Horizon Oil Ltd
ASX:HZN
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Horizon Oil Ltd
ASX:HZN
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Horizon Oil Ltd
Horizon Oil Ltd. is an oil and petroleum exploration, development and production company. The company is headquartered in Woolloomooloo, New South Wales and currently employs 16 full-time employees. The Company’s segments include New Zealand Exploration, Development and Production, and China Exploration, Development and Production. The New Zealand Exploration, Development and Production segment produces crude oil from the Maari/Manaia fields and the exploration and evaluation of hydrocarbons within the permit. The Maari and Manaia producing oil fields are located in the Taranaki Basin in the Tasman Sea, 80 kilometers offshore the Taranaki coast in approximately 100 meters of water. The China Exploration and Development segment is engaged in the Block 22/12- Weizhou (WZ) 6-12 and WZ 12-8W oil field development and in the exploration and evaluation of hydrocarbons within Block 22/12.
Horizon Oil Ltd. is an oil and petroleum exploration, development and production company. The company is headquartered in Woolloomooloo, New South Wales and currently employs 16 full-time employees. The Company’s segments include New Zealand Exploration, Development and Production, and China Exploration, Development and Production. The New Zealand Exploration, Development and Production segment produces crude oil from the Maari/Manaia fields and the exploration and evaluation of hydrocarbons within the permit. The Maari and Manaia producing oil fields are located in the Taranaki Basin in the Tasman Sea, 80 kilometers offshore the Taranaki coast in approximately 100 meters of water. The China Exploration and Development segment is engaged in the Block 22/12- Weizhou (WZ) 6-12 and WZ 12-8W oil field development and in the exploration and evaluation of hydrocarbons within Block 22/12.
Production Growth: Production and sales volumes rose 26% and 25% respectively, largely due to the successful integration of Thailand assets.
Resilient Financials: Despite a 15% drop in realized oil prices, Horizon maintained strong operating results, with EBITDAX of $28.6 million and operating cash flow up 37% to $25.1 million.
Thailand Acquisition: The newly acquired Thailand assets contributed meaningfully, adding $9.6 million in revenue over five months and diversifying the portfolio.
Dividend Commitment: The board declared an interim dividend of AUD 0.015 per share, sustaining Horizon's six-year track record of shareholder returns.
Maari Permit Extension: The Maari field received a 10-year permit extension to December 2037, extending asset life and production certainty.
Future Growth Drivers: Key projects underway include a liquids-handling upgrade at Block 22/12 and a booster compressor at Nam Phong expected to boost production by at least 40% from mid-2026.
