Horizon Oil Limited · ASX:HZN
Horizon Oil — Shareholder Meeting (November 2013)
28 slides from Horizon Oil's shareholder meeting presentation, Nov 21, 2013
Slide 1: Corporate Presentation
For personal use only 21 November 2013 The Manager, Company Announcements Australian Securities Exchange Limited Exchange Centre 20 Bridge Street Sydney NSW 2000 CORPORATE PRESENTATION Please find attached CEO, Brent Emmett’s presentation following Horizon Oil’s Annual General Meeting. Yours faithfu
Slide 2: Annual General Meeting
Horizon Oil Limited ABN 51 009 799 455 For personal use only Annual General Meeting 21 November 2013 This presentation contains some references to forward looking assumptions, representations, estimates and outcomes. These are uncertain by the nature of the business and no assurance can be given by
Slide 3: Chairman's Address
Horizon Oil Limited ABN 51 009 799 455 For personal use only Chairman Chairman’s s Address Annual General Meeting 21 November 2013 This presentation contains some references to forward looking assumptions, representations, estimates and outcomes. These are uncertain by the nature of the business and
Slide 4: Annual General Meeting
Horizon Oil Limited ABN 51 009 799 455 For personal use only Annual General Meeting 21 November 2013 This presentation contains some references to forward looking assumptions, representations, estimates and outcomes. These are uncertain by the nature of the business and no assurance can be given by
Slide 5: 2013 In Review, Priorities for 2014
Horizon Oil Limited ABN 51 009 799 455 For personal use only 2013 In Review Priorities for 2014 Brent Emmett Chief Executive Officer 21 November 2013 This presentation contains some references to forward looking assumptions, representations, estimates and outcomes. These are uncertain by the nature
Slide 6: Geographic Focus and Asset Location
Geographic Focus and Asset Location Focus still on southeast Asia/Australasia, Asia/Australasia but… but For personal use only …new exploration block in China and expanded acreage position in PNG 5
Slide 7: Forecast Net Production From Reserves + Contingent Resources
Forecast Net Production From Reserves + Contingent Resources as at 30 April 2013, Post Osaka Gas Transaction and Tingu Tingu--1 For personal use only 25,000 20,000 oil equivalent perr day 15,000 Barrels of o 10,000 5 000 5,000 0 2013 2014 4 2015 2016 6 2017 2018 8 2019 2020 2021 2 2022 2023 2024 4 2
Slide 8: New Zealand
New Zealand For personal use only 2013 in review – FPSO Raroa purchased in March – Maari/Manaia fields shut-in July –December for refurbishment of facilities x – Repairs to Raroa mooring and swivel and FPSO upgrade completed, vessel back on station – Planning for US$300 million Maari growth proj
Slide 9: Maari/Manaia Fields – New Zealand
Maari /Manaia Fields – New Zealand For personal use only PMP 38160: Reserves at 1/05/13 (mmbo) HZN 10% (RISC estimate) OMV 69% (Op) Produced 22 Todd 21% Remaining developed 52 CUE 5% Remaining undeveloped 34 8
Slide 10: Maari/Manaia Upside Potential
Maari /Manaia Upside Potential For personal use only Two wells to be drilled in 2013/14 (Manaia-2 and Maari Deep) to address new reserves - unrisked potential of 20 - 25 mmbo 9
Slide 11: Maari/Manaia Growth Projects
Maari/Manaia Growth Projects For personal use only Objective to reconfigure water injection scheme, access undeveloped reserves and optimise production 10
Slide 12: PEP 51313 – New Zealand
PEP 51313 – New Zealand D Deep prospectt and d llead d inventory i t with ith 163 mmbo b exploration l ti potential t ti l For personal use only PEP 51313: HZN 21% ((10% Whio)) OMV 30% (Op) Todd 35% CUE 14% Whio-1 to be drilled in Q1 2014 with mean potential of 27 mmbo (operator estimate) 11
Slide 13: China
China For personal use only 2013 in review – Pre-development exploration drilling on WZ 6-12 resulted in reserves upgrade of 18% – Beibu Gulf 15 well/3 platform development completed on time and under budget – Current p production 15,000+ , bopd p ggross,, 4,000+ , bopd p Horizon Oil share,, wit
Slide 14: Beibu Gulf Fields, China – Development Areas
Beibu Gulf Fields, China – Development Areas For personal use only Block 22/12 Post-CNOOC Back-in: HZN 26.95% CNOOC 51.00% (Op) ROC 19.60% Majuko Corp 2.45% Gross reserves 1P 2P 3P (mmbo) As at 31/12/2011 18.5 24.0 29.4 Additi Additions 44 4.4 43 4.3 74 7.4 As at 31/12/2012 22.9 28.3 36.8 Increase 2
Slide 15: Beibu Gulf Fields – Phased Development Scheme
Beibu Gulf Fields – Phased Development Scheme For personal use only 14
Slide 16: Beibu Gulf Fields Development Construction Progress
Beibu Gulf Fields Development Construction Progress For personal use only PUQB jacket lift by heavy lift vessel Lanjiang (L) WZ 12-8W platform (R) COSL HYSY 931 jack-up rig drilling over WZ 6 6-12 12 platform (L) PUQB modules being lifted onto platform jacket (R) 15
Slide 17: WZ 12-8E Early Production Concept – Phase II
WZ 12 12--8E Early Production Concept – Phase II For personal use only WZ 12‐1PUQB Leased L d mobile bil production d i platform l f NOED Mobile Flexible pipeline Production Platform Initially up to three production wells Run extended DST or pilot production Drill more wells (4-5) dependin
Slide 18: Block 09/05, Bohai Bay, China – 40% Farm-in Seismic Option
Block 09/05, Bohai Bay, China – 40% Farm Farm--in Seismic Option For personal use only Prolific hydrocarbon province ~1 billion barrels of oil-in-place within block, block prospect sizes 40-80 mmbo Access to infrastructure Experienced operator in Roc Oil, with CNOOC also in joint venture 17
Slide 19: Papua New Guinea
Papua New Guinea For personal use only 2013 in review – PNG acreage position expanded to 7,900 sq km gross – 40% slice of Horizon Oil’s PNG position sold to Osaka Gas for US$204m in 2 milestone payments, plus production kicker:- potential profit of US$153m, implies value of ~US$500m to Horizon Oil
Slide 20: Papua New Guinea
Papua New Guinea For personal use only Horizon Oil acreage position expanded to ~7,900 sq km, primarily in wet gas “sweet spot” 19
Slide 21: Horizon Oil Acreage and Joint Venture Partners
Horizon Oil Acreage and Joint Venture Partners PRL 4: For personal use only HZN 30% (Op) Osaka Gas 20% Talisman 40% Mitsubishi 10% PRL 21: HZN 27% (Op) Osaka Gas 18% Talisman 32.5% Kina 15% Mitsubishi 7.5% PPL 259: HZN 15% Osaka Gas 10% Eaglewood 65% P3GE 10% PPL 430: HZN 50% (Op) g Eaglewood 50% PP
Slide 22: Stanley Project Concept - PRL
Stanley Project Concept - PRL 4 Facilities For personal use only 2 train, 140 mmscfd gas refrigeration plant Mercury Merc r removal remo al via ia adsorption catalyst catal st beds Gas sales at plant fence, addition gas recycled to enhance liquids recovery 6 inch, 40 km pipeline to transport
Slide 23: Tingu-1 Result - PRL
Tingu--1 Result - PRL 21 Tingu Discovered gas/condensate column in primary Elevala For personal use only sandstone objective, with same gas-water-contact as Elevala field Tested gas at 45 – 50 mmcfd and 50 – 60 barrels of condensate per mmcf gas Possible gas column in deeper Toro sandstone up-
Slide 24: PRL (Elevala, Ketu and Tingu) – Development Concept
PRL 21 (Elevala (Elevala,, Ketu and Tingu Tingu)) – Development Concept For personal use only 23
Slide 25: PNG Gas Resources Build
PNG Gas Resources Build For personal use only 4,500 Target minimum resource for mid-scale LNG project 4,000 , 3,500 oximate) 3 000 3,000 s (Bcf - appro 2,500 1,000 1,400 Gas Resources 2 000 2,000 100 1,500 600 1,000 1 300 1,300 200 500 600 400 0 100 PRL 4 PRL 21 Ubuntu TLM/MC PRL 4 PRL 21 PRL 21 PRL
Slide 26: PNG Gas Commercialisation Options
PNG Gas Commercialisation Options S l to Sales t regional i l buyers b for f power generation ti For personal use only – Ok Tedi Mining Limited (OTML) and Frieda River project (when sanctioned) – Local towns and communities in Kiunga – OK Menga – Frieda River corridor – Export p to West Papua: p M
Slide 27: Priorities for 2014 – News Flow
Priorities for 2014 – News Flow For personal use only New Zealand – Execution of Maari growth projects program and run-up in production – Whio-1 Whio 1 exploration well in PEP 51313 China – Submission S b i i off Beibu B ib Gulf G lf Phase Ph II (WZ 12 12-8E 8E field) fi ld) development d l t pl
Slide 28: Please visit the Horizon Oil website
Please visit the Horizon Oil website www.Horizonoil.com.au to see:- see:- Detailed Investor Presentation Latest Quarterly Report For personal use only Analyst reports on HZN Level 7, 134 William St, The reserve and resource information contained in this announcement is based on information compiled