Slide 1: Half-Year 2023 Results Presentation
HALF-YEAR 2023 | RESULTS - PRESENTATION
Slide 2: Compliance Statement
COMPLIANCE STATEMENT Disclaimer > Statements contained in this material, particularly those regarding the possible or assumed future performance, costs, dividends, returns, production levels or rates, prices, reserves, potential growth of Horizon Oil Limited, industry growth or other trend projectio
Slide 3: HY23 Investment Highlights
HY23 INVESTMENT HIGHLIGHTS HARIZON Statutory profit after tax Interim dividend to Sales revenue Shareholders! US$19.0 million AUD 1.5 cents per share US$75.7 million A42% (-US$17 million) A 33% Net cash Sales volume EBITDAX US$24.8 million 800,651 bbls ‘Includes an unfranked CFI dividend of AUD 1. 5
Slide 4: Delivering on Strategy
DELIVERING ON STRATEGY — QD MAXIMISE FREE CASHFLOW" FURTHER DISTRIBUTIONS TO CONTINUE INVESTING IN SHAREHOLDERS PRODUCTION GROWTH > Generated EBITDAX of US$52.2 million in > Completed an AUD 3c distribution in Oct 22 > -US$30 million net invested in successful HY23, with net cash of US$24.8 million
Slide 5: Half-Year 2023 Highlights
HALF-YEAR 2023 HIGHLIGHTS LINDIZFNAI STRONG CASHFLOW GENERATION DRIVING CONTINUED SHAREHOLDER RETURNS 93% increase in revenue to US$75.7 million 87% increase in EBITDAX to US$52.2 million 142% increase in Statutory Profit after Tax to US$19.0 million Net cash at 31 December 2022 of US$24.8 million a
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Slide 7: HY23 Half-Year Highlights
HY23 HALF-YEAR HIGHLIGHTS LOW COST, CASH GENERATIVE PRODUCER BASHELOW. GROWTH DRIVING INCREASED REVENUE AND > Production growth - 40% increase in production over prior Po HY 2023 | Hy2022 | comparative period > Revenue growth - 93% increase in revenue over prior comparative Production Volumes [net]
Slide 8: Strong Cashflow Rebuilds Cash Position Following ~US$30M Distribution
STRONG CASHFLOW REBUILDS CASH POSITION FOLLOWING ~US$30M DISTRIBUTION c 20 IN Z US$ MILLION / , / re Openingcashand Netrevenue — Cashoperating Corporate, tax, Net cashinflows Distributions Net proceeds from Debt repayments Investmentinoil Closing cash cash equivalents at costs interest & others from
Slide 9: Revenue & Production Growth Drives Increased Profitability
REVENUE & PRODUCTION GROWTH DRIVES INCREASED PROFITABILITY US$ MILLION Profit Sales volume Net realised oil price, inclusive Operating costs Taxes, Levies, Royalties & Other Profit after tax for of hedge settlements. after tax for HY 2022 HY 2023 REVENUE OPERATING COSTS LEVIES Increased revenue driv
Slide 10: Increased Production & Oil Price Driving Revenue Growth
INCREASED PRODUCTION & OIL PRICE DRIVING REVENUE GROWTH OIL SALES 20 — 0.39 3” — SB g 10 5 os 0.0 CY 2018 Cy 2019 CY 2020 cy 2021 CY 2022 mmm Beibu mam Maari Beibu cost recovery =®=Oil Production Oil production growth driven by WZ12-8E development production commencement in April 2022 REVENUE 160 12
Slide 11: Revenue Growth with Sustained Low-Cost Production Drives Increased Profitability
REVENUE GROWTH WITH SUSTAINED LOW-COST PRODUCTION DRIVES INCREASED PROFITABILITY c 20 IN Z EBITDAX' AND CASH COST PER BBL PROFIT AFTER TAX! 120 30 40 100 25 38 30 80 — 20 5 & 60 6 5 $20 — Be S 2 5S 40 0” 18 — 245 10 — ° ; °F me : 0 0 0 CY 2018 CY 2019 Cy 2020 cy 2021 CY 2022 CY 2018 CY 2019 cy 2020
Slide 12: Free Cashflow Growth & Increased Net Cash Position
FREE CASHFLOW GROWTH & INCREASED NET CASH POSITION FREE CASH FLOW! NET CASH/(NET DEBT} 80 100 60 80 60 40 40 ~ 2 = 2 8 B 1 Zo So a ” Hoa [t38i] 0 -40 -40 “60 -60 -80 cy 2018 cy20i9 cy 2020 cy2021 cy 2022 cy 2018 cy209 =» cy2020»=— cy 2021 cy 2022 mmm Operating CF mmm Investing CF -o=FCF -e=FCF (excl
Slide 13: Asset Update & Outlook
c he IN ? ASSET UPDATE & OUTLOOK
Slide 14: Block 22/12: Record Production from Our Flagship Asset
BLOCK 22/12: RECORD PRODUCTION FROM OUR FLAGSHIP ASSET ASSET OVERVIEW > Block 22/12, Beibu Gulf, China, 26.95% b> JV: CNOOC (51% - Block 22/12 Operator], Roc Oil (19.6% - 12-8E Operator}, Majuko Corp. (2.45%) » Block 22/12 generates approximately 80% of Horizon operating cashflow > Low cash operatin
Slide 15: Block 22/12: WZ12-8E Development - Jiaowei Reservoir (8 Wells)
BLOCK 22/12: WZ12-8E DEVELOPMENT - JIAOWE! RESERVOIR [8 WELLS] > The Jiaowei reservoir is characterised by a thin oil column (max 15m thick] containing high viscosity (70 cp) oil. Oil production ischaracterised by rapid / local water production [viscosity 0.5 cp} > Phase 1 campaign concluded with po
Slide 16: Block 22/12: WZ12-8E Development Weizhou (A1H) & 12-10 (A11H) Wells
BLOCK 22/12: WZ12-8E DEVELOPMENT WEIZHOU [(A1H] & 12-10 {A11H} WELLS MIOQRIZON WZ12-8E WEIZHOU [A1H] WZ12-8E 12-10 (A11H) Reservoir ‘OWwC =-1049.5 mIVOss > Complex reservoir interplay with basement and granite wash resulted in > Low relief structure comprising two thin sands (~1m and ~3m] in the cha
Slide 17: Block 22/12: Significant Increase in WZ12-8E Project Reserves
BLOCK 22/12: SIGNIFICANT INCREASE IN WZ12-8E PROJECT RESERVES" WZ12-8E 2P RESERVES RECONCILIATION (MMBBLS} MMARY 0.39 0.32 > WZ12-8E project 2P developed oil recovery before subtracting production has aaa increased over 150% from 1.95 mmbbl gross (Horizon net 0.49 mmbbls} to 4.89 mmstb gross (Horizo
Slide 18: Block 22/12: History & Forecast (Gross)
BLOCK 22/12: HISTORY & FORECAST (GROSS) 20,000 History J Forecast a History m2P forecast m Indicative future activities Indicative future activities 15,000 End of End of Ss Wz6-12/12-8W Block 22/12 PSC Qa Production (Petroleum gS Period [SDA] Contract] fa) re 10,000 je -——-\\-- ~ = WZ12-8E ° product
Slide 19: Maari: Stable Performance
MAARI: STABLE PERFORMANCE ASSET OVERVIEW & HIGHLIGHTS BAUD > Maari, New Zealand, 26% py”. G b> JV: OMV (69% - Operator], Cue Energy (5%) Fi Lt 0 KAPUNI ME ZEALAND WAIHAPA A-NGAERE 5 : 2 | « fame) OAONUI > Maari/Manaia generates approximately 20% of Horizon operating cashflow > Cash operating costs f
Slide 20: Maari: History & Forecast (Gross)
MAARI: HISTORY & FORECAST (GROSS) HIADIZAN History J Forecast 10,000 mHistory mForecast mLife extension m Indicative future activities Current permit 8,000 Forecast expiry ¥ Indicative future activities! H 6,000 Life extension 4,000 Gross Oil Rate [bopd) 2,000 0 2018 2019 2020 2021 2022 2023 2024 20
Slide 21: Plans for the Next Months
PLANS FOR THE NEXT 12 MONTHS" Block 22/12 possible infill drilling an (between two and five wells]! Planning in progress WZ12-8E possible water-handling capacity upgrade! Design in progress & ongoing. Preliminary planning in progress; WZ12-8E possible Phase 3! subject to JV approval Reinstate produc
Slide 22: 2023 Summary Activity Outlook
2023 SUMMARY ACTIVITY OUTLOOK Pees SZ QP FURTHER DISTRIBUTIONS TO CONTINUE INVESTING IN MAXIMISE FREE CASHFLOW' SHAREHOLDERS PRODUCTION GROWTH > Recent investment in Block 22/12 > Regular distributions continue to be a P WZ12-8E field - consideration of a WZ12-8E development - Phase 1& 2, and priori
Slide 23: FY23 Guidance
FY23 GUIDANCE A STRONG END TO THE FINANCIAL YEAR ANTICIPATED - DRIVEN BY CONTINUED STRONG PRODUCTION AND OIL PRICE Production Sales Revenue EBITDAX 1.85 - 1.95 1.85 - 1.95 US$155 - 165 US$105 - 115 million barrels million barrels million million > Production additions in > Sales volumes forecast to
Slide 24: Contacts
WADI7ZAN CONTACTS RICHARD BEAMENT, CEO +61 2 9332 5000 info@horizonoil.com.au Horizon Oil Limited Level 4, 360 Kent Street Sydney NSW 2000 Australia horizonoil.com.au