Buy Or Sell Opportunity • Apr 08
Now 20% undervalued Over the last 90 days, the stock has risen 26% to AU$0.27. The fair value is estimated to be AU$0.33, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 17% over the last 3 years. Earnings per share has declined by 51%. Upcoming Dividend • Apr 02
Upcoming dividend of AU$0.015 per share Eligible shareholders must have bought the stock before 09 April 2026. Payment date: 17 April 2026. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 10%. Within top quartile of Australian dividend payers (6.7%). Higher than average of industry peers (4.2%). Buy Or Sell Opportunity • Mar 04
Now 23% undervalued Over the last 90 days, the stock has risen 28% to AU$0.26. The fair value is estimated to be AU$0.33, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 17% over the last 3 years. Earnings per share has declined by 51%. Announcement • Mar 02
Horizon Oil Limited (ASX:HZN) proposed to acquire 19.99% stake in Cue Energy Resources Limited (ASX:CUE) from Echelon Resources Limited (ASX:ECH) for AUD 16.08 million. Horizon Oil Limited (ASX:HZN) proposed to acquire 19.99% stake in Cue Energy Resources Limited (ASX:CUE) from Echelon Resources Limited (ASX:ECH) for AUD 16.08 million on March 2, 2026. A cash consideration valued at AUD 0.115 per share will be paid by Horizon Oil Limited. Completion of the is subject to applicable approvals in the Northern Territory and, subject to receiving those approvals, will occur shortly after the end of the offer period for the takeover offer (provided the takeover offer has become unconditional). Horizon’s proposed off market takeover bid is subject to customary conditions, including regulatory approvals as set out in its announcement today. Echelon will update the market as the transaction progresses. The transaction was approved by Echelon’s board. Declared Dividend • Feb 28
First half dividend of AU$0.015 announced Shareholders will receive a dividend of AU$0.015. Ex-date: 9th April 2026 Payment date: 17th April 2026 Dividend yield will be 13%, which is higher than the industry average of 8.8%. Sustainability & Growth Dividend is not covered by earnings (418% earnings payout ratio) nor is it covered by cash flows (121% cash payout ratio). The dividend has increased by an average of 3.3% per year over the past 4 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 365% to bring the payout ratio under control. However, EPS has declined by 8.7% over the last 5 years so the company would need to reverse this trend. Reported Earnings • Feb 27
First half 2026 earnings released: EPS: US$0.001 (vs US$0.004 in 1H 2025) First half 2026 results: EPS: US$0.001 (down from US$0.004 in 1H 2025). Revenue: US$44.6m (down 20% from 1H 2025). Net income: US$2.36m (down 64% from 1H 2025). Profit margin: 5.3% (down from 12% in 1H 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Announcement • Feb 26
Horizon Oil Limited Announces Dividend for the Six Months to the Financial Reporting or Payment Period Ended December 31, 2025, Payable on April 17, 2026 Horizon Oil Limited announced dividend of AUD 0.01500000 per share for the six months to the financial reporting or payment period ending ended/ending December 31, 2025. Record Date April 10, 2026, Ex Date April 9, 2026 and Payment Date April 17, 2026. Announcement • Oct 13
Horizon Oil Limited, Annual General Meeting, Nov 19, 2025 Horizon Oil Limited, Annual General Meeting, Nov 19, 2025. Location: cliftons, level 13, 60 margaret street, sydney nsw 2000 Australia Upcoming Dividend • Oct 08
Upcoming dividend of AU$0.015 per share Eligible shareholders must have bought the stock before 15 October 2025. Payment date: 24 October 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 14%. Within top quartile of Australian dividend payers (5.5%). Higher than average of industry peers (5.8%). Recent Insider Transactions Derivative • Sep 03
MD, CEO & Director exercised options to buy AU$151k worth of stock. On the 29th of August, Richard Beament exercised options to buy 703k shares at a strike price of around AU$0.19, costing a total of AU$130k. This transaction amounted to 5.4% of their direct individual holding at the time of the trade. Since December 2024, Richard's direct individual holding has increased from 12.92m shares to 13.62m. This was the only transaction from an insider over the last 12 months. Declared Dividend • Aug 30
Final dividend of AU$0.015 announced Shareholders will receive a dividend of AU$0.015. Ex-date: 15th October 2025 Payment date: 24th October 2025 Dividend yield will be 14%, which is higher than the industry average of 8.8%. Sustainability & Growth Dividend is not covered by earnings (261% earnings payout ratio) nor is it covered by cash flows (164% cash payout ratio). The dividend has increased by an average of 1.6% per year over the past 3 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 190% to bring the payout ratio under control. However, EPS has declined by 9.7% over the last 5 years so the company would need to reverse this trend. Reported Earnings • Aug 29
Full year 2025 earnings released: EPS: US$0.008 (vs US$0.016 in FY 2024) Full year 2025 results: EPS: US$0.008 (down from US$0.016 in FY 2024). Revenue: US$105.3m (down 5.5% from FY 2024). Net income: US$12.2m (down 53% from FY 2024). Profit margin: 12% (down from 23% in FY 2024). The decrease in margin was primarily driven by higher expenses. Oil reserves Proven reserves: 2.6 MMbbls Gas reserves Proven reserves: 18 Bcf Combined production Oil equivalent production: 1.615 MMboe (1.427 MMboe in FY 2024) Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Announcement • Aug 01
Matahio Energy Pty. Ltd and Horizon Oil Limited (ASX:HZN) completed the acquisition of Exxonmobil Exploration And Production Khorat Inc. from Exxon Mobil Corporation (NYSE:XOM). Matahio Energy Pty. Ltd and Horizon Oil Limited (ASX:HZN) agreed to acquire Exxonmobil Exploration And Production Khorat Inc. from Exxon Mobil Corporation (NYSE:XOM) for $50 million on March 24, 2025. Matahio Energy Pty. Ltd and Horizon Oil Limited will pay an amount of $40 million in cash Matahio Energy Pty. and an earnout/contingent payment of $10 million cash. As part of consideration, $50 million is paid towards common equity of Exxonmobil Exploration And Production Khorat Inc. The transaction will be financed through senior debt of $32 million. Horizon will purchase 75% of consideration ($30 million plus up to $7.5 million in contingent payments) with Matahio Energy Pty.Ltd. paying the balance. The transaction remains subject to customary completion conditions.
Macquarie Bank debt facility which will provide additional debt capacity for the acquisition of up to approximately $22 million, with up to a further $10 million of finance made available following completion of the acquisition.
Matahio Energy Pty. Ltd and Horizon Oil Limited (ASX:HZN) completed the acquisition of Exxonmobil Exploration And Production Khorat Inc. from Exxon Mobil Corporation (NYSE:XOM) on August 1, 2025.
Shortly after completion Exxonmobil Exploration And Production Khorat Inc. will be renamed MH Energy Thailand LLC (MHET) to reflect the new Matahio and Horizon ownership. Upcoming Dividend • Apr 09
Upcoming dividend of AU$0.015 per share Eligible shareholders must have bought the stock before 16 April 2025. Payment date: 24 April 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 16%. Within top quartile of Australian dividend payers (6.8%). Higher than average of industry peers (8.4%). Buy Or Sell Opportunity • Apr 05
Now 21% undervalued Over the last 90 days, the stock has risen 5.1% to AU$0.20. The fair value is estimated to be AU$0.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Announcement • Mar 26
Matahio Energy Pty. Ltd and Horizon Oil Limited (ASX:HZN) agreed to acquire Exxonmobil Exploration And Production Khorat Inc. from Exxon Mobil Corporation (NYSE:XOM) for $50 million. Matahio Energy Pty. Ltd and Horizon Oil Limited (ASX:HZN) agreed to acquire Exxonmobil Exploration And Production Khorat Inc. from Exxon Mobil Corporation (NYSE:XOM) for $50 million on March 24, 2025. Matahio Energy Pty. Ltd and Horizon Oil Limited will pay an amount of $40 million in cash Matahio Energy Pty. and an earnout/contingent payment of $10 million cash. As part of consideration, $50 million is paid towards common equity of Exxonmobil Exploration And Production Khorat Inc. The transaction will be financed through senior debt of $32 million. Horizon will purchase 75% of consideration (US$30 million plus up to US$7.5 million in contingent payments) with Matahio Energy Pty.Ltd. paying the balance. The transaction remains subject to customary completion conditions.
Macquarie Bank debt facility which will provide additional debt capacity for the acquisition of up to approximately US$22 million, with up to a further US$10 million of finance made available following completion of the acquisition. Reported Earnings • Mar 03
First half 2025 earnings released: EPS: US$0.004 (vs US$0.011 in 1H 2024) First half 2025 results: EPS: US$0.004 (down from US$0.011 in 1H 2024). Revenue: US$55.9m (down 16% from 1H 2024). Net income: US$6.58m (down 64% from 1H 2024). Profit margin: 12% (down from 28% in 1H 2024). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 6.5% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the Oil and Gas industry in Australia. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Declared Dividend • Mar 01
First half dividend of AU$0.015 announced Shareholders will receive a dividend of AU$0.015. Ex-date: 16th April 2025 Payment date: 24th April 2025 Dividend yield will be 15%, which is higher than the industry average of 8.8%. Sustainability & Growth Dividend is not covered by earnings (230% earnings payout ratio) nor is it covered by cash flows (328% cash payout ratio). The dividend has decreased over the past 36 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to grow by 155% to bring the payout ratio under control. EPS is expected to grow by 53% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. New Risk • Feb 28
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 14% Last year net profit margin: 30% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 230% Cash payout ratio: 328% Minor Risk Profit margins are more than 30% lower than last year (14% net profit margin). Upcoming Dividend • Oct 09
Upcoming dividend of AU$0.015 per share Eligible shareholders must have bought the stock before 16 October 2024. Payment date: 25 October 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 14%. Within top quartile of Australian dividend payers (6.0%). Higher than average of industry peers (6.6%). Announcement • Sep 12
Horizon Oil Limited Announces Board Changes Following on from the announcement on 26 August 2024, Horizon Oil Limited announced the appointment of Dr. Peter Goode as an independent non-executive director of Horizon, effective 12 September 2024. Dr. Goode's appointment coincides with the advised retirement of Horizon's Chairman, Mike Harding, at the conclusion of the upcoming 2024 AGM. Bruce Clement has agreed to assume the role of Chairman from the conclusion of the AGM, and will also assume Mike's roles as a member of the Audit, Remuneration & Nomination and Disclosure Committees, in addition to remaining a member of the Risk Management Committee. Dr. Goode will assume Bruce's current role as Chairman of the Risk Management Committee. In accordance with ASX listing rules Dr. Goode will stand for election by shareholders at the 2024 AGM to be held on 20 November 2024. His appointment follows the completion of customary background checks carried out in accordance with the company's policies. Dr. Goode has more than 40 years of experience in engineering, manufacturing and oilfield and industrial services. He is currently Chairman and co-founder of the leading US onshore completions provider, GR Energy Services. He also co-founded and built Global Oilfield Services, a leadership US ESP company, which was sold to Halliburton in November 2011. His other professional roles include a number of management positions with Schlumberger between 1985 and 2003 in the US, Indonesia and the UK. These global roles included direct responsibility for the associated research, engineering and manufacturing activities. He also has extensive public company experience having been the Managing Director and CEO of Transfield Services between 2009 and 2013, a leading industrial services provider listed on the Australian Stock Exchange. Dr. Goode also served as President and CEO of Vetco International Ltd, an international oilfield services company with revenue of approximately $3 billion per year and with operations in 34 countries. Early in his career he held various reservoir engineering positions at Santos in Australia and SOHIO Petroleum. Dr. Goode holds a Bachelor of Science in Mathematics from University of Adelaide, and holds a PhD in Petroleum Engineering from Herriot-Watt University, Scotland. Board Change • Sep 02
Less than half of directors are independent Following Non-Executive Director Peter Goode's arrival on 01 September 2024, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Bruce Frederick Clement was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 28
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: US$0.016 (down from US$0.027 in FY 2023). Revenue: US$111.5m (down 27% from FY 2023). Net income: US$25.9m (down 41% from FY 2023). Profit margin: 23% (down from 29% in FY 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 5.4%. Earnings per share (EPS) exceeded analyst estimates by 5.3%. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 7.6% growth forecast for the Oil and Gas industry in Australia. Over the last 3 years on average, earnings per share has increased by 37% per year whereas the company’s share price has increased by 33% per year. Announcement • Aug 26
Horizon Oil Limited, Annual General Meeting, Nov 20, 2024 Horizon Oil Limited, Annual General Meeting, Nov 20, 2024. Announcement • Jun 13
New Zealand Oil & Gas Limited (NZSE:NZO) and Horizon Oil Limited (ASX:HZN) completed the acquisition of 50% stake in Mereenie licenses in the Amadeus Basin from Macquarie Mereenie Pty Limited. New Zealand Oil & Gas Limited (NZSE:NZO) and Horizon Oil Limited (ASX:HZN) agreed to acquire 50% stake in Mereenie licenses in the Amadeus Basin from Macquarie Mereenie Pty Limited for approximately AUD 100 million on April 1, 2023. The consideration of AUD 85.2 million will be paid in cash and the contingent payments of AUD 17.98 will be paid over the next 24 months. The cash payment will be adjusted for working capital and cashflows from the effective date of the agreement, April 1, 2023. New Zealand Oil & Gas has drawn down AUD 49.5 million from the debt facility, which includes cash to cover costs incurred to date and to cover the first AUD 5 million of the AUD 9 million contingent payments. After completion of the transaction New Zealand Oil & Gas Limited (NZSE:NZO) will hold 50% stake and Horizon Oil Limited (ASX:HZN) will hold 25% stake in Mereenie licenses in the Amadeus Basin. The transaction is subject to certain conditions including Government and Regulatory approvals. Macquarie Bank will provide vendor financing for 100% of the purchase price. As of June 4, 2024, Horizon has executed AUD 42.5 million senior debt facility agreement with Macquarie Bank to fund the acquisition.
New Zealand Oil & Gas Limited (NZSE:NZO) and Horizon Oil Limited (ASX:HZN) completed the acquisition of 50% stake in Mereenie licenses in the Amadeus Basin from Macquarie Mereenie Pty Limited on June 11, 2024. Announcement • May 09
Horizon Oil Limited Revises Sales Volume Guidance for the Fiscal Year 2024 Horizon Oil Limited revised sales volume guidance for the fiscal year 2024. The company revised the sales volume guidance from 1.35 mmbbls to 1.45 mmbbls to 1.25 mmbbls to 1.35 mmbbls. Upcoming Dividend • Apr 11
Upcoming dividend of AU$0.015 per share Eligible shareholders must have bought the stock before 18 April 2024. Payment date: 26 April 2024. Payout ratio is on the higher end at 87%, however this is supported by cash flows. Trailing yield: 21%. Within top quartile of Australian dividend payers (6.2%). Higher than average of industry peers (6.8%). Declared Dividend • Feb 29
First half dividend of AU$0.015 announced Shareholders will receive a dividend of AU$0.015. Ex-date: 18th April 2024 Payment date: 26th April 2024 Dividend yield will be 21%, which is higher than the industry average of 8.8%. Sustainability & Growth Dividend is covered by both earnings (87% earnings payout ratio) and cash flows (70% cash payout ratio). The dividend has increased by an average of 16% per year over the past 2 years and payments have been stable during that time. EPS is expected to grow by 287% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 28
First half 2024 earnings released: EPS: US$0.011 (vs US$0.012 in 1H 2023) First half 2024 results: EPS: US$0.011 (down from US$0.012 in 1H 2023). Revenue: US$66.1m (down 13% from 1H 2023). Net income: US$18.3m (down 3.7% from 1H 2023). Profit margin: 28% (up from 25% in 1H 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Oil and Gas industry in Australia. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Announcement • Feb 16
New Zealand Oil & Gas Limited (NZSE:NZO) and Horizon Oil Limited (ASX:HZN) agreed to acquire 50% stake in Mereenie licenses in the Amadeus Basin from Macquarie Mereenie Pty Limited. New Zealand Oil & Gas Limited (NZSE:NZO) and Horizon Oil Limited (ASX:HZN) agreed to acquire 50% stake in Mereenie licenses in the Amadeus Basin from Macquarie Mereenie Pty Limited on April 1, 2023. The consideration of AUD 85.2 million will be paid in cash and the contingent payments of AUD 17.98 will be paid over the next 24 months. The cash payment will be adjusted for working capital and cashflows from the effectivedate of the agreement, 1 April 2023. After completion of the transaction New Zealand Oil & Gas Limited (NZSE:NZO) will hold 50% stake and Horizon Oil Limited (ASX:HZN) will hold 25% stake in Mereenie licenses in the Amadeus Basin. The transaction is subject to certain conditions being met. Macquarie Bank will provide vendor financing for 100% of the purchase price. New Risk • Jan 31
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.8% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.8% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (99% cash payout ratio). Upcoming Dividend • Oct 10
Upcoming dividend of AU$0.02 per share at 22% yield Eligible shareholders must have bought the stock before 17 October 2023. Payment date: 25 October 2023. Payout ratio and cash payout ratio are on the higher end at 85% and 80% respectively. Trailing yield: 22%. Within top quartile of Australian dividend payers (7.3%). Higher than average of industry peers (8.9%). Recent Insider Transactions Derivative • Aug 30
MD, CEO & Director exercised options to buy AU$1.7m worth of stock. On the 28th of August, Richard Beament exercised options to buy 11m shares at a strike price of around AU$0.29, costing a total of AU$3.3m. This transaction amounted to 1,463% of their direct individual holding at the time of the trade. Since September 2022, Richard's direct individual holding has decreased from 764.49k shares to . Company insiders have collectively bought AU$3.4m more than they sold, via options and on-market transactions, in the last 12 months. New Risk • Aug 29
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.6% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (101% cash payout ratio). Shareholders have been diluted in the past year (2.6% increase in shares outstanding). Announcement • Aug 24
Horizon Oil Limited Declares Final Unfranked Dividend for the Year Ended June 30, 2023, Payable on 25 October 2023 Horizon Oil Limited announced on 24 August 2023 that it has declared a final unfranked (conduit foreign income) dividend distribution of AUD 2.0 cents per Ordinary share for the year ended June 30, 2023. Payment of the final dividend will be on 25 October 2023 with an ex-dividend date of 17 October 2023. Reported Earnings • Aug 24
Full year 2023 earnings released: EPS: US$0.027 (vs US$0.015 in FY 2022) Full year 2023 results: EPS: US$0.027 (up from US$0.015 in FY 2022). Revenue: US$152.1m (up 41% from FY 2022). Net income: US$43.9m (up 80% from FY 2022). Profit margin: 29% (up from 23% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 44% per year whereas the company’s share price has increased by 39% per year. Upcoming Dividend • Apr 06
Upcoming dividend of AU$0.015 per share at 16% yield Eligible shareholders must have bought the stock before 13 April 2023. Payment date: 21 April 2023. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 16%. Within top quartile of Australian dividend payers (7.1%). Higher than average of industry peers (10%). Reported Earnings • Feb 24
First half 2023 earnings released: EPS: US$0.012 (vs US$0.005 in 1H 2022) First half 2023 results: EPS: US$0.012 (up from US$0.005 in 1H 2022). Revenue: US$75.7m (up 93% from 1H 2022). Net income: US$19.0m (up 142% from 1H 2022). Profit margin: 25% (up from 20% in 1H 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 17
Horizon Oil Limited Completes Four WZ12-8E Phase 2 Wells in Block 22/12, Beibu Gulf, China Horizon Oil Limited announced that four WZ12-8E Phase 2 wells in Block 22/12, Beibu Gulf, China, have been successfully drilled, completed and brought onto production. This completes the Phase 2 drilling programme and the Strike drilling rig has now been released from Block 22/12. WZ12-8 East development project: The WZ12-8E development project has been an outstanding success for Horizon and Block 22/12 Joint Venture partners. The project now comprises ten horizontal production wells that drilled a total of 9,953 m of reservoir plus one water disposal well. Production performance has generally exceeded pre-drill expectations because of a combination of longer horizontal production intervals (achieved average 995m vs planned 920m) and greater offset from the underlying oil-water contact, particularly for the wells in the main Jiaowei field. The success of the Phase 1 drilling programme (A1H to A6H) encouraged the Joint Venture to continue into a four well Phase 2 programme. The Phase 2 programme included three Jiaowei production wells (A8H,9H,10H) and one development /appraisal well (A11H) into the nearby WZ12-10-1 discovery. Further development of WZ12-8E will be considered in light of the medium to long term performance of the wells drilled to date. To end December 2022 the WZ12-8E project had produced 1.43 mmbbls gross (0.38 mmbbls Horizon net) at an average rate of 5,345 bopd gross (Horizon net 1,440 bopd). December 2022 WZ12-8E production averaged 9,235 bopd gross (Horizon net 2,489 bopd) with production still increasing as the Phase 2 production wells cleaned-up. The WZ12-8E project is expected to reach a peak oil rate in January 2023 before natural decline begins as formation water production increases. The Joint Venture is investigating various options to mitigate decline including increased liquid rates and increased water handling capacity. The COSL Strike drilling rig was released on 10 January 2023 after completing operations in Block 22/12. The rig and crew have performed exceptionally with continuous improvement in performance as the programme progressed. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Bruce Frederick Clement was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Oct 29
Horizon Oil Limited Commences Production from Infill Wells on the Wz6-12M and Wz6-12N Fields, and Commences Wz12-8E Phase 2 Drilling Programme Horizon advise that the two planned infill wells in the WZ6-12 fields of Block 22/12, Beibu Gulf, People's Republic of China, have been successfully drilled and completed. The Strike drilling rig is now moving back to the WZ12-8E field to drill at least three additional development wells. WZ6-12 drilling programme was completed with two infill wells, WZ6-12-A12S1 into the WZ6-12-M1 reservoir and WZ6-12-A10S1 into the WZ6-12N reservoir. On 24 October A10S1 was cleaning-up at 1,369 bopd gross (Horizon net 369 bopd) at 56% water-cut; while production from A12S1 is scheduled to come online shortly. Total Block 22/12 oil production on 24 October was 15,337 bopd gross (Horizon net 4,133 bopd) which is an increase of 851 bopd compared with 25 September (previous announcement) with increased production from A10S1 partially offset by natural decline in the remaining wells. Strike drilling rig is now moving back to the WZ12-8E field to drill at least three additional Phase 2 development wells, with the majority targeting the main Jiaowei reservoir that is currently being produced by five Phase 1 wells. WZ6-12-A10S1 was drilled as a sidetrack of the now abandoned WZ6-12-A10 production well, targeting unswept oil in the central area of the WZ6-12 North field. A10S1 intersected the two main WZ6-12 North reservoirs and also intersected commercial oil in the T32U reservoir that was not expected and has not been previously produced. A10S1 was completed to produce from all three oil-filled reservoirs. A10S1 was completed with an Electric Submersible Pump and on 24 October was cleaning-up at 1,369 bopd gross (Horizon net 369 bopd) at 56% water-cut. The WZ6-12-A12S1 well was drilled as a sidetrack of the M3 appraisal well that did not intersect commercial hydrocarbons. A12S1 is located in the east of the M1 field as a follow-up to the successful A3S2 development well that was drilled in 2021 and is designed to drain oil from three reservoirs. A12S1 was also completed with an Electric Submersible Pump and is scheduled to come online shortly. The Phase 2 programme will involve drilling at least three and possibly up to five additional wells from the WZ12-8E wellhead platform. The first wells in the programme will target the Jiaowei reservoir that is currently being produced by five Phase 1 wells. The latter wells in the programme are dependent on the results of the first wells. Production from the Phase 1 wells, including one Weizhou reservoir well, was 5,753 bopd gross (Horizon net 1,550 bopd) on 24 October. Phase 1 production has fallen (was 6,359 bopd gross on 25 September) as a consequence of expected decline associated with increasing water production. As reported previously, indicative recovery from three Phase 2 wells would be 0.75 mmbbls gross (Horizon net 0.20 mmbbls) which will be reclassified from contingent resources to reserves in Horizon's next reserves update. Incremental capital costs for a three well programme is currently estimated to be approximately US$7.5 million (net to Horizon), which is to be funded from cash on hand. At the time of reporting, the Strike rig was moving back to the WZ12-8E field. Board Change • Oct 28
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Bruce Frederick Clement was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Sep 29
Horizon Oil Limited Announces BLOCK 22/12, WZ12-8E PHASE 2 DRILLING PROGRAMME Horizon Oil Limited announced that, following the early success of the WZ12-8E Phase 1 development drilling programme, the Block 22/12 Joint Venture has agreed to proceed into a WZ12-8E Phase 2 development that will drill between three and five additional wells from the WZ12-8E wellhead platform. The wells will be drilled using the Strike rig that drilled the Phase 1 programme and which is currently drilling appraisal /infill wells in the WZ6-12 area. The WZ6-12 programme is expected to be completed in the next two weeks with the Strike rig to return to the WZ12-8E field in late October. The Joint Venture is currently finalising well numbers and locations for the Phase 2 drilling programme. Indicative recovery from three Phase 2 wells would be 0.75 mmbbls gross (Horizon net 0.20 mmbbls) which will be reclassified from current contingent resources to reserves in Horizon's next reserves update. Incremental capex costs for a three well programme is currently estimated to be approximately USD 7.5 million (net to Horizon), which is to be funded from cash on hand. The momentum for this Phase 2 programme is a combination of strong production performance of the Phase 1 wells, the short-term availability of the Strike rig, and the demonstrated efficient performance of the rig which has now been in Block 22/12 for seven months. The six WZ12-8E Phase 1 production wells were producing 6,359 bopd gross (Horizon net 1,714 bopd) on 25 September, following the successful commissioning of the water processing and disposal system on the WZ12-8E wellhead platform which will free-up pipeline capacity to allow increased rates from the WZ12-8E wells. Total Block 22/12 Beibu production on 25 September including WZ12-8E was 14,486 bopd gross (Horizon net 3,904 bopd). As reported previously, the WZ6-12 workover programme was completed in late August and the rig then proceeded to drill the WZ6-12 M3 appraisal well in early September. The M3 well did not intersect commercial hydrocarbons and was immediately side-tracked to drill a WZ6-12 M1 infill well which is a follow-up to the successful development well drilled in early 2021. The M1 sidetrack has intersected oil in at least three reservoirs and will be batch-completed and brought onto production together with the WZ6-12 North infill well that is currently being drilled. These WZ6-12 drilling operations will be completed by mid-October with the rig then returned to the WZ12-8E field for the Phase 2 drilling programme. Announcement • Sep 20
Horizon Oil Limited, Annual General Meeting, Nov 16, 2022 Horizon Oil Limited, Annual General Meeting, Nov 16, 2022, at 10:00 AUS Eastern Standard Time. Announcement • Sep 10
Horizon Oil Limited Reports Update on Block 22/12, WZ6-12 Workover and Drilling Programme Horizon Oil Limited reported that the WZ6-12 five well workover programme has been successfully completed, with all five wells brought back on-line and as of 5 September producing a total of 2,432 bopd gross (655 bopd Horizon net), which is an incremental benefit of 1,568 bopd (423 bopd Horizon net) when compared to the total rate prior to the commencement of the workover programme. Total Block 22/12 production on 5 September was 15,628 bopd gross (Horizon net 4,212 bopd). Following the completion of the workover programme, the previously announced WZ6-12 M3 appraisal well was spudded on 2 September using a spare slot on the WZ6-12 wellhead platform. M3 is currently drilling ahead in 12-1/4" hole to the targeted multiple stacked Weizhou reservoir sands. Horizon also announced that the Joint Venture has agreed to drill an additional WZ6-12 North infill well after the M3 well. This infill well will be drilled as a sidetrack of the high water-cut A10 well and is targeted to recover mid-field oil that would not be drained by the other four WZ6-12 North wells. Announcement • Aug 25
Horizon Oil Limited Announces Ordinary Fully Paid Dividend for the Twelve Months Ended June 30, 2022, Payable on October 20, 2022 Horizon Oil Limited announced ordinary fully paid dividend of AUD 0.01650000 per security for the twelve months ended June 30, 2022. Record date is October 13, 2022. Ex-date is October 12, 2022. Payment date is October 20, 2022. Announcement • Aug 23
Horizon Oil Limited Provides Block 22/12 Production Update Horizon Oil Limited reported that production from its Block 22/12 project in China averaged 15,808 bopd gross (Horizon net 4,260 bopd) since the WZ12-8E project was successfully brought back online on 24 July. The new WZ12-8E project contributed an average of 9,331 bopd gross, with all six wells now cleaned-up, while the original Block 22/12 fields contributed 6,477 bopd gross. Announcement • Aug 03
Horizon Oil Limited Announces Commencement of Wz6-12 Workover and Drilling Programme in Block 22/12, Beibu Gulf, China Horizon Oil Limited announced the commencement of workover and drilling operations in the WZ6-12 area of Block 22/12, Beibu Gulf, People's Republic of China. The COSL owned Strike drilling rig has been mobilised to the WZ6-12 wellhead platform following completion of the WZ12-8E drilling programme. The WZ6-12 programme comprises: five well workover programme designed to reinstate /enhance production from existing WZ6-12 wells; the WZ6-12 M3 appraisal well targeting an undrilled fault block of Weizhou reservoir sands located adjacent to the producing WZ6-12 M1 and WZ6-12 South fault blocks. In addition, the Joint Venture is considering adding a WZ6-12 North field development infill well to the end of the programme. A final decision on this opportunity will be made in the coming weeks. CNOOC is operating the workover and WZ6-12 M3 drilling programme, which is expected to conclude around the end of September. Board Change • Jul 12
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Bruce Frederick Clement was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jul 08
Horizon Oil Limited Announces Wz12-8E A8 Exploration Well - Drilling Commences Horizon Oil Limited announced that, following the successful completion of the first phase of WZ12-8E development drilling, the WZ12-8E A8 (A8) exploration well commenced drilling on 6 July utilising the Strike Rig. As at 6:00am China Standard Time (UTC +8), the well was drilling ahead in 16" hole at 1,095m MD. The A8 well is being drilled from the WZ12-8E production platform and is targeting stacked Tertiary reservoirs and a deeper fractured basement play. The well is targeting an unrisked best estimate gross Prospective Resource1 (2U) of 5.1 mmbbls (Horizon net 1.4 mmbbls). Resources have been probabilistically estimated as of 24 June 2022 in line with the SPE PRMS classification scheme. Drilling is expected to take approximately four weeks to reach an anticipated Total Depth of 1260 mTVDSS. The opportunity to drill such prospective targets has been enabled by the WZ12-8E development. In the event of success, the well can be brought on to production through the WZ12-8E infrastructure within a few days of a discovery, providing an immediate return on investment. In the event of a dry hole, the well could possibly be side tracked into the Jiaowei reservoir as an additional production well. A further benefit is that the A8 well will provide valuable structural and oil-water contact datapoints to constrain the eastern extent of the WZ12-8E Jiaowei structure prior to a potential phase 2 Jiaowei development. Announcement • Jul 02
Horizon Oil Limited Appoints Richard Beament as Director Horizon Oil Limited announced the appointment of Richard Beament as director, effective 1 July 2022. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Bruce Frederick Clement was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 11
Horizon Oil Limited Commences Production from 12-8 East Project, Offshore China Horizon Oil Limited announced that, following the successful installation, hook-up and commissioning of facilities for the WZ12-8 East Project, first production has been achieved from the first development well WZ12-8E A2H. Construction and drilling activities to date have been undertaken safely within budget and on schedule. The Project is expected to reach an average daily gross production rate of approximately 4,700 barrels of crude oil during 2022, with peak production expected to be approximately 10,000 barrels per day. Reported Earnings • Feb 24
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down US$1.57m from profit in 1H 2021). Profit margin: (down from 6.0% in 1H 2021). The decrease in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Executive Departure • Oct 06
General Counsel & Company Secretary Kylie Quinlivan has left the company On the 30th of September, Kylie Quinlivan's tenure as General Counsel & Company Secretary ended. We don't have any record of a personal shareholding under Kylie's name. Kylie is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.92 years. Reported Earnings • Aug 27
Full year 2021 earnings released: EPS US$0.004 (vs US$0.042 loss in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: US$63.6m (down 24% from FY 2020). Net income: US$4.86m (up US$60.0m from FY 2020). Profit margin: 7.6% (up from net loss in FY 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Aug 06
Inaugural dividend of AU$0.03 per share Eligible shareholders must have bought the stock before 13 August 2021. Payment date: 23 August 2021. This is the first dividend for Horizon Oil since going public. The average dividend yield among industry peers is 1.8%. Upcoming Dividend • Jul 26
Inaugural dividend of AU$0.03 per share Eligible shareholders must have bought the stock before 02 August 2021. Payment date: 10 August 2021. This is the first dividend for Horizon Oil since going public. The average dividend yield among industry peers is 1.7%. Announcement • Jun 09
Horizon Oil Limited Updates Progress on WZ12-8E Development, China Horizon Oil Limited updated progress on WZ12-8E Development, China. Excellent progress is being made in the construction and procurement phases of the WZ12-8 East development, under the management of JV partner, Roc Oil (China) (ROC). The main components of the WZ12-8E development include a standalone self- installing platform (HYSY163), 7 development wells (6 producers and 1 water disposal well), an 8 km subsea pipeline and cable connecting to the existing WZ12-8W wellhead platform. Production from WZ12-8E will combine with WZ12-8W production and flow via the existing infrastructure to the PUQB platform for processing and export. Project milestones are continuing to be achieved safely, within budget and on schedule. Over 700,000 manhours have been completed with zero LTIs (Lost Time Injuries). The WZ12-8E platform (HYSY163) is being fabricated in Qingdao, China. A total of 46 sections are under fabrication with 15 sections, forming the hull and living quarters, now assembled. Platform construction was 67% complete at the end of May, with sail away into the field scheduled for July 2021. The photos below show the HYSY163 platform construction site. Subsea pipeline manufacturing, coating and insulation has been completed, with the construction plan for the pipeline and subsea laying under development. Offshore construction on the existing WZ12-8W platform kicked off in April 2021. The drilling rig has been selected, and drilling operations are planned to commence in October 2021. COSL procurement for long-lead items are underway and well drilling sequence has been confirmed. First oil is targeted for First Quarter CY2022, with oil production expected to average approximately 4,000 bopd (gross) in the first year, adding to existing production from the WZ6-12 and WZ12-8 fields. Production will commence from two wells, with additional wells brought on stream as drilling progresses. Reported Earnings • Feb 26
First half 2021 earnings released: EPS US$0.001 (vs US$0.006 in 1H 2020) The company reported a poor first half result with weaker earnings, revenues and profit margins. First half 2021 results: Revenue: US$26.2m (down 50% from 1H 2020). Net income: US$1.57m (down 80% from 1H 2020). Profit margin: 6.0% (down from 15% in 1H 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 63% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Announcement • Jun 22
Horizon Oil Limited(ASX:HZN) dropped from S&P/ASX All Ordinaries Index Horizon Oil Limited(ASX:HZN) dropped from S&P/ASX All Ordinaries Index 