Past year: ▲ 5%(19.5c – 28.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
28 Jan 2021quarterly activities report● Neutral
Text not readable. Only bullet markers were provided for this December quarter report.
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.
17 Nov 2020agm notice● Neutral
Details for the virtual AGM on 20 November 2020, held online under temporary Covid-19 rules. Administrative only.
29 Oct 2020quarterly activities report● Neutral
Text not readable. Only bullet markers were provided for this September quarter report.
30 Sept 2020agm notice● Neutral
The 2020 AGM will be held on 20 November 2020. Administrative only.
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.
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.
29 July 2020quarterly activities report● Neutral
Text not readable. Only bullet markers were provided for this June quarter report.
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.
23 Apr 2020quarterly activities report▲ Good
March quarter: Horizon returned to net cash of US$3.0m, ahead of the mid-2020 target, with cash US$28.4m after a further US$4m debt prepayment. About 20% of staff were made redundant and extra hedging (410,000 bbl to December 2020, over US$41/bbl) was added. The PNG investigation continues.
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.
