Past year: ▲ 5%(19.5c – 28.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Nov 2021regulatory community update▲ Good
The ATO issued Class Ruling CR2021/77 on the A$47.4m capital return paid 23 August 2021. It confirms no part of the payment is treated as a dividend for Australian income tax, resolving the open tax-ruling question.
30 Sept 2021director officer appointment● Neutral
CFO Richard Beament becomes Company Secretary from 1 October 2021. Kylie Quinlivan resigned as General Counsel and Company Secretary effective 30 September.
24 Sept 2021joint venture update▼ BadMajor
The WZ12-8E platform was damaged by heavy seas during tow and returned ashore; it stays onshore until December 2021. First oil, previously Q1 2022, may slip a few weeks into the first half of Q2 2022. Repair costs are not expected to fall on the JV.
8 Sept 2021investor presentation● Neutral
Text not readable.
26 Aug 2021annual report● Neutral
Appendix 4G and corporate governance statement for FY21, a compliance filing pointing to where the governance disclosures are located. No new business information.
26 Aug 2021annual report● Neutral
FY21 Sustainability Report: a 3-year ESG action plan, 44% women in the workforce, and TCFD-aligned climate disclosures. Horizon is a non-operator in China and New Zealand and expects its assets' economic life to run to about 2030. Not externally assured; no new financial information.
26 Aug 2021annual report▲ Good
FY21 results: revenue US$63.6m (down 24%), EBITDAX US$36.4m, statutory profit US$8.0m against a US$55.1m loss the year before. Net cash US$31.7m; debt halved to US$12.7m. The A$0.03 capital return was paid 23 August.
26 Aug 2021investor presentation● Neutral
FY21 results presentation repeating the announced figures: net cash US$31.7m, underlying profit US$7.8m, cash opex under US$20/bbl, and buy-backs of 23.0m shares plus the A$47.4m capital return. No new information.
23 Aug 2021other● Neutral
Notice of a shareholder webcast on 26 August 2021 covering the FY21 full-year results, hosted by the CEO and CFO. Administrative; no new information.
10 Aug 2021other▲ Good
Voting results from the 10 August EGM on the capital reduction. The vote figures are in an attachment not provided here. A later announcement says the A$0.03 return was paid after shareholder approval, so the resolution evidently passed (inference from later text).
26 July 2021dividend declaration▲ Good
Updated notification of the A$0.03 per share capital return, replacing the 1.4c plan. Shareholder approval is due 10 August 2021, record date 16 August and payment 23 August. Funded from option proceeds and PNG sale proceeds. Restates the 23 July announcement with revised dates.
23 July 2021capital raising announcement▲ GoodMajor
Horizon raised the proposed capital return from 1.4 to 3.0 cents per share (about A$47.4m), citing oil above US$70/bbl and costs under US$20/bbl. The EGM moves online to 10 August 2021. About 50% of production to December 2021 is hedged.
1 July 2021director officer appointment● Neutral
Nigel Burgess joins the board as a non-executive director from 1 July 2021. He is a nominee of Samuel Terry Asset Management, a substantial shareholder after the option exercise, and is not considered independent.
28 June 2021capital raising announcement▲ GoodMajor
The board proposed an equal capital reduction of 1.4 cents per share (about A$22.1m), subject to shareholder approval. It is funded by the option proceeds and PNG sale consideration. The on-market buy-back, due to run to 3 September 2021, is discontinued.
28 June 2021dividend declaration● Neutral
Appendix 3A.3 notification of the proposed 1.4 cent per share cash return of capital, subject to approval on 28 July 2021. Record date is 3 August and payment 10 August 2021, funded from existing cash. Restates the capital reduction announcement.
23 June 2021admin correction● Neutral
Forms covering buy-back cancellations of 100,000 and 1,552,763 shares, and the 2 June issue of 300m shares from the Samuel Terry option exercise at A$0.061. Shares on issue are about 1,580m.
9 June 2021joint venture update▲ Good
WZ12-8E platform construction was 67% complete at end May, within budget, with sail-away set for July 2021 and drilling from October. First oil remains targeted for Q1 2022, around 4,000 bopd gross in the first year. Oil is above US$70/bbl.
1 June 2021security holder rights change▲ GoodMajor
Samuel Terry gave notice to exercise all 300m options at A$0.061, paying Horizon A$18.3m for 300m new shares. This resolves the option thread and adds shares, diluting existing holders by roughly a fifth.
27 May 2021admin correction● Neutral
Notice that 1,947,237 shares were cancelled under the on-market buy-back, for about A$0.17m. Shares on issue fall to about 1,282m. Routine buy-back administration.
18 May 2021security holder rights change● Neutral
IMC Investments transferred its 300m options (A$0.061 exercise price, expiring 18 September 2021) to Samuel Terry Asset Management. Full exercise would bring Horizon A$18.3m. This signals a change of holder for the options, not yet an exercise.
5 May 2021admin correction● Neutral
Notice that 8,535,801 shares were cancelled under the on-market buy-back, for about A$0.75m. Shares on issue fall to about 1,284m. Routine buy-back administration.
1 Apr 2021admin correction● Neutral
Notice that 8,164,199 shares were cancelled under the on-market buy-back, up to 26 March 2021, for about A$0.70m. Shares on issue fall to about 1,295m. A minor labelling error in the ASIC form was also corrected.
24 Feb 2021investor presentation● Neutral
Presentation of the half-year results, repeating net cash of US$10.0m, cash of US$33m and half-year EBITDAX of US$11m. It adds no new information beyond the results announcement.
24 Feb 2021half year report▲ GoodMajor
Half-year to 31 Dec 2020: net cash rose to US$10.0m (cash US$33.0m), revenue US$26.2m, EBITDAX US$11.0m, statutory profit US$4.7m. Two WZ6-12 infill wells now producing at 2,473 bopd gross combined, resolving that open thread. PNG sale cash of US$3.5m received.
23 Feb 2021other● Neutral
Notice of a shareholder webcast on 25 February 2021 covering the FY21 half-year results. Administrative only.
17 Feb 2021capital raising announcement▲ GoodMajor
With the PNG sale complete, Horizon announced an on-market buy-back of up to 100m shares (about 8%) and an unmarketable parcel buy-back for holdings under A$500. It targets payouts of up to 30% of free cash flow a year, at the board's discretion.
11 Dec 2020drilling spud▲ GoodMajor
Drilling began on two infill wells at the WZ6-12 platform in Beibu Gulf, one into the WZ6-12 M1 discovery. They are expected to add about 1,900 bopd gross. Horizon's 26.95% share of cost is US$5m, with 2P reserves of 0.3 and 0.2 mmbbl net.
20 Nov 2020asset acquisition disposition● NeutralMajor
At the AGM, Horizon said it agreed in October to sell its PNG assets for US$3.5m, completing early December. The chair also said the investigation found no breach of foreign bribery law, and WZ12-8E is sanctioned for first oil early 2022. Returns to shareholders are a high priority.
14 Sept 2020investor presentation● Neutral
Text not readable. Only bullet markers were provided for this investor presentation.
1 Sept 2020director officer appointment▲ Good
Bruce Clement, formerly head of AWE and ROC Oil with over 40 years' experience, joins as independent non-executive director from 1 September 2020. The chair links the appointment to Horizon's growth strategy.
