Past year: ▲ 5%(19.5c – 28.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 July 2008flow test result▲ GoodMajor
Stanley-1 in PRL 4 (now 100% Horizon) flowed up to 25 mmcfd on clean-up and a stable 9.3 mmcfd with condensate, limited by test equipment. Results are at the upper end of expectations. Stanley-2 supply well is planned for first half 2009; PRL 5 interest confirmed at 49.65%.
25 June 2008director officer appointment● Neutral
Kelvin Bramley appointed Assistant Company Secretary; Michael Sheridan remains Company Secretary. Administrative.
19 June 2008asset acquisition disposition▲ GoodMajor
Horizon agrees to buy InterOil's 43.13% of PRL 4 (Stanley) and 28.58% of PRL 5 for US$6.5m, plus a first right of refusal on InterOil's share of condensate. This would give 100% of PRL 4 and up to 49.65% of PRL 5, subject to PNG approval.
27 May 2008investor presentation● Neutral
CEO conference presentation repeating known asset status, with cash of US$13m and the US$19m BOSI revolving facility. Maari first production Q3 2008; PRL 4 interest 56.87%. Market capitalisation about A$346m. No new announcement.
22 May 2008debt financing▲ GoodMajor
BOS International provides US$25m of extra debt: a US$19.25m revolving corporate facility plus a US$5.75m increase of the Maari facility to US$45.75m. Horizon says it will help fund China, PNG and Thailand/New Zealand exploration spending.
30 Apr 2008quarterly activities report● Neutral
March quarter: Maari platform and FPSO arrived, the Austral Pacific offer was accepted for US$3.5m (PRL 4 interest now 56.87%), and both China exploration wells failed. Also, 12m options were exercised, raising A$4.2m. Wei 6-12 development plan due mid-year.
1 Apr 2008investor presentation● Neutral
CEO presentation at a Brisbane conference restating known assets and plans: Maari first production Q3 2008, Wei 6-12S first production early 2010, and a 15-well drilling programme. Quotes 14–16 mmbo 2P reserves. Market capitalisation about A$203m. No new announcement.
28 Mar 2008asset acquisition disposition▲ GoodMajor
Horizon confirms it has offered to buy Austral Pacific's 28.92% of PRL 4 (Stanley) and 10.71% of PRL 5, conditional on pre-emption rights. It says the price is well below press reports and not material. Continues its stepwise build-up of PNG interests.
19 Mar 2008drilling result▼ BadMajor
Operator ROC confirms Wei 6-12E-1A was plugged and abandoned on 14 March and the joint venture will not drill the Wei 12-2N-1 well in this programme. This resolves the open decision; Horizon holds 30% of Block 22/12.
19 Mar 2008drilling result● Neutral
Partner Petsec repeats the operator's news that Wei 12-2N-1 will not be drilled and Wei 6-12E-1A is abandoned. Nothing new for Horizon.
19 Mar 2008drilling result● Neutral
Partner FAR repeats the operator's news that Wei 12-2N-1 will not be drilled and Wei 6-12E-1A is abandoned. The rest covers FAR's own Louisiana Schwing #2 well. Nothing new for Horizon.
12 Mar 2008drilling result▼ Bad
CEO calls the dry Wei 6-12E-1A a disappointing result but says Wei 6-12 development is unaffected, with a final investment decision targeted mid-2008. The third well, Wei 12-2N-1, is likely to be dropped, citing rig equipment failures; the exploration phase ends September 2008.
11 Mar 2008drilling result▼ Bad
Partner Petsec repeats the operator's report that Wei 6-12E-1A found only minor residual oil shows and will be abandoned. Nothing new for Horizon.
11 Mar 2008drilling result▼ BadMajor
Wei 6-12E-1A reached 2,510 m with only minor residual oil shows and will be plugged and abandoned, the second dry hole in the Block 22/12 programme (Horizon 30%). Operator says Wei 6-12 development plans are unaffected; the Wei 12-2N-1 well decision is under review.
11 Mar 2008drilling result▼ Bad
Partner FAR repeats the operator's report that Wei 6-12E-1A had minor residual oil shows and will be abandoned; the rest covers FAR's own Louisiana well. Nothing new for Horizon.
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.
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.
