4 Mar 2008drilling progress report● Neutral
Operator reports Wei 6-12E-1A drilled to 1,970 m and drilling ahead, total depth expected by end of week. The rest concerns ROC's other wells. No result yet.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
4 Mar 2008drilling progress report● Neutral
Partner Petsec repeats the operator's update that Wei 6-12E-1A is at 1,970 m and drilling ahead. Nothing new for Horizon.
28 Feb 2008farm in farm out agreement▲ GoodMajor
Horizon signed a farm-in with Pearl Energy (Aabar subsidiary) for 20% of three more Gulf of Thailand blocks, G1/48, G3/48 and G6/48, by paying 40% of the initial three-year seismic and drilling costs. Pearl stays operator; subject to Thai approval. Extends the existing Pearl relationship.
27 Feb 2008security holder rights change▲ GoodMajor
Oasis Energy Investments and Ward Ferry funds committed to exercise 10.5m options (about 26% of those outstanding) at A$0.35 before 28 February expiry, for a fee of A$0.01 per option. Shares closed at A$0.32. Well result will not be known before expiry.
27 Feb 2008drilling progress report● Neutral
Operator reports Wei 6-12E-1A has run and cemented casing at 986 m, preparing blowout preventer tests; total depth expected early March. Routine progress, no result.
27 Feb 2008drilling progress report● Neutral
Partner Petsec repeats the operator's update that Wei 6-12E-1A has casing cemented at 986 m. Nothing new for Horizon.
27 Feb 2008drilling progress report● Neutral
Partner FAR repeats the operator's update that Wei 6-12E-1A has casing set at 986 m; the rest covers FAR's own Louisiana well. Nothing new for Horizon.
25 Feb 2008drilling progress report▼ Bad
Wei 6-12E-1A is at 986 m after the stuck-pipe restart. Horizon says results are highly unlikely before the listed options expire on 28 February, so option holders will have to decide without the well result.
22 Feb 2008half year report▼ Bad
Half-year to 31 December 2007: net loss US$2.07m, up 87%, revenue US$522k. Exploration and new business costs rose; the A$14.7m placement funds an expanded nine-well programme. Maari 64.7% complete at end January, first oil mid-August 2008.
20 Feb 2008drilling progress report● Neutral
Partner Petsec repeats the operator's report that Wei 6-12E was re-spudded as Wei 6-12E-1A after stuck pipe. Nothing new for Horizon.
20 Feb 2008drilling progress report▼ Bad
Operator reports Wei 6-12E was re-spudded as Wei 6-12E-1A, two metres from the original hole, because of stuck drill pipe. Now at 253 m with total depth expected early March, later than first planned.
20 Feb 2008drilling progress report● Neutral
Partner FAR repeats the operator's report of the Wei 6-12E-1A re-spud after stuck pipe; the rest concerns FAR's own Louisiana well. Nothing new for Horizon.
13 Feb 2008drilling spud● Neutral
Horizon confirms Wei 6-12E-1 spudded 12 February, 1.7 km east of the Wei 6-12S oil discovery, after a weather delay moving the rig. Total depth of 2,520 m was expected around 22 February. Second well of the programme after the dry first well.
13 Feb 2008drilling spud● Neutral
Operator ROC reports Wei 6-12E-1 started drilling 12 February in Block 22/12 (Horizon 30%), targeting about 2,520 m by end February. Second well of the programme after the dry Wei 6-12W-1. Also covers ROC's non-Horizon wells.
13 Feb 2008drilling spud● Neutral
Partner Petsec repeats the operator's report that Wei 6-12E-1 began drilling 12 February, targeting about 2,520 m. Nothing new for Horizon.
31 Jan 2008security holder rights change● Neutral
Required notice to option holders: listed options (A$0.35) expire 28 February 2008. Shares closed at A$0.295 on 29 January, below the exercise price. Exercise is not underwritten.
29 Jan 2008drilling result▼ BadMajor
Wei 6-12W-1 dry hole: drilled to 2,333 m, oil shows were not commercial and the well is being plugged. The rig moves to Wei 6-12E-1, which is independent of this result. First failure of the four-well programme on Block 22/12 (Horizon 30%).
29 Jan 2008drilling result▼ Bad
Partner Petsec repeats that Wei 6-12W-1 found no commercial hydrocarbons and was plugged. Nothing new for Horizon.
29 Jan 2008drilling result▼ Bad
Operator ROC confirms Wei 6-12W-1 found no hydrocarbons and is abandoned; the rig moves to Wei 6-12E-1. Horizon's own release described oil shows as non-commercial. Duplicates Horizon's news.
29 Jan 2008drilling result▼ Bad
Partner FAR repeats the operator's report that Wei 6-12W-1 found no hydrocarbons; the rest covers FAR's own Louisiana well. Nothing new for Horizon.
23 Jan 2008drilling progress report● Neutral
Operator reports Wei 6-12W-1 has set casing at 1,837 m and is drilling at 2,106 m toward a target depth of 2,425 m. No result yet.
22 Jan 2008capital raising announcement● Neutral
FIRB approval received, so the remaining 10.4 million shares of the December 2007 placement (44 million at A$0.335) were issued. Completes the placement.
16 Jan 2008drilling progress report● Neutral
Operator reports Wei 6-12W-1 drilling at 1,684 m, planning to reach 1,860 m to set the next casing. Routine progress, no result.
9 Jan 2008drilling progress report● Neutral
Partner FAR repeats the operator's Wei 6-12W-1 casing update; the rest concerns FAR's own Louisiana well, unrelated to Horizon. No result.
9 Jan 2008drilling progress report● Neutral
Partner Petsec repeats the operator's update: casing run to 800 m on Wei 6-12W-1, preparing blowout preventer testing. No result.
9 Jan 2008drilling progress report● Neutral
Operator ROC reports Wei 6-12W-1 is preparing to run casing to 800 m. Routine progress, no result.
2 Jan 2008drilling spud● Neutral
Joint venture partner Petsec repeats the operator's announcement that Wei 6-12W-1 has spudded in Block 22/12. No new information for Horizon.
2 Jan 2008drilling spud● Neutral
Joint venture partner FAR repeats the operator's announcement that Wei 6-12W-1 has spudded in Block 22/12. No new information for Horizon.
2 Jan 2008drilling spud● NeutralMajor
Horizon confirms the Wei 6-12W-1 well started 1 January 2008, about two weeks late, the first of four Block 22/12 wells (30%). Target depth about 2,425 m; drilling at 560 m. 2P reserves already identified are quoted as 50-60 million barrels.
2 Jan 2008drilling spud● Neutral
Operator ROC announces Wei 6-12W-1 spudded 1 January 2008 in Block 22/12 (Horizon 30%), about two weeks late after rig equipment faults. Targets about 2,425 m. Programme expected to finish by end of March quarter. Duplicates Horizon's own release.