Past year: ▲ 5%(19.5c – 28.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
27 Aug 2020annual report▲ GoodMajor
FY20: return to net cash, with net debt cut US$28.4m, sales 1.43 mmbbl, revenue US$84m and underlying pre-tax profit US$15m. 2P reserves fell to 8.1 mmbbl from 8.8, with 1.1 mmbbl added in China from WZ12-8E and infill wells.
27 Aug 2020other● Neutral
First sustainability report with climate-risk reporting under the TCFD framework. Management says the portfolio, excluding PNG, is resilient to climate-related financial risk under IEA scenarios. No new operating or financial results.
27 Aug 2020annual report● Neutral
Corporate governance statement and Appendix 4G for the year to 30 June 2020, lodged with the annual report. Compliance paperwork with no new operating or financial information.
27 Aug 2020investor presentation● Neutral
Text not readable beyond chart labels and bullet markers. The presentation accompanies the FY20 results already reported.
26 Aug 2020other● Neutral
Notice of a shareholder webcast on 27 August 2020 covering the FY20 full-year results. Administrative only.
25 June 2020director officer appointment● NeutralMajor
Chris Hodge, who replaced the suspended CEO in February, is confirmed as CEO and Managing Director on an ongoing basis. Fixed pay stays at A$621,500 a year, and he becomes eligible for the long-term incentive plan from FY2021.
12 June 2020other● Neutral
S&P Dow Jones quarterly index rebalance notice, effective 22 June 2020. The excerpt shown does not include Horizon, so no substance for shareholders is evident.
9 June 2020regulatory community update▲ GoodMajor
Text not readable. Only bullet markers were provided; the title says the investigation into the PNG transaction has concluded. The chair later said it failed to establish any breach of Australian foreign bribery laws.
27 Mar 2020other● Neutral
Text not readable. Only bullet markers were provided; the title suggests a Covid-19 update.
12 Mar 2020other▲ Good
Horizon says it is placed to handle the oil price fall: 270,000 bbl hedged to June 2020 at US$68.35, cash over US$25m, debt drawn US$29.4m, next repayment US$3.8m due December 2020. Net cash by 30 June 2020 still targeted.
28 Feb 2020half year report▼ BadMajor
Half-year to December 2019: Horizon impaired its PNG assets by US$67.3m to US$5.7m, citing licence tenure issues, slow commercialisation and the media allegations, causing a US$56.5m pre-tax loss. Net debt is US$7.4m; Chris Hodge is quoted as CEO, which is a change from Michael Sheridan.
28 Feb 2020other● Neutral
Text not readable. Only bullet markers were provided, though the title suggests terms of the CEO and Managing Director.
28 Feb 2020investor presentation● Neutral
Half-year results presentation repeats the 28 Feb report: US$67.3m PNG impairment to US$5.7m, net debt US$7.4m. New detail: the CEO was suspended on 12 February 2020, Chris Hodge replaced him, and Herbert Smith Freehills and Deloitte are investigating PRL 21.
11 Feb 2020regulatory community update▼ Bad
Horizon notes an AFR report that leaked documents were given to the AFP and ASIC, and says it is not aware that either has started an investigation. Follows the 10 February response on PRL 21.
10 Feb 2020listing compliance notice▼ BadMajor
ASX temporarily paused trading in Horizon shares pending a further announcement. The text gives no reason. It coincides with the same-day Australian Financial Review article on the PRL 21 acquisition.
10 Feb 2020regulatory community update▼ BadMajor
Responding to an AFR article on its PRL 21 interest in PNG, Horizon says it has no actual knowledge of any wrongdoing. It recounts that PRL 21 came from a 2011 settlement, including a US$10.3m purchase of a 10% interest from Elevala Energy.
28 Jan 2020admin correction● Neutral
Re-release of the December quarterly report correcting an administrative error: the calendar-year cash balance should read US$22,055,000. The rest of the report is unchanged.
22 Nov 2019other▲ Good
AGM addresses: net debt cut further to about US$14m at end-October, with net cash still expected by mid-2020. The CEO calls WZ 6-12 M1 an oil discovery, says the WZ 12-8E FID is expected in coming months, and expects PNG joint venture composition to change.
19 Nov 2019asset acquisition disposition● NeutralMajor
Jadestone Energy has agreed to buy OMV's 69% interest and operatorship of the Maari Project, where Horizon holds 26%. Completion needs partner acceptance of Jadestone as operator and New Zealand approvals, by 15 November 2020. Jadestone expects to finish in the second half of 2020.
8 Nov 2019drilling result▲ GoodMajor
WZ 6-12 M1 reached 2025 m with oil columns indicated in four sands, supported by logs and pressure data; no production test planned. Horizon holds 26.95%. Development is intended to tie into the WZ 6-12 North and South fields, subject to further evaluation.
28 Oct 2019drilling spud● Neutral
CNOOC spudded the WZ 6-12 M1 exploration well in Beibu Gulf on 25 October 2019, testing the undeveloped WZ 6-12 Mid prospect to 2025 m, with about 17 days planned. Horizon holds 26.95% in the block. A discovery could be tied into the adjacent WZ 6-12 fields.
17 Oct 2019annual report▲ Good
2019 Annual Report restating the FY19 results already released: record sales of 1.87 mmbbl, revenue US$122m, EBITDAX US$93m, net debt down 68% to US$28m. PPL 430 noted as expired after 30 June 2019. No new information.
12 Sept 2019investor presentation● Neutral
Good Oil Conference presentation by the CEO repeating FY19 results: record sales of 1.87 mmbbl, EBITDAX US$93m, net debt US$28m, market cap A$175m. Notes Beibu Gulf workovers and CNOOC targeting WZ 12-8E first production in early 2021. No new information.
28 Aug 2019resource reserve update▲ GoodMajor
At 30 June 2019, 2P oil reserves are 8.8 mmbbl (from 8.9) after 2.1 mmbbl of upward revisions offset production. 2C is 26.7 mmbbl liquids and 599 bcf gas; WZ 12-8E contingent oil fell 1 mmbbl on reassessment. PRL 40 swap completed 30 April 2019.
28 Aug 2019investor presentation▲ Good
FY19 results presentation repeating the results released the same day: record sales of 1.87 mmbbl, EBITDAX US$93m, net debt US$28m, about 95% reserve replacement. No new information.
28 Aug 2019other● Neutral
Annual corporate governance statement approved by the board on 28 August 2019. Administrative, no new business information.
28 Aug 2019annual report▲ GoodMajor
FY19 revenue up 19.4% to US$126.7m, EBITDAX US$93.0m, underlying pre-tax profit US$37.3m, statutory pre-tax profit US$48.4m (against a loss last year). Net debt US$28.0m; net cash expected by mid-2020 if production and prices hold.
28 Aug 2019other● Neutral
Appendix 4G confirming the FY19 corporate governance statement is on the company website, accurate as at 28 August 2019 and board-approved. Administrative; no new business information.
27 Aug 2019other● Neutral
Notice of a shareholder webcast on 28 August 2019 on the FY19 results. Administrative, no new information.
1 July 2019production update▲ GoodMajor
FY2019 sales of 1.86m barrels and revenue of about US$126m beat the top of guidance (US$100-120m). US$35.2m of debt repaid in the June quarter; net debt about US$30m, with net cash expected by mid-calendar 2020 if oil prices hold.
