Slide 1: FY26 Half Year Results
FY26 HALF YEAR RESULTS HALF YEAR 2026 RESULTS
Slide 2: Compliance Statement
COMPLIANCE STATEMENT ● 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 projections and any
Slide 3: Specialist Southeast Asia/Australasia Non-Operator Oil & Gas Producer
SPECIALIST SOUTHEAST ASIA/AUSTRALASIA NON- OPERATOR OIL & GAS PRODUCER China, Beibu Gulf Block 22/12 oil project 26.95% non - operated Onshore Thailand Sinphuhorm gas project 7.5% non - operated Nam Phong gas project 60% non - operated Australia, New Zealand, Northern Territory Taranaki Basin Mereen
Slide 4: HY26 Investment Highlights
HY26 INVESTMENT HIGHLIGHTS CASHFLOW FROM INTERIM DIVIDEND OPERATING ACTIVITIES1 DECLARED US$25.1m AUD1.5cps Interim dividend to be paid April’ 26 CASH SALES VOLUMES 1 US$35.6 m 1,051,801boe (Net debt US$9.8m) UNDERLYING REVENUE1 EBITDAX 1 US$54.2 m US$28.6 m HALF YEAR 2026 RESULTS 3 1 Includes the c
Slide 5: HY26 Highlights and Strategic Delivery
HY26 HIGHLIGHTS AND STRATEGIC DELIVERY ENTERING 6TH CONSECUTIVE YEAR OF DISTRIBUTIONS TOTALLING AUD 17.0 CENTS PER SHARE PAID/DECLARED STRATEGIC DELIVERY HY26 FINANCIAL ESG & OPERATIONAL HIGHLIGHTS EXCELLENCE ● Entering 6th consecutive year of distributions, ● Underlying revenue 1 of US$54.2 million
Slide 6: Financial Report
FINANCIAL REPORT HALF YEAR 2026 RESULTS
Slide 7: HY26 Half-Year Financial & Commercial Highlights
HY26 HALF -YEAR FINANCIAL & COMMERCIAL HIGHLIGHTS HIGHLIGHTS HY 2026 HY 2025 CY 2025 ● Production & sales volumes – 1.07 million boe produced Production Volumes 1 (boe) 1,068,821 849,147 1,834,703 and 1.05 million boe sold in HY26, with Sinphuhorm & Nam (net working interest) CONTINUE Phong’s INVEST
Slide 8: Strong Half Year Cashflow Replenishes Cash Reserves Following Shareholder Distributions
STRONG HALF YEAR CASHFLOW REPLENISHES CASH RESERVES FOLLOWING SHAREHOLDER DISTRIBUTIONS US$ MILLION (20.5) ( 3.1 ) 4.0 44.7 (15.9) 25.1 (3.0) 21.3 (23.1) (4.6) (3.9) 39.8 35.6 Opening cash Revenue Operating Dividends Corporate, Net cash Distributions Repayment of Payments for Proceeds from Thailand
Slide 9: Sales Above Five-Year Average
SALES ABOVE FIVE -YEAR AVERAGE OIL AND GAS SALES 1 UNDERLYING REVENUE1,2 2.0 200 100 1.6 160 80 5 Year Avg 1.2 120 60 US$/boe MMboe US$m 5 Year Avg 0.8 1.73 80 40 1.83 144.5 142.5 1.47 1.16 1.38 101.2 103.7 0.4 40 76.6 20 0.0 0 0 CY 2021 CY 2022 CY 2023 CY 2024 CY2025 CY 2021 CY 2022 CY 2023 CY 2024
Slide 10: Robust Profitability for Five Consecutive Years
ROBUST PROFITABILITY FOR FIVE CONSECUTIVE YEARS EBITDAX 1, 2 AND CASH OPERATING COST PER BOE PROFIT AFTER TAX 2 120 30 60 120 100 25 50 100 80 20 40 80 US$/boe US$/boe US$m US$m 60 15 30 60 97.2 95.3 43.2 40 10 20 40 35.5 53.4 56.9 54.0 20 5 10 14.2 20 11.1 8.0 0 0 0 0 CY 2021 CY 2022 CY 2023 CY 202
Slide 11: Robust Free Cash Flow Generation
ROBUST FREE CASH FLOW GENERATION FREE CASH FLOW 1 NET CASH/NET DEBT 100 180 78.7 160 80 140 60 57.6 50.1 120 38.1 42.7 100 40 102.1 US$m 134.6 US$m 80 165.8 20 60 64.8 - 40 (10.1) (13.5) (10.9) (12.7) 34.8 (20.8) 20 45.1 (20) 14.7 24.8 22.5 0 (9.8) (40) -20 CY 2021 CY 2022 CY 2023 CY 2024 CY 2025 CY
Slide 12: Asset Update & Outlook
ASSET UPDATE & OUTLOOK HALF YEAR 2026 RESULTS
Slide 13: Foundation Assets – Maari & Block 22/12
FOUNDATION ASSETS – MAARI & BLOCK 22/12 STRONG OPERATING PERFORMANCE UNDERPINNED BY LOW COSTS, CAPACITY UPGRADES AND SCALABLE DEVELOPMENT POTENTIAL MAARI BLOCK 22/12 SUSTAINED PRODUCTION AND RETURNS, LONG-TERM CERTAINTY STRONG PRODUCTION PERFORMANCE WITH LATE-Q1 ’26 LIQUIDS-HANDLING UPLIFT AND WZ12-
Slide 14: Recent Additions – Mereenie & SPH/NP (Thailand)
RECENT ADDITIONS – MEREENIE & SPH/NP (THAILAND) GAS ASSETS WITH RUNNING ROOM, PRODUCE TO END 2030 AND BEYOND MEERENIE SINPHUHORM (SPH) & NAM PHONG (NP) PRODUCTION GROWTH, LONG - TERM SALES EXTENDED, ADVANCES RESILIENT, LOW-COST FIELDS WITH SECURE MARKET OFFTAKE AND FUTURE EXPANSION WITH STRONG NT GO
Slide 15: Recent Addition – Thailand
RECENT ADDITION – THAILAND HIGH- RELIABILITY GAS PRODUCTION WITH CAPITAL - EFFICIENT GROWTH OP PORTUNITIES SINPHUHORM NAM PHONG ● Production broadly in line with forecast, ● Production continued to exceed with gas sales returning above nominations, supported by field -wide nominations following comp
Slide 16: Impact of Recent Thailand Acquisition
IMPACT OF RECENT THAILAND ACQUISITION ● Horizon acquired interests in two onshore gas fields in Thailand for GROUP 2P RESERVES – FIVE YEAR HISTORY consideration of US$23.1 million after completion related payments 25 2.5 ● Successfully executed the deal with ExxonMobil, completed due diligence, secu
Slide 17: Plan for the Next 12 Months
PLAN FOR THE NEXT 12 MONTHS 2026 2027 Q1 Q2 Q3 Q4 Q1 Liquids -handling capacity upgrade Scheduled online Q1 2026 CHINA, BLOCK 22/12 2026/27 drilling & workover Scope, start date & duration program 1 subject to JV approval NEW ZEALAND, Maari ongoing field optimisation MAARI AUSTRALIA, Two well progra
Slide 18: Contacts
Richard Beament CEO +61 2 9332 5000 CONTACTS info@horizonoil.com.au Horizon Oil Limited Level 4, 360 Kent Street Sydney NSW 2000 Australia horizonoil.com.au HALF YEAR 2026 RESULTS