11 Dec 2007admin correction● Neutral
Standard secondary sale notice under the Corporations Act for the December placement shares. Carries no new information about the business.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
4 Dec 2007capital raising announcement● NeutralMajor
Horizon places 44 million shares at A$0.335, raising A$14.74m before expenses, a 3.4% discount to the five-day average price. Funds the expanded 10-well programme in China, Thailand and NZ's Manaia. 10.4m shares await placee FIRB approval.
What it means for a shareholder
44.0m new shares at A$0.335 to raise about A$14.7m. That's 5.6% dilution: every existing holder's slice gets 5.6% smaller. If you held A$1,000 of shares (2,985 at the issue price), your slice goes from 0.000404% to 0.000382% of the company. To keep it you'd need 178 more shares - about A$60 at the issue price.
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30 Nov 2007drilling scheduled▲ Good
Four-well Block 22/12 exploration programme (Horizon 30%) to start mid-December 2007 with Wei 6-12W-1. Prospects hold over 200 million barrels of oil-in-place; ODP targeted for end February 2008. Continues the November rig plan.
22 Oct 2007annual report● Neutral
Lodges the 2007 annual report and AGM notice, with the meeting on 21 November 2007. Maari is 55% complete, first oil Q3 2008, Horizon's share of capex US$45.7m versus US$36.5m at approval. Lei Dong dropped; agreement with CNOOC on Wei 6-12S expected by end 2007.
28 Sept 2007annual report● Neutral
Lodges the full 2007 annual financial and directors' reports for the year to 30 June 2007. Covers known items: rights issue, Maari loan, adoption of successful efforts accounting with no adjustment to results, and de Nys appointed 14 June 2007.
26 Sept 2007admin correction● Neutral
Corrects the earlier outlook release, which wrongly stated Horizon's interests in Blocks G10/48 and G11/48. The correct interest is 25% in each.
26 Sept 2007regulatory community update▼ BadMajor
Horizon shelves its bid for a Petroleum Contract on Lei Dong Block 24/05, after US$487,000 spent, as Chinese approvals tied to naval issues never came. CEO calls the outcome speculative. At least ten wells are expected in 2007-08, with the Thai five-well programme from March 2008.
28 Aug 2007annual report● Neutral
Preliminary results for the year to 30 June 2007: loss of US$1.9m, in line with last year, and cash of US$19.8m (up from US$11.3m). Maari 51% complete, steady production still targeted July 2008. Thai seismic recording began 7 August 2007.
22 June 2007other● Neutral
Maari partner Cue Energy announces a US$20m project finance facility with BOS International for its 5% share. Says first oil is expected in Q3 2008. Nothing new for Horizon's own interest (10%) or funding.
15 June 2007admin correction● Neutral
Corrects the de Nys appointment date to 14 June 2007 (the earlier release said 14 July). Re-attaches the otherwise unchanged announcement.
15 June 2007director officer appointment▲ Good
Gerrit de Nys joins the board as non-executive director. A former IMC Group executive, he was responsible for IMC's investments including Horizon; IMC's subsidiary holds 13.8%. The chair cites his shipping and oilfield construction experience for bringing discoveries into development.
23 May 2007investor presentation● Neutral
CEO conference presentation restating the aim to build a US$500m Asian E&P company. Market cap A$213m, 735.55m shares; Maari first production now shown as Q2 2008. Largely repeats known facts; no new announcement.
20 Feb 2007half year report● Neutral
Half-year to 31 Dec 2006: net loss US$1.2m, up 59% from US$755k, with revenue up 49% to US$383k. Loss includes US$441k of non-cash option expense. Restates known items: rights issue, Maari loan drawn, Wei 6-12S moving to FEED, Thai blocks awarded.
30 Jan 2007resource reserve update● Neutral
Partner FAR (5% holder) repeats ROC's appraisal report for Wei 6-12 South and Wei 6-12: 19 MMBO most likely, 27 MMBO upside, with a final investment decision expected 2H 2007. Re-release of operator news already reported.
30 Jan 2007resource reserve update▲ GoodMajor
Operator ROC's appraisal report puts recoverable oil at Wei 6-12 South and Wei 6-12 at 19 MMBO most likely, 27 MMBO upside (Horizon holds 30%). Design work leads to a final investment decision in 2H 2007, with first oil possibly by 2009. This firms up the Wei discovery's size.
29 Jan 2007asset acquisition disposition▲ GoodMajor
Horizon is awarded a second Gulf of Thailand block, G11/48 (13,600 sq km), with a 25% interest alongside Pearl (50%, operator) and Tana (25%). Prospective for gas and condensate. A drilling campaign of at least four wells is planned for late 2007 or 2008, with the concession signing expected next month.
24 Jan 2007production update● Neutral
Second Maari update: project 28% complete, with start-up now stated as April 2008 (previously late March 2008). Platform fabrication is 38% complete and on the critical path; the FPSO conversion began in Singapore in December.
11 Dec 2006material agreement▲ GoodMajor
Horizon signs the concession agreement for Gulf of Thailand Block G10/48, holding 25% with Pearl Oil (50%, operator) and Tana (25%). Covers 18,780 sq km, with seven years to explore and the Mayura oil discovery (10-15 mmbo, deemed non-commercial earlier). Resolves the earlier award.
20 Oct 2006annual report● Neutral
Lodges the 2006 annual report and AGM notice, with the meeting set for 22 November 2006. Repeats known points: Maari on target for March 2008 and the planned rights issue. Bayou Choctaw cash flows were not achieved due to drilling difficulties.
17 Oct 2006capital raising announcement● NeutralMajor
Horizon launches a 1-for-8 underwritten rights issue at A$0.30, raising A$23.4m after expenses (82.1m shares), with a free option per two new shares (A$0.35, expiring 28 Feb 2008). Funds replace cash spent on Wei 6-12S appraisal and fund early development work.
What it means for a shareholder
82.1m new shares at about A$0.285 to raise about A$23.4m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held A$1,000 of shares (3,509 at the issue price), your slice goes from 0.000544% to 0.000483% of the company. To keep it you'd need 447 more shares - about A$127 at the issue price.
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6 Oct 2006investor presentation● Neutral
October investor update for institutional briefings, targeting a US$500m Asian E&P company. It says Maari first production is Q1 2008 and Wei 6-12S first production is H2 2008. Share price A$0.29, market cap A$190.4m. Repeats known facts.
28 Sept 2006production update▲ Good
First of a series of Maari development updates: the project is 20% complete and on schedule for late March 2008 start-up. First steel was cut on the platform on 25 Aug 2006, and FPSO conversion starts 1 Jan 2007. Progress report only.
6 Sept 2006investor presentation● Neutral
CEO presentation at the Good Oil Conference stresses share price, Maari (10%, US$365m capex, 20% complete, first oil March 2008) and Block 22/12. Market cap about A$223m at A$0.34, with 656.6m shares. Restates known facts.
4 Sept 2006annual report▲ Good
Preliminary results for year to 30 June 2006: cash US$11.3m, BOS International committed US$40m Maari finance (conditions apply), and Maari 20% complete at end July, on target for March 2008. Block 22/12 permit extended to 30 Sep 2008 after the Wei 6-12 South discovery.
4 Sept 2006annual report● Neutral
Full annual report for the year to 30 June 2006, repeating the year's changes: the A$13.5m placement at A$0.16 (84.1m shares) and BOS International's up-to-US$40m Maari finance offer. Directors are unchanged. Repeats the preliminary results.
14 Aug 2006investor presentation● Neutral
Notice that an audio recording of CEO Brent Emmett's presentation at an upstream energy conference is available online. No new company information in the notice itself.
1 Aug 2006drilling result▲ GoodMajor
ROC reports the second sidetrack at Wei 6-12S-1 (TD 2,950m) found four oil sands, 16m net pay, over 45m downdip and outside mapped closure. Middle and Lower sands were water-wet downdip, as expected. Resolves the pending sidetrack result: encouraging to as expected.
1 Aug 2006drilling result▲ Good
Partner Petsec (25%) repeats ROC's second-sidetrack result at Wei-6-12S-1: four downdip oil sands with 16m net pay. Re-release of operator news already reported.
1 Aug 2006drilling result▲ Good
Partner FAR (5%) repeats ROC's second-sidetrack result at Wei-6-12S-1: four downdip oil sands with 16m net pay. Re-release of operator news already reported.
1 Aug 2006drilling result▲ Good
Horizon relays ROC's sidetrack result at Wei 6-12 South (30%): four oil sands with 16m net pay downdip, outside mapped closure, and the Upper Sands split into as many as seven separate reservoirs. Commercial decision still pending analysis.