Past year: ▲ 5%(19.5c – 28.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
11 Sept 2009material agreement termination▼ BadMajor
Horizon terminated the US$55m PNG sale to P3GE after P3GE failed to pay the US$30m due 31 July 2009. It is talking to another party about selling part of its PNG interests, with an outcome expected next week.
4 Sept 2009drilling result▲ GoodMajor
Cue reports Manaia-1 intersected the target Mangahewa sandstone at 6,324 m, on prognosis. Logging data is interpreted to contain hydrocarbons. Casing is next, then a 1,000 m horizontal section. Not yet tested. Horizon holds 10%.
4 Sept 2009other● Neutral
S&P announces Horizon Oil will be added to the S&P/ASX 300 index from 18 September 2009. This is an index provider's notice, not a company announcement, and says nothing about the company's merits.
28 Aug 2009annual report● Neutral
Year to 30 June 2009 loss was US$8.1m, with revenue US$8.2m. Cash was US$10.0m, and bank debt is the US$45.75m Maari loan. It also discloses that P3GE did not complete the PNG sale on the due date, which may lead to termination.
28 Aug 2009drilling progress report● Neutral
Cue's weekly report: Manaia-1 reached 4,633 m, where the bottom hole assembly failed and was replaced. Drilling is about to resume. No result.
21 Aug 2009production update▲ GoodMajor
With all five Maari production wells online from 16 August, combined output averaged 39,543 bopd, above the 35,000 bopd processing capacity previously cited. Lower gas volumes allowed the higher rate. Horizon holds 10%.
21 Aug 2009drilling progress report● Neutral
Cue's weekly report: Manaia-1 reached 4,292 m and is cementing a plug to cure lost circulation. Plan is to drill to about 6,500 m. No result yet.
14 Aug 2009drilling progress report● Neutral
Cue's weekly report: Manaia-1 reached 1,658 m with 13 3/8 inch casing run and cemented. No new result.
4 Aug 2009drilling spud● NeutralMajor
Partner Cue reports the Manaia-1 appraisal well began drilling on 1 August 2009, reaching 267.6 m. It is an extended-reach well from the Maari platform, planned at about 45 days. Horizon holds 10%.
10 June 2009director officer appointment● Neutral
Executive director Dr Paul Nimmo, with Horizon since 2002, steps down from executive duties on 1 July 2009 by mutual agreement. He stays on the Board. The company credits him with building its Maari interest.
5 June 2009admin correction● Neutral
Routine compliance notice that 65,223,273 shares were issued at A$0.10 as the second placement tranche. Completes the placement announced in April; no new information.
3 June 2009capital raising announcement▲ GoodMajor
Share purchase plan drew A$20.9m of applications but is scaled back to A$14.1m (~141m shares), taking shares to about 1,125m. Horizon cancels the Bank of Scotland rollover and will repay the whole US$19.3m corporate facility on 30 June, citing the raising and expected PNG proceeds.
20 May 2009asset acquisition disposition▲ GoodMajor
Horizon agrees to sell P3 Global Energy (Thailand) 50% of PRL 4 (Stanley) and 24.82% of PRL 5 for US$55m: US$30m cash at closing on 31 July, plus US$25m in letters of credit for work spending. Subject to due diligence and PNG approvals. This is the PNG sale process.
19 May 2009drilling scheduled▲ GoodMajor
Partner Cue reports the Maari joint venture approved the Manaia-1 appraisal well, due to start mid-August 2009 after Maari development drilling. Manaia has mean oil in place of 58 million barrels. Horizon holds 10%. This is the appraisal flagged at the end of the Maari programme.
15 May 2009capital raising announcement● Neutral
Share Purchase Plan closing date extended from 20 May to 28 May 2009, with shares allotted 4 June. Offer terms are unchanged at up to A$10,000 per holder at A$0.10. Timetable change only.
30 Apr 2009investor presentation● Neutral
Wilson HTM conference presentation restates strategy and investment case: Maari cash flow, undeveloped reserves, cautious exploration. Market cap is about A$118m. No new results.
27 Apr 2009capital raising announcement● Neutral
Share purchase plan opens: eligible holders can buy up to A$10,000 of shares at A$0.10, a 23.4% discount to the recent average price, closing 20 May. ASIC and ASX waivers were granted. This is the retail part of the April raising.
20 Apr 2009joint venture update▲ Good
Partner Cue reports the first Maari cargo of about 165,000 barrels loaded on 18 April, the field's first oil sale. Cue and Todd shipped their shares jointly, and Cue expects cargos every three weeks at peak. Horizon holds 10%.
17 Apr 2009admin correction● Neutral
Routine notice that 119,776,727 placement shares were issued at A$0.10 on 17 April 2009, the first tranche of the raising. Administrative compliance notice with no new information.
14 Apr 2009capital raising announcement● NeutralMajor
Placement of 185m shares at A$0.10 raises about A$18.5m: about 120m shares now, about 65m subject to shareholder approval around 27 May. A share purchase plan up to A$10,000 per holder at A$0.10 follows. This is the planned funding step, diluting existing holders.
What it means for a shareholder
185m new shares at A$0.100 to raise about A$18.5m. That's 19% dilution: every existing holder's slice gets 19% smaller. If you held A$1,000 of shares (10,000 at the issue price), your slice goes from 0.00127% to 0.00103% of the company. To keep it you'd need 2,358 more shares - about A$236 at the issue price.
Create a free account to see this worked out for your own holding.
14 Apr 2009debt financing● NeutralMajor
Both Bank of Scotland facilities (US$19.3m corporate, US$46m Maari) are fully drawn. A deal to roll half the corporate facility to 31 December 2009 awaits bank credit approval, with US$9.6m due before 30 June. Maari is producing 32,000 bopd gross and forecast to net about US$17m in 2009.
8 Apr 2009investor presentation▼ BadMajor
Presentation for a proposed raising of up to A$22m (220m shares at A$0.10): A$17m placement plus an estimated A$5m share purchase plan. Funds are for part-repaying corporate debt and PNG and China pre-development costs. This is the funding step flagged since the AGM.
1 Apr 2009asset acquisition disposition● Neutral
Fellow Block 22/12 partner FAR sells its 5% interest to South Sea Oil (Majuko Group) for US$8m in tranches. Horizon keeps its 30%. CNOOC says it is ready to accept the new partner. Not Horizon's own transaction.
23 Mar 2009drilling progress report▲ Good
Maari: the two producers peak at over 26,000 bopd combined, so the first oil cargo is brought forward to the first week of April. Third well MR5P12 is being hooked up, and the rig is now drilling the first water injector.
12 Mar 2009investor presentation● Neutral
Euroz conference presentation repeats known facts: Maari two wells flowing over 20,000 bopd combined, 61 mmbo 2P, and EBITDA of US$4.5m a month net at US$50 oil. Market cap is about A$88m at A$0.11 a share. No new information.
11 Mar 2009drilling progress report▲ Good
Maari: MR3P8 flows over 10,000 bopd on natural flow and MR4P9 started on 9 March with similar characteristics. Third well MR5P12 found about 1,800 m of oil sand, due on stream early April. First cargo is contracted for April.
26 Feb 2009half year report▼ Bad
Half-year to 31 December 2008 loss is US$10.0m, mainly Thai write-offs of US$6.8m. Cash was US$10.2m and borrowings US$58.5m. Company says it must undertake further asset sales and/or capital raisings to meet bank obligations, following the six-month Maari delay.
25 Feb 2009joint venture update▲ Good
Partner Cue Energy reports first Maari oil flowed on 25 February 2009 from the first of five production wells. Horizon holds 10%. Cue expects about 35,000 bopd by end of third quarter 2009. Duplicates Horizon's own release.
25 Feb 2009production update▲ GoodMajor
First oil flows from Maari well MR3P8 to the FPSO Raroa, with two weeks of testing and commissioning ahead and first tanker offtake expected in April. This delivers the long-delayed first production; Horizon holds 10%, with 61 mmbbl 2P Moki volumes.
25 Feb 2009drilling progress report▲ Good
Maari: second well MR4P9 is completed with over 2,000 m of good oil-filled reservoir, to start flowing in the second week of March. First well MR3P8 is hooked up and about to flow first oil. 2P Moki volumes are 61 mmbbl.
