Past year: ▲ 5%(19.5c – 28.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Oct 2022quarterly activities report▲ Good
September quarter: production up 18.9% to 414,155 bbls, revenue US$42.0m at about US$102/bbl, and cash US$68.3m (net cash US$48.6m). A$48m distribution paid 20 October. Senior debt rose to US$19.6m from US$1.2m.
28 Oct 2022asset acquisition disposition● NeutralMajor
OMV and Jadestone terminated the proposed sale of OMV's 69% Maari interest, first announced in November 2019. OMV stays operator and Horizon keeps its 26%. This ends the long-pending deal that had been awaiting NZ approval.
28 Oct 2022drilling result▲ GoodMajor
Two WZ6-12 infill wells drilled; A10S1 was flowing 1,369 bopd gross (369 net) at 56% water-cut, finding an unexpected extra oil reservoir, and A12S1 is due online soon. Block output 15,337 bopd gross. The rig is moving to start WZ12-8E Phase 2 (at least three wells). Phase 1 output has fallen to 5,753 bopd gross.
7 Oct 2022agm notice▲ Good
Shareholders approved the share capital reduction at the EGM with about 99.8% in favour, clearing the way for the 1.35c capital return to be paid in October.
29 Sept 2022drilling scheduled▲ GoodMajor
JV approves WZ12-8E Phase 2: three to five more wells, with three wells expected to add 0.75 mmbbl gross (0.20 net) of reserves. Net cost about US$7.5m from cash. Separately, the M3 appraisal well found no commercial hydrocarbons and was sidetracked to an M1 infill that hit oil.
20 Sept 2022agm notice● Neutral
Horizon will hold its 2022 AGM on 16 November 2022 in person in Sydney. Administrative notice.
9 Sept 2022drilling progress report▲ Good
WZ6-12 five-well workover finished, adding 1,568 bopd gross (423 net) to reach 2,432 bopd gross. M3 appraisal well spudded 2 September, and the JV agreed an extra WZ6-12 North infill well. Block output 15,628 bopd gross.
7 Sept 2022investor presentation● Neutral
Cover note for Horizon's presentation at the Good Oil Conference in Perth. The extractable text contains only a share price chart; no new information.
25 Aug 2022investor presentation● Neutral
FY22 results presentation restating the results already released: revenue US$108.1m, EBITDAX US$73.0m, profit US$24.3m, net cash US$42.8m, and the A$0.03 distribution. Notes WZ6-12 drilling just begun. No new information.
25 Aug 2022dividend declaration▲ Good
Formal notice of the A$0.0135 per share cash return of capital. Shareholder vote at the 7 October EGM; ex-date 12 October, record date 13 October, payment 20 October 2022. Administrative detail of the distribution already announced.
25 Aug 2022annual report▲ GoodMajor
FY22: revenue US$108.1m, EBITDAX US$73.0m, profit US$24.3m, net cash US$42.8m. A A$0.03 distribution is announced: 1.65c dividend plus 1.35c capital return (needs shareholder approval). Debt facility extended by US$20m; about 30% 2P replacement.
25 Aug 2022dividend declaration▲ GoodMajor
Board approves a A$0.03 per share distribution (about A$47.4m): a 1.65c unfranked dividend plus a 1.35c capital reduction (about A$21.3m). The capital return needs shareholder approval at an EGM on 7 October 2022.
25 Aug 2022annual report● Neutral
FY22 Sustainability Report: safety metrics below industry benchmarks, a Net Zero by 2050 ambition, and purchase of 14,749t of carbon units. Not externally assured; no financial or operating news.
25 Aug 2022annual report● Neutral
Annual corporate governance statement and Appendix 4G checklist for FY22, dated 25 August 2022. Compliance filing with no new business information.
23 Aug 2022production update▲ Good
Block 22/12 averaged 15,808 bopd gross (4,260 net) since the 24 July restart, with WZ12-8E contributing 9,331 bopd gross. Well above the long-term Beibu average of 9,500 bopd gross.
22 Aug 2022other● Neutral
Notice of a 25 August 2022 webcast on full-year results, hosted by the CEO and new CFO Kyle Keen. Administrative.
4 Aug 2022investor presentation● Neutral
OTCQB investor presentation restating the portfolio and strategy, net cash over US$40m and 1.6bn shares (about A$220m at 14 cents). Notes the Maari sale to Jadestone still awaits NZ regulatory approval. No new information.
3 Aug 2022drilling scheduled▲ Good
Workover and drilling programme starts at WZ6-12 in Block 22/12: five well workovers plus the M3 appraisal well, with a possible North infill well. CNOOC operates; expected to finish around end of September.
28 July 2022quarterly activities report▲ Good
June quarter: revenue US$40.1m, highest in 8 years, at ~US$113/bbl; FY22 revenue US$108.1m. Cash US$44.1m, net cash US$42.8m, debt US$1.2m. All six WZ12-8E wells on production; Beibu over 15,200 bopd gross.
28 July 2022production update▲ Good
WZ12-8E restarted 24 July after a shut-in from 10 June to fix a hose fault, repaired in under six weeks. Field at 7,889 bopd gross; total Beibu 15,245 bopd gross (4,109 net to Horizon).
27 July 2022drilling result▼ BadMajor
A8 exploration well found only two minor oil columns (3.6 m and 2.0 m) in Tertiary sandstones; the basement target had no hydrocarbons. Plugged and abandoned, freeing a platform slot for possible Phase 2 well. Effectively a disappointing result.
8 July 2022drilling spud● NeutralMajor
Exploration well WZ12-8E A8 started drilling 6 July from the new platform, targeting 5.1 mmbbl gross prospective resource (1.4 mmbbl net) to about 1,260 m. Horizon holds 55%, with a dry-hole cost of about US$4.0m net.
16 June 2022director officer appointment● NeutralMajor
CFO Richard Beament becomes Managing Director and CEO from 1 July 2022, replacing Chris Hodge, who assists with transition until 31 October. Gavin Douglas becomes COO, Kyle Keen CFO and Vas Margiankakos Company Secretary. Beament gets 19.6m performance rights, subject to shareholder approval.
24 May 2022production update▲ GoodMajor
FY22 revenue guidance raised to US$105-110m (from US$90-100m) and EBITDAX to US$65-75m, on higher oil prices. Beibu output ~11,800 bopd gross in May; first two WZ12-8E wells ~3,700 bopd. A deeper Weizhou target found no hydrocarbons.
28 Apr 2022quarterly activities report● Neutral
Text not readable.
11 Apr 2022production update▲ GoodMajor
First oil achieved from the WZ12-8E development in China (Horizon 26.95%), on budget and schedule, resolving the earlier platform-damage delay. Expected to average ~4,700 bopd gross in 2022, peaking near 10,000; five more wells in 3 to 4 months.
23 Feb 2022investor presentation● Neutral
Text not readable.
23 Feb 2022half year report▲ Good
Half-year to December 2021: revenue up 50% to US$39.3m, EBITDAX US$28.0m, statutory profit US$7.8m, net cash US$14.7m. Debt now US$8.9m. WZ12-8E drilling rig due mid-February, first oil still first half of Q2 2022; seven wells planned.
22 Feb 2022other● Neutral
Notice of a 23 February 2022 webcast on the half-year results, hosted by the CEO and CFO. Administrative; no new information.
27 Jan 2022quarterly activities report▲ Good
December quarter: production up 6.7% to 343,852 bbls, but revenue fell to US$16.6m because a ~116,000 bbl Maari lifting slipped to January (~US$10m). Net cash US$14.7m after a US$3.8m debt repayment. WZ12-8E platform installed; first oil now early Q2 2022.
