20 Apr 2006drilling scheduled● Neutral
Partner Petsec repeats that the Wei 6-12-S-1 well will start next week, testing a prospect with 10 to 20 million barrels of potential. Re-release of known information from a partner, not Horizon's own news.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
19 Apr 2006drilling scheduled● Neutral
Operator ROC reported the Wei-6-12-S-1 well on Block 22/12, where Horizon holds 30%, was due to start drilling the following week and take about 21 days. The release also covered ROC's other wells, including Jacala-1, which had shown no obvious hydrocarbons so far.
12 Apr 2006drilling progress report● Neutral
AMI-1 reached 8,630 feet and found a further hydrocarbon-bearing zone with high gas, at higher pressure needing heavier mud. The drill string stuck again and was backed off at 8,334 feet.
5 Apr 2006drilling progress report● Neutral
Seven inch casing set at 7,950 feet, leaving the 219 feet gross / 74 feet net pay behind pipe for later completion. The rig was preparing to drill on toward the deeper target.
29 Mar 2006drilling result▲ GoodMajor
AMI-1 logs indicate a preliminary 219 feet gross / 74 feet net pay in three zones, with oil of 34-38 degrees API in cores. The drill string then stuck and was backed off; the operator will drill around it.
22 Mar 2006drilling progress report▲ Good
AMI-1 at 7,863 feet hit the shallower targets with strongly elevated gas readings and fluorescence over 7,700 to 7,773 feet. Significance will be known after logging; lost circulation was also managed.
17 Mar 2006admin correction● Neutral
Administrative notice that the 84,100,168 placement shares issued on 16 March 2006 meet Corporations Act requirements, allowing them to be resold without a disclosure document. No new information.
14 Mar 2006drilling progress report● Neutral
AMI-1 was drilling at 6,960 feet with target horizons still to be reached. About 12 more days expected to reach target depth.
8 Mar 2006capital raising announcement▲ GoodMajor
Horizon placed 84,100,168 shares at A$0.16 to raise A$13.5 million, 15% of its capital, to fund its equity share of the 10% Maari development. About 80% of its share of costs will come from BOS International debt; first production is expected March 2008.
7 Mar 2006drilling progress report● Neutral
AMI-1 reached 4,128 feet; progress was slowed by the rig contractor replacing equipment at its own cost. About 17 more days expected to reach target depth.
28 Feb 2006drilling progress report● Neutral
Bayou Choctaw AMI-1 well was drilling at 2,670 feet, with casing set at 2,355 feet. No results yet; target depth is 9,100 feet.
24 Feb 2006half year report● Neutral
Half-year to 31 December 2005: loss of US$755,000, down 53%, on revenue of US$257,000. The result includes a US$419,000 refund of Thailand drilling costs. No dividend; Maari funding offer from BOS International of up to US$40 million noted.
20 Feb 2006drilling spud● Neutral
The first of three Bayou Choctaw wells (Australian Mineral Interests No. 1) has spudded, targeting 1.8 million barrels of potential updip of existing production. Horizon holds 14.0% in this well and 19.8% in the next two.
6 Feb 2006regulatory community update▲ Good
A Louisiana court dismissed, with prejudice, all claims in the environmental damage suit against Horizon's US subsidiary at Bayou Choctaw, which was served in October 2005. It is a final judgment, removing that open legal risk.
31 Jan 2006quarterly activities report▲ Good
December 2005 quarter: Maari field (10% interest, New Zealand) received its production permit and development is underway with main contracts let. Wei 6-12 South well in China and three Bayou Choctaw wells in the US are readied.