Horizon Oil Limited · ASX:HZN
Horizon Oil — UBS Eighth Annual Australian Resources & Energy Conference 2010
26 slides from Horizon Oil's conference presentation, Jun 3, 2010
Slide 1: ASX cover letter for UBS conference presentation
For personal use only 3 June 2010 The Manager, Company Announcements Australian Securities Exchange Limited Exchange Centre 20 Bridge Street Sydney NSW 2000 HORIZON OIL (HZN) PRESENTATION AT UBS RESOURCES AND ENERGY CONFERENCE 2 – 3 JUNE 2010 Please find attached the presentation to be made today by
Slide 2: UBS Eighth Annual Australian Resources & Energy Conference
HORIZON OIL LIMITED ABN 51 009 799 455 For personal use only UBS Eighth Annual Australian Resources & Energy Conference 2 – 3 June 2010 CEO – Brent Emmett This presentation contains some references to forward looking assumptions, representations, estimates and outcomes. These are uncertain by the na
Slide 3: Horizon Oil in the Australian E&P Sector
Horizon Oil in the Australian E&P Sector For personal use only 2
Slide 4: Horizon Oil Profile
Horizon Oil Profile For personal use only § E&P petroleum company with geographic focus on SE Asia / Australasia § Listed on ASX – in ASX 300 Index § Market capitalisation of A$315 million at A$0.28 share on 31 May 2010 – 1,127 million shares on issue § Forecast net production for H2 2010 3,000 bopd
Slide 5: Horizon Oil Shareholder Distribution
Horizon Oil Shareholder Distribution For personal use only Register strengthened over 2009… SHARE PRICE HISTORY TRADING STATISTICS …HZN admitted to ASX 300 Index 4
Slide 6: Horizon Oil Board and Management
Horizon Oil Board and Management For personal use only NON-EXECUTIVE RESPONSIBILITIES EXPERIENCE DIRECTORS Fraser Ainsworth AM Chairman of Board, Chairman of Remuneration, 28 years in CSR’s resource & energy business, former MD of Delhi, former MD of B.COMM, FAICD, FCPA Nomination and Disclosure Com
Slide 7: Investment Strategy
Investment Strategy For personal use only § Distinct southeast Asian geographic focus § Strong, long-lived cashflows from Maari field, offshore New Zealand, to fund future capital program § Substantial inventory of discovered reserves and resources to bring into production with minimal exposure to g
Slide 8: Asset Location – Focus on SE Asia / Australasia
Asset Location – Focus on SE Asia / Australasia For personal use only Productive fairways, mature operating environment … …strong demand for oil and gas 7
Slide 9: Reserves and Resources
Reserves and Resources For personal use only Net recoverable in millions of barrels of oil equivalent – total 94 mmboe RESERVES RESOURCES …focus on bringing undeveloped reserves / resources on production 8
Slide 10: Net Production Forecast
Net Production Forecast For personal use only 9
Slide 11: Maari Field – New Zealand
Maari Field – New Zealand For personal use only On stream March 2009… Maari / Manaia: HZN 10% OMV 69% (Op) Todd 16% CUE 5% …robust, reliable development scheme with upside potential 10
Slide 12: Maari Development Concept
Maari Development Concept For personal use only • Production permit through December 2027 with ability to extend • Design plateau production rate 35,000 bopd • Wellhead platform allows well intervention without need to import a rig • Workover rig and coiled tubing unit permanently on platform or at
Slide 13: Maari Key Points
Maari Key Points For personal use only § Maari Moki zone developed with 5 producer wells and 3 water injectors – 60 mmbo recoverable reserves § Nameplate capacity of facilities 35,000 bopd, forecast production rate H2 2010 30,000 bopd § Production to date 8.2 mmbo § High quality crude receiving prem
Slide 14: Maari Upside Potential
Maari Upside Potential For personal use only Potential to increase recoverable reserves from 60 mmbo to 80 – 100 mmbo 13
Slide 15: PEP 51313 – New Zealand
PEP 51313 – New Zealand For personal use only 2,595 sq km block with 5 year term, on migration path up-dip of Maari / Manaia… PEP 51313: HZN 30% Todd 50% (Op) CUE 20% …deep prospect and lead inventory in proven play-types 14
Slide 16: China 22/12 – Discoveries and Prospects
China 22/12 – Discoveries and Prospects For personal use only 185 mmbo-in-place discovered... Block 22/12 Pre-CNOOC Back-in: HZN 30% ROC 40% (Op) Petsec 25% Majuko Corp 5% Block 22/12 Post-CNOOC Back-in: HZN 14.7% CNOOC 51% ROC 19.6% (Op) Petsec 12.3% Majuko Corp 2.4% …development planning underway
Slide 17: Block 22/12 Development Plan – Key Points
Block 22/12 Development Plan – Key Points For personal use only § Development scheme is to utilise CNOOC facilities, services, infrastructure and manpower where possible to achieve capex and opex sharing and accelerated timing to first oil § CNOOC to operate Block development and production § Phase
Slide 18: Block 22/12 Phased Development Scheme
Block 22/12 Phased Development Scheme For personal use only 17
Slide 19: Recent PNG Transactions…heavy artillery arriving
Recent PNG Transactions…heavy artillery arriving For personal use only Date Company Transactions On-going Exxon Development of the Exxon-operated PNG LNG Project On-going InterOil Appraisal / development of Elk / Antelope LNG Project – to be front-ended with condensate stripping phase Sep’08 Sasol P
Slide 20: Papua New Guinea
Papua New Guinea Uptick in industry activity, with large projects gaining traction… For personal use only … major gas aggregation play emerging in Western Corridor / Offshore 19
Slide 21: PRL 4 and 5 – Papua New Guinea
PRL 4 and PRL 5 – Papua New Guinea Possible recoverable resources of 1 – 2 tcf gas and 40 – 70 mmbo condensate… For personal use only …condensate stripping phase planning underway 20
Slide 22: Western Province Play – Papua New Guinea
Western Province Play – Papua New Guinea For personal use only § Significant resource position, 50% interest with partner Talisman Energy Inc. in:- − PRL 4 (Stanley gas / condensate discovery) − PRL 5 (Elevala and Ketu gas / condensate discoveries) § Fields located in relatively flat and accessible
Slide 23: Analysts’ Valuations
Analysts’ Valuations For personal use only Firm Date of research Target share price Recommendation Merrill Lynch 7 May 10 $0.43 BUY Euroz 4 May 10 $0.47 BUY Wilson HTM 3 May 10 $0.46 BUY Patersons May 10 $0.42 BUY RBS Morgans 30 April 10 $0.45 BUY Southern Cross Equities 26 February 10 $0.39 BUY Sto
Slide 24: HZN Share Price … Catalysts for Re-rating
HZN Share Price … Catalysts for Re- Re-rating For personal use only § FID on Block 22/12 and begin construction § Stanley and Elevala drilling and begin construction of condensate stripping project § Progress (by Talisman) on Western Corridor gas aggregation scheme § Exploration success − PEP 51313,
Slide 25: Coming up in 2010…
Coming up in 2010… For personal use only § Maari field, New Zealand – − Optimise production from Moki zone − Manaia Mangahewa on production § PEP 51313, New Zealand − Acquire 3D seismic over Matariki − Prepare for drilling in 2011 § Block 22/12, offshore China − FID for Wei 6-12 + 12-8W development
Slide 26: Horizon Oil website and contact details
Please visit the Horizon Oil website www.horizonoil.com.au to see:- see:- Detailed Investor Presentation For personal use only Latest Quarterly Report Analyst reports on HZN Level 7, 134 William St, Woolloomooloo NSW 2011 Tel: +612 9332 5000 The reserve and resource information contained in this ann
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