a cover note only. It says Maari is fully operational, the rig has left, and production has passed five million barrels. Duplicates the Cue release the same day.
21 Dec 2009production update▲ Good
Cue relays OMV: the drilling rig is leaving NZ, marking the end of the Maari drilling campaign. Over five million barrels have been produced since Feb 2009. M2A and Manaia-1 are expected to start production in Q1 2010. Horizon holds 10%.
19 Oct 2009farm in farm out agreement▲ GoodMajor
Horizon agreed a farm-in with Todd Exploration to hold 30% of PEP 51313, next to Maari and Manaia. The 2,628 sq km permit replaces PEP 38494 and has a 5-year work program. Horizon earns in by reimbursing Todd's prior costs and funding part of its seismic costs.
15 Oct 2009drilling result▲ GoodMajor
Horizon confirms Manaia-1 completed as an oil producer, drilled to 7,943 m with 1,524 m of Mangahewa reservoir. Pre-drill oil in place of 50-60 million barrels is unchanged. It will be tied to Maari and produced intermittently; a southern and western acreage announcement is promised.
9 Oct 2009drilling result▲ Good
Cue says Manaia-1 is a successful oil appraisal well and M2A has a 660 m net oil pay. Most likely oil in place is 30-40 million barrels at M2A and about 58 million barrels at Manaia. Production is to follow in coming months. Largely repeats the same-day OMV news.
9 Oct 2009drilling result▲ Good
Cue reports M2A was suspended as an oil producer with 660 m net oil reservoir. Manaia-1 reached 7,945 m, with a 1,524 m horizontal section showing hydrocarbons throughout. Both wells will be tied into Maari; Manaia oil is produced when spare capacity exists. Horizon holds 10%.
9 Oct 2009drilling result▲ GoodMajor
Operator OMV says the Manaia-1 appraisal well succeeded and Manaia will go to commercial production, tied into Maari facilities. It was the longest well in New Zealand. The M2A producer is also drilled, with production expected by year end. Horizon will give a fuller update.
2 Oct 2009debt financing▲ GoodMajor
Horizon passed all Maari loan completion tests; repayment was extended six months to 31 Dec 2011 and US$5m less is due in FY2010. It repaid US$9.2m, leaving US$36.6m at about 2%, non-recourse. Cash US$33.6m, net debt US$3.0m. Management says projects can be funded without new equity or debt.
30 Sept 2009annual report● Neutral
Full statutory accounts for the year to 30 June 2009, authorised 30 Sept. They repeat the known loss, debt repayment, A$32.7m raising and Thai exit, and note the P3GE termination and Talisman sale as subsequent events. No new figures in the readable text.
18 Sept 2009other● Neutral
Oasis Energy Investments, a company signed by CEO Brent Emmett as director, reported selling 148.8m Horizon shares for about A$41.7m on 18 Sept. Its holding fell from 13.89% to 0.01%. The text does not give the reason.
18 Sept 2009drilling progress report● Neutral
Cue's weekly report: the M2A producer at Maari reached 1,842 m and casing was about to be run. The well is planned at 27 days, with the Manaia reservoir section to follow. No result yet. Horizon holds 10%.
17 Sept 2009investor presentation● Neutral
Presentation by CEO Brent Emmett at the ABN AMRO Morgans Queensland conference. The announcement is a cover letter; the slides' content is not in the text provided, so nothing new can be stated.
15 Sept 2009asset acquisition disposition▲ GoodMajor
Horizon sold half its PNG gas interests to Talisman for US$60m, replacing the terminated P3GE deal. US$30m cash was received 14 Sept; US$8m and US$22m are drawn only to fund its share of capex, the latter after PNG Government approval. Each now holds 50% of PRLs 4 and 5.
11 Sept 2009drilling progress report● Neutral
Cue reports Manaia-1 casing was set at 6,385 m, then the well was suspended so the rig could drill the M2A producer at Maari, planned for 27 days. The Manaia reservoir section will be drilled afterwards.