Past year: ▲ 5%(19.5c – 28.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
5 Dec 2024drilling spud▲ Good
Central, the Mereenie operator (a third party), says the first development well, WM29, spudded on 5 December 2024. The two wells are expected to restore field capacity above 30 TJ/d (100% JV) and produce at least 25 PJ over their lifetime. Duplicates Horizon's own notice.
20 Nov 2024director officer appointment● NeutralMajor
Bruce Clement, a director since 2020, becomes Chairman after Mike Harding retired at the close of the 20 November AGM, as announced in August. Former CEO of AWE and Roc Oil, with over 40 years of oil and gas experience.
20 Nov 2024other▲ Good
AGM addresses and presentation. Retiring Chairman Mike Harding says distributions now exceed A$200m and at least 3c per share has been paid for four consecutive years. CEO Richard Beament reviews strategy and the Mereenie acquisition. Largely repeats known facts.
19 Nov 2024agm notice● Neutral
Notice that the AGM is on 20 November 2024 at 10.00am Sydney time, in person with a live webcast. Administrative.
30 Oct 2024quarterly activities report▲ Good
September quarter: Group production up 35% to 437,460 boe, revenue US$29.4m, cash US$60.7m and net cash US$33.1m. Final dividend of A$1.5c paid 25 October, taking distributions over A$200m. Maari licence extension application lodged; Mereenie wells to start December or January.
12 Sept 2024director officer appointment● Neutral
Dr Peter Goode formally joins the board as an independent non-executive director from 12 September 2024, earlier than the 1 September date previously flagged. He will chair the Risk Management Committee and stands for election at the 20 November AGM. Bruce Clement becomes Chairman after the AGM.
28 Aug 2024annual report● Neutral
FY24 Corporate Governance Statement and Appendix 4G, approved by the Board on 20 August 2024. Describes board responsibilities, appointment terms and diversity policy. Administrative; no new financial or operational information.
28 Aug 2024investor presentation▲ Good
FY24 results presentation repeating known figures: profit before tax US$39.2m, EBITDAX US$71.5m, net cash US$26.2m and a final dividend of A$1.5c, paid October 2024. Adds free cash flow of over US$54m. Mostly repeats the results already announced.
28 Aug 2024annual report▲ GoodMajor
FY24: profit before tax US$39.2m, EBITDAX US$71.5m, revenue US$111.5m, with 2P reserves more than doubling after Mereenie. Final dividend of A$1.5c declared, making A$3.0c (~A$48m) for the year. Net cash US$26.2m.
28 Aug 2024annual report● Neutral
FY24 sustainability report covering environment, safety and community performance. Mentions the Mereenie acquisition and helium study, and the Re-Vi (formerly Nobrac) biochar project reaching production. Nothing that changes the financial story.
26 Aug 2024agm notice● Neutral
Notice of a 28 August 2024 webcast on the FY24 full-year results and that the AGM will be held on 20 November 2024. Administrative.
26 Aug 2024director officer appointment● NeutralMajor
Chairman Mike Harding will retire at the November 2024 AGM after almost 6 years; director Bruce Clement succeeds him. Dr Peter Goode joins the board from 1 September 2024. Director Sandra Birkensleigh plans to retire in 2025.
15 Aug 2024drilling scheduled▲ GoodMajor
Mereenie JV approves drilling two development wells (West Mereenie 29 and 30), about 30 days each, starting around end-2024, with gas expected in the first half of 2025. Aims to lift capacity from 27 to above 30 TJ/d. Follows the NT gas deal; Horizon holds 25%.
31 July 2024quarterly activities report▲ Good
June quarter: Horizon's four-well Block 22/12 infill program finished under budget, adding 2,300 bopd gross (620 net). FY24 revenue US$111.5m; net cash US$26.2m after drawing US$26.4m for Mereenie. Further distributions under evaluation; Maari licence extension application due.
29 July 2024material agreement▲ GoodMajor
The Mereenie JV signs a six-year (2025-2030) firm, take-or-pay gas deal with the NT Government, up to 8.3 PJ net to Horizon, and shortens the Arafura deal to 4.1 PJ from 2028. Contracts most producing gas to 2030 and supports two infill wells.
29 July 2024material agreement▲ Good
Central (operator, a third party) announces new Mereenie and Palm Valley gas sales to the NT Government and an amended Arafura deal. Covers the Mereenie JV, including Horizon; Horizon's own announcement gives its share. Arafura condition date moves to 31 Dec 2024.
29 July 2024material agreement● Neutral
Arafura (a third party) revises its Mereenie gas deal: 5.49 PJ in 2028, then up to 10.95 PJ across 2029-30, take-or-pay and fixed price. Condition is now Arafura's final investment decision by 31 Dec 2024, so the offtake remains uncertain.
24 June 2024material agreement▲ Good
Horizon confirms the Mereenie joint venture's 12-month South32 gas supply extension (agreed before Horizon joined) is now unconditional. It means 1.46 PJ of gas supplied to South32 in 2025, a modest support for the newly acquired 25% interest.
24 June 2024other▲ Good
Cue Energy (a third party, 7.5% Mereenie holder) says the South32 gas sale agreement has become unconditional. Repeats the Central and NZOG notices; nothing new for Horizon.
24 June 2024other▲ Good
Central Petroleum (Mereenie operator, a third party) says the South32 gas sale agreement extension has become unconditional. Relevant to Horizon as a 25% Mereenie partner; no Horizon-specific figures.
24 June 2024other▲ Good
New Zealand Oil & Gas (a third party) says the 12-month South32 Cannington gas supply extension from Mereenie is now unconditional. Duplicates Central's notice; no new Horizon information.
18 June 2024investor presentation● Neutral
Notice of the CEO's presentation to the MST Financial Oil & Gas webinar on 19 June 2024. The text provided gives no content beyond the notice; treat as administrative.
17 June 2024other● Neutral
Central Petroleum (Mereenie operator) says the condition precedent date for its Arafura gas supply agreement is extended from 30 June to 31 July 2024. Third-party notice; a minor delay on an offtake deal tied to Mereenie.
11 June 2024asset acquisition disposition▲ GoodMajor
Horizon completes the 25% Mereenie acquisition on 11 June 2024, funded by the A$42.5m Macquarie facility. Adds ~1,100 boepd and 6.4 mmboe of 2P reserves, more than doubling reserves. Third producing asset; a possible two-well drilling program later in 2024.
11 June 2024other● Neutral
New Zealand Oil & Gas (a third party) announces completion of its own additional 25% Mereenie purchase, drawing A$49.5m of its A$63m debt facility. Confirms Horizon's deal closed and Macquarie has no remaining interest. Little new for Horizon.
4 June 2024debt financing● NeutralMajor
Horizon signs a A$42.5m, five-year senior debt facility with Macquarie to fund Mereenie, at BBSW + 5% with semi-annual repayments. Security is limited to the Mereenie interest plus a parent guarantee. Drawdown awaits remaining approvals.
23 May 2024admin correction● Neutral
Notice that Computershare's Sydney office is moving to 6 Hope St, Ermington from 23 May 2024. Administrative.
30 Apr 2024quarterly activities report● Neutral
March quarter production 339,459 bbls (down from 374,544); net cash US$52.8m. A four-well Block 22/12 infill program has started, forecast to add 0.35 mmbbl net. FIRB approval received for Mereenie; completion expected by financial year end. Interim dividend paid 26 April.
27 Feb 2024investor presentation● Neutral
Half-year results presentation repeating the reported figures: profit after tax US$18.3m, net cash US$45.1m, A$1.5c interim dividend to be paid 26 April 2024. Notes Mereenie still conditional. No new information.
27 Feb 2024half year report▲ Good
Half-year to 31 Dec 2023: revenue US$66.1m (-13%), profit before tax US$26.6m (+9%), net cash US$45.1m. Interim dividend of A$1.5c (~A$24m) declared, payable April 2024, continuing the distribution run. Mereenie deal still awaiting completion.
