22 Feb 2024other● Neutral
Link to a webcast of the FY24 half-year results. Administrative; no substantive content.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
14 Feb 2024investor presentation● Neutral
Presentation and CEO video on the Mereenie acquisition announced the same day, restating the strategic fit and the debt-funded structure. Completion remains subject to approvals and debt documentation. No new information.
14 Feb 2024asset acquisition disposition▲ GoodMajor
Horizon agrees to buy a 25% non-operated stake in the producing Mereenie field, NT, for US$27.6m (A$42.5m) plus up to US$5.8m deferred, fully funded by Macquarie debt. Adds 6.4 mmboe of 2P reserves (~129%) and ~1,150 boepd. Answers its inorganic growth search; subject to approvals.
14 Feb 2024other● Neutral
New Zealand Oil & Gas (a third party, not Horizon) announces it is buying 25% of Mereenie for A$42.5m upfront, with Horizon buying the other 25% from Macquarie. Relevant to Horizon only as the counterpart to its own deal; no new Horizon information.
30 Jan 2024quarterly activities report● Neutral
December quarter production dipped 3.6% to 374,544 bbls; revenue US$31.3m at ~US$85/bbl. Net cash US$45.1m despite the ~US$21m dividend. Block 22/12 infill program of up to 4 wells is now expected to start in the first half of 2024, subject to approvals.
6 Dec 2023investor presentation● Neutral
Ord Minnett Emerging Energy Day presentation repeating FY23 results and strategy. Notes net cash of US$45.9m at 30 September and the final dividend paid in October. No new information.
22 Nov 2023investor presentation● Neutral
AGM chair and CEO addresses. Chair says Horizon is debt free for the first time since 2011 and is setting aside funds for Maari decommissioning. Directors Burgess and Bittar stood for re-election. Largely repeats known results; further distributions to be reviewed.
20 Nov 2023agm notice● Neutral
Notice of the webcast link for the 22 November 2023 AGM in Sydney. Administrative.
26 Oct 2023quarterly activities report● Neutral
September quarter production fell 15.5% to 388,601 bbls on Block 22/12 decline, partly offset by Maari up 12%. Revenue US$34.9m at ~US$89/bbl. All debt repaid; cash US$45.9m. The A$2.0c dividend (~US$21m) was paid 25 October. Infill drilling targeted for 2024.
18 Sept 2023agm notice● Neutral
Horizon will hold its 2023 AGM on 22 November 2023 in Sydney, with a webcast for those who cannot attend. Administrative.
7 Sept 2023investor presentation● Neutral
Presentation to the Good Oil conference in Perth restating the portfolio and FY23 results, including A$3.5c distributions and over A$150m paid in three years. No new information.
24 Aug 2023investor presentation● Neutral
FY23 results presentation repeating the annual results: revenue US$152.1m, EBITDAX US$103.5m, net cash US$35.7m, and A$2.0c final dividend. Restates the strategy and the Maari life-extension aim. No new information.
24 Aug 2023annual report▲ GoodMajor
FY23 record year: production up 44% to 1.9 mmbbls, revenue US$152.1m, profit after tax US$43.9m (up 80%). Final dividend of A$0.02/share declared, making A$3.5c (~A$56m) for the year. Net cash US$35.7m; the remaining US$7.9m debt was repaid 31 July.
24 Aug 2023annual report● Neutral
FY23 Sustainability Report covering safety, governance, people and climate. Notes a 5-year life extension of the Raroa FPSO and the Nobrac carbon removal seed investment. No financial or operating news; the report is not independently assured.
24 Aug 2023annual report● Neutral
Corporate Governance Statement and Appendix 4G for FY23, a compliance filing signed 24 August 2023. Administrative; carries no new company information.
22 Aug 2023other● Neutral
Notice of a shareholder webcast on 24 August 2023 covering FY23 full-year results, hosted by the CEO and CFO. Administrative.
27 July 2023quarterly activities report▲ Good
June quarter production fell 12% to 459,885 bbls as Block 22/12 declined, partly offset by Maari up 19% after the MN1 workover. FY23 revenue was a record US$151m. Net cash US$35.7m; remaining US$7.9m debt due 31 July; further infill drilling likely 2H FY24.
2 June 2023production update▲ Good
Cue Energy reports the repaired Maari MN1 well is producing ~800 bopd, taking field output above 5,000 bopd gross. Horizon holds 26% of Maari. The well had been offline since May 2022.
24 Apr 2023quarterly activities report● Neutral
March quarter production was stable at 524,099 bbls and net cash rose to US$42.7m; the 1.5c dividend was paid 21 April. FY23 sales, revenue and EBITDAX guidance was cut (EBITDAX to US$95-105m) on Maari lifting timing and lower prices; production guidance unchanged.
16 Mar 2023investor presentation● Neutral
Presentation for an OTCQB virtual investor conference. It restates known facts: ~5,000 bopd net, net cash over US$25m, and the 1.5 cent interim dividend payable in April. No new information.
3 Mar 2023other● Neutral
S&P Dow Jones index rebalance notice. Horizon is listed among additions to the All Ordinaries index from 20 March 2023. Otherwise a general index list with no company-issued news.
23 Feb 2023half year report▲ GoodMajor
Half-year to December 2022: revenue US$75.7m (up 93%), EBITDAX US$52.2m, and an interim unfranked dividend of 1.5 cents per share (~A$24m) declared. Also notes a ~US$1.35m seed investment in carbon credit developer Nobrac.
23 Feb 2023investor presentation● Neutral
Half-year results presentation. The extractable text is only symbols and a well label (A11H), so nothing readable. Text not readable.
21 Feb 2023other● Neutral
Notice of a shareholder webcast on 23 February 2023 covering the half-year results, hosted by the CEO and CFO. Administrative; no new information.
9 Feb 2023resource reserve update▲ GoodMajor
WZ12-8E 2P developed recovery (before production) rose over 150% to 4.89 mmbbl gross (1.24 net), up from 1.95 (0.49 net). After 1.20 mmbbl gross produced, reserves at 31 Dec 2022 are 3.69 gross (0.91 net). Delivers the reclassification flagged earlier.
24 Jan 2023quarterly activities report▲ Good
December quarter production rose 25% to 517,746 bbls, with Block 22/12 reaching a record ~20,000 bopd gross. Revenue was US$33.7m at ~US$86.70/bbl; cash US$40.4m, net cash US$24.8m after the October payout. Further distributions under review.
17 Jan 2023drilling result▲ GoodMajor
All four WZ12-8E Phase 2 wells are producing and the rig is released, ending the 10-month Block 22/12 campaign. Block output was 19,803 bopd gross (5,337 net) on 9 Jan 2023, up 4,466 bopd gross from 24 Oct 2022; WZ12-8E expected to peak in January.
14 Dec 2022regulatory community update▲ Good
The ATO issued a class ruling confirming the tax treatment of the October distribution (1.65c unfranked dividend, 1.35c return of capital). No part of the capital return is treated as a dividend for Australian tax. Closes out the distribution process.
16 Nov 2022agm notice● Neutral
AGM speeches from the chair and CEO. They restate the strategy of maximising cash flow, further distributions when prudent, and production growth, and note Phase 2 drilling underway and the move to smaller offices. Chair and Bruce Clement stand for re-election.
14 Nov 2022agm notice● Neutral
Details for the in-person 2022 AGM on 16 November, available by live webcast. Administrative.