Past year: ▲ 5%(19.5c – 28.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
16 Apr 2007quarterly activities report▼ Bad
March-quarter report: Maari 39% complete, Horizon's share of capex to completion up from US$36.5m to US$41.9m, funded by the debt facility. Ensco 107 rig now due March 2008, three months late; first oil still April 2008. Wei 6-12S plan to be submitted mid-year; 10-well drilling programme planned.
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.
31 Jan 2007quarterly activities report▲ Good
December-quarter report: the rights issue closed with 87.5% take-up, raising A$24.6m before expenses. The US$40m Maari loan reached financial close and was first drawn. Horizon's equity investment in Maari is now complete. Wei 6-12 feasibility study done, moving to engineering design. Mostly previously announced.
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.
22 Nov 2006agm notice● Neutral
AGM address and presentation: Maari is over 26% complete and on track for first-quarter 2008 production. Chair scores the year's priorities, rating Bayou Choctaw 2 out of 5 (operational failure, 180 bopd gross). Block G10/48 formally awarded, with signing in December.
22 Nov 2006agm notice● Neutral
All AGM resolutions passed, including the remuneration report, re-election of John Humphrey, ratification of the March 2006 placement, and option grants to CEO Emmett and Dr Nimmo. The option grants drew a large number of abstentions (about 33m votes).
31 Oct 2006quarterly activities report● Neutral
September-quarter report: Maari is 23% complete and on schedule for late March 2008. A Wei 6-12S feasibility study is due in December 2006, aiming for engineering design in early 2007. The A$24.6m rights issue is under way, closing 15 November.
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.
31 July 2006quarterly activities report▲ Good
June-quarter report: Maari (10%) is 17% complete, with platform, FPSO and drilling contracts now awarded. Wei 6-12 South (30%) is recapped as an oil discovery with 95m net hydrocarbon pay and 5,750 bopd combined test flow. Largely previously announced.
28 July 2006other● Neutral
Administrative notice: Horizon's share registry moves from Link Market Services to Registries Limited, effective 7 August 2006. No effect on holdings.
26 July 2006drilling progress report● Neutral
Horizon relays ROC's update: the second Wei 6-12 South sidetrack (Horizon 30%) is at 2,860m, with total depth extended to 2,930m. Logging and initial analysis are expected next week. No results yet.
26 July 2006drilling progress report● Neutral
ROC says the second sidetrack was at 2,860m and its target depth was increased to 2,930m so all targets are penetrated. Logging follows, with initial analysis expected next week. No results yet.
19 July 2006drilling progress report● Neutral
ROC says the second sidetrack (started 13 July) was at 2,217m, about 300m from the discovery well and aimed at downdip oil legs, heading to 2,849m. Results are expected next week; the reservoirs are expected to be water-bearing in the lower part.
19 July 2006drilling progress report● Neutral
Horizon relays ROC's update: the second Wei 6-12 South sidetrack (Horizon 30%) is a step-out drilling towards 2,849m, hoping to find downdip oil. Outcome expected next week. No new Horizon information.
