Past year: ▲ 5%(19.5c – 28.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
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%.
31 July 2009quarterly activities report▲ Good
June quarter: Horizon repaid its US$19.25m corporate debt on 30 June and raised A$32.7m of new equity. Maari drilling finished ahead of schedule, and Manaia-1 is about to spud. Only the US$45.75m Maari loan remains. The PNG sale to P3GE is described as agreed, not yet completed.
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 2009quarterly activities report▲ Good
March quarter: Maari reached a peak 32,000 bopd from three wells, with Horizon's share of the first cargo about 61,000 barrels sold. Corporate debt rollover and the A$18.5m raising are restated. Block 22/12 development areas were awarded and the PNG sell-down process continues.
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.
