Past year: ▲ 5%(19.5c – 28.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Apr 2025drilling spud▲ Good
A one-well infill campaign spudded 28 April 2025 in Block 22/12, China (Horizon 26.95%), taking about 30 days. Forecast 0.4 mmbbl gross (0.1 net), ~500 bopd gross (125 net); funded from existing cash. Follows earlier infill wells.
16 Apr 2025joint venture update▼ BadMajor
Horizon confirms the conditional Arafura gas agreement lapsed after the 31 March 2025 deadline passed without Arafura's investment decision. The Mereenie JV will re-market the firm gas from 2028. Ends the thread open since the earlier extensions; no replacement buyer yet.
16 Apr 2025joint venture update● Neutral
Central (operator, a third party) says the Arafura gas agreement lapsed because Arafura did not reach a final investment decision by 31 March 2025. The Mereenie JV will re-market the firm gas from 2028 to other customers.
16 Apr 2025joint venture update● Neutral
Echelon (a third party, 42.5% Mereenie holder) confirms the Arafura gas agreement lapsed and the JV will re-market the gas. Duplicates the operator's and Horizon's news.
16 Apr 2025joint venture update● Neutral
Cue (a third party, 7.5% Mereenie holder) confirms the Arafura gas agreement lapsed for want of Arafura's investment decision, and the JV will market the 2028 firm gas elsewhere. Duplicates Horizon's news.
7 Apr 2025other● Neutral
Horizon discloses oil hedges of 180,000 bbl of Brent swaps at about US$71/bbl: 110,000 bbl for May 2025 and 70,000 bbl for June–December 2025. Most Mereenie gas is sold at fixed prices, so is not materially exposed to near-term price swings.
24 Mar 2025asset acquisition disposition▲ GoodMajor
Horizon agrees to buy 75% of Exxon's Thai subsidiary (consortium with Matahio holding 25%), giving 7.5% of Sinphuhorm and 60% of Nam Phong gas fields. Price US$30m plus up to US$7.5m contingent; 3.9 MMboe 2P, ~2,000 boe/d, largely Macquarie debt-funded. A re-entry to Thailand.
7 Mar 2025production update▲ Good
Central (operator, a third party) says WM30 came online 26 February 2025 at over 4 TJ/d, expected to settle at 4–4.5 TJ/d versus ~3 TJ/d pre-drill. Mereenie sales capacity is now ~32 TJ/d, and the program finished under its A$8m (Central share) budget.
7 Mar 2025production update▲ Good
Horizon confirms WM30 came online 26 February 2025, with Mereenie sales of 28–32 TJ/d over the past week. Resolves the awaited WM30 tie-in; extra gas can go to the NT Government agreement. Largely repeats the operator's release.
27 Feb 2025investor presentation● Neutral
Half-year results presentation repeating the reported figures: revenue US$55.9m, EBITDAX US$29.4m, net cash US$22.5m, and a 1.5c interim dividend payable 24 April 2025. Largely repeats the half-year report and known facts.
27 Feb 2025half year report● NeutralMajor
Half-year to December 2024: revenue US$55.8m (down 16%), EBITDAX US$29.4m, profit before tax US$11.2m, net cash US$22.5m. Horizon declares a 1.5c interim dividend (A$24.4m), payable April 2025, taking four-year distributions above A$224m.
25 Feb 2025other● Neutral
Notice of a shareholder webcast on 27 February 2025 at 11.00am AEDT about the half-year results, hosted by the CEO and CFO. Administrative only.
19 Feb 2025drilling result▲ Good
Echelon (a third party, 42.5% Mereenie holder) repeats that WM-30 is drilled and awaiting tie-in, with the rig released. WM-29 is stable at about 5 TJ/d and WM-30 is expected at or above 3 TJ/d. Duplicates the operator's news.
19 Feb 2025drilling result▲ Good
Re-release of Central's (operator, a third party) notice: WM30 reached 1,620 m, rig released 19 February 2025, tie-in due early March. WM29 is stable at about 5 TJ/d. Duplicates the previous announcement.
19 Feb 2025drilling result▲ Good
Central (operator, a third party) says WM30 reached 1,620 m total depth and the rig was released on 19 February 2025, with tie-in expected in early March. WM29 has stabilised at about 5 TJ/d. The program is forecast under budget.
3 Feb 2025joint venture update● Neutral
The condition date for the conditional Arafura gas supply agreement, due 4 February 2025, is extended to 31 March 2025. The Arafura deal therefore stays conditional, and this is the second extension after the one from 31 December 2024.
30 Jan 2025quarterly activities report▲ Good
December quarter: production 411,687 boe, revenue US$26.5m, net operating cash flow US$16.5m, cash US$47.3m and net cash US$22.5m after the ~US$17m October dividend. WM29 lifted Mereenie by more than 15% to about 30 TJ/d gross; WM30 expected online late February.
22 Jan 2025flow test result▲ Good
Cue (a third party, 7.5% Mereenie holder) reports WM29 began gas sales on 20 January 2025, testing about 7 TJ/d (100% JV) and limited to 6 TJ/d by equipment. This repeats the operator's result; WM30 is drilling at about 585 mMD.
22 Jan 2025flow test result▲ Good
Echelon (a third party, 42.5% Mereenie holder) repeats that WM-29 began sales on 20 January 2025, testing about 7 TJ/d and choked to 6 TJ/d, double pre-drill expectations. It says field output is back at the 30 TJ/d target. Duplicates the operator's result.
22 Jan 2025flow test result▲ GoodMajor
Central (operator, a third party) says WM29 began flowing to sales on 20 January 2025 and tested at about 7 TJ/d (100% JV), double the 3 TJ/d pre-drill expectation. Output is capped at 6 TJ/d. WM30 is due online in early March. This resolves the awaited flow rate.
16 Jan 2025drilling progress report● Neutral
Cue (a third party, 7.5% Mereenie holder) repeats the operator's news that WM29 is completed and awaiting tie-in by late January, and WM30 spudded 16 January 2025. Duplicates earlier notices; nothing new for Horizon.
16 Jan 2025drilling progress report● Neutral
Echelon (a third party, 42.5% Mereenie holder) repeats that WM-29 is completed and awaiting tie-in in late January, with WM-30 spudded 16 January 2025. It expects both wells online in Q1 2025. Largely duplicates earlier notices.
16 Jan 2025drilling progress report▲ Good
Central (operator, a third party) says WM29 was air-drilled and completed across the Pacoota-3 sandstones and is expected to be tied in by late January, ahead of plan because of NT gas shortages. WM30 spudded 16 January 2025. Initial flow rates are not yet reported.
16 Jan 2025drilling progress report▲ Good
Horizon reports WM29 completed, reaching 1,326.3 m TVDRT through the Pacoota-3 target, with tie-in expected toward the end of January. WM30 spudded 16 January 2025. No flow rates are given yet, so the result is still to come.
20 Dec 2024joint venture update● Neutral
Echelon (a third party, 42.5% Mereenie holder) says the Arafura gas deal's condition date has been moved from 31 December 2024 to 4 February 2025. Duplicates the operator's notice.
20 Dec 2024joint venture update● Neutral
Horizon confirms the Arafura gas deal's condition date has been extended from 31 December 2024 to 4 February 2025. The offtake stays conditional, so the earlier year-end deadline in the history is delayed rather than resolved.
20 Dec 2024joint venture update● Neutral
Arafura (a third party) confirms the condition date under its Mereenie gas deal moves from 31 December 2024 to 4 February 2025. Same extension already reported by Horizon and its partners.
19 Dec 2024joint venture update● Neutral
Central (operator, a third party) says the Arafura gas deal's condition date moves from 31 December 2024 to 4 February 2025. The Arafura deal, which starts in 2028, therefore stays conditional for another five weeks.
5 Dec 2024drilling spud● Neutral
Echelon (a third party, 42.5% Mereenie holder) reports WM-29 spudded on 5 December 2024, with each well taking about 30 days. Target depths are about 1,450 and 1,681 mMD. Duplicates the operator's and Horizon's notices; nothing new for Horizon.
5 Dec 2024drilling spud▲ GoodMajor
Horizon says drilling began at Mereenie, with West Mereenie-29 spudded on 5 December 2024 in a two-well campaign expected to take two to three months. Horizon holds 25% and funds its share from cash. Wells could add up to 6 TJ/d gross for the NT Government gas deal.
