Horizon Oil Limited · ASX:HZN
Horizon Oil — Shareholder Meeting (November 2023)
27 slides from Horizon Oil's shareholder meeting presentation, Nov 22, 2023
Slide 1: Horizon – Annual General Meeting 2023
Level 4, 360 Kent Street P +61 2 9332 5000 Sydney NSW 2000 F +61 2 9332 5050 Australia horizonoil.com.au 22 November 2023 HORIZON – ANNUAL GENERAL MEETING 2023 The Manager Attached are copies of the following documents related to the Annual General Company Announcements Meeting of Horizon to be held
Slide 2: Chairman's Address – Mike Harding
Chairman’s Address – Mike Harding Ladies and Gentlemen, 2023 was again an excellent year for Horizon. We achieved a very strong financial result which has allowed us to continue to provide strong returns for shareholders. The final 2023 dividend of AUD 2 cents per share, together with the interim di
Slide 3: CEO's Address – Richard Beament
CEO’s Address – Richard Beament Thanks Mike. Firstly, let me welcome you again to this year’s AGM. I’d like to take a few minutes to provide you with an update on the Company, in particular, the strategy and highlights over the past year, before delving a little deeper into the operational activity
Slide 4: CEO's address: production, reserves, ESG and share price
• The combined daily production rate averaged over 5,000 bopd for the full year, an increase of 44% • We had approximately 55% 2P reserves replacement • We continued with the substantial distributions to shareholders I mentioned earlier • On ESG, despite the elevated activity levels we continued to
Slide 5: Block 22/12: Indicative Future Opportunities (address text)
Slide 8 – Block 22/12: Indicative Future Opportunities Block 22/12 has a large portfolio of future opportunities which can add reserves and boost production rates, comprising infill and appraisal wells and facility upgrades. On this slide I have highlighted the locations of the various opportunities
Slide 6: Plans for the next 12 months (address text)
Slide 13 – Plans for the next 12 months This chart sets out the timing of Operational activity over the next 12 months. Please note that budget processes are underway and I stress that the timings are indicative and remain subject to JV and regulatory approvals, and rig availability. In total, we ha
Slide 7: 2023 AGM Presentation
2023 AGM PRESENTATION 22 NOVEMBER 2023
Slide 8: Evacuation Procedure
EVACUATION PROCEDURE ► Should you hear an alarm, instructions will be broadcast by the Building Wardens regarding what action to take ► If required to evacuate, please make sure you do not use the lifts ► Please assemble at the emergency evacuation assembly point situated on the forecourt of Interna
Slide 9: Agenda
AGENDA ► Chairman’s Address ► CEO’s Address ► Formal Business ► Last Call for Votes 2023 - AGM PRESENTATION 4
Slide 10: Board of Directors
BOARD OF DIRECTORS MIKE HARDING RICHARD BEAMENT NIGEL BURGESS SANDRA BIRKENSLEIGH GREG BITTAR BRUCE CLEMENT 2023 - AGM PRESENTATION 5
Slide 11: Chairman's Address
CHAIRMAN’S ADDRESS MIKE HARDING
Slide 12: CEO's Address
CEO’S ADDRESS RICHARD BEAMENT
Slide 13: Compliance Statement
COMPLIANCE STATEMENT Disclaimer Reserves Disclosure ► Statements contained in this material, particularly those regarding the possible or assumed ► Unless otherwise stated, all petroleum reserves and resource estimates refer to future performance, costs, dividends, returns, production levels or rate
Slide 14: Delivering on Strategy
DELIVERING ON STRATEGY FURTHER DISTRIBUTIONS TO CONTINUE INVESTING IN MAXIMISE FREE CASHFLOW1 SHAREHOLDERS PRODUCTION GROWTH ► Generated record EBITDAX of US$103.5 million in ► Total FY23 Distributions of AUD 3.5 cents per ► ~US$30 million invested in successful WZ12-8E FY23, with net cash of US$35.
Slide 15: Financial Year 2023 Highlights
FINANCIAL YEAR 2023 HIGHLIGHTS STRONG CASHFLOW GENERATION DRIVING SHAREHOLDER RETURNS FINANCIAL OPERATIONAL SHAREHOLDER RETURNS ESG ► 46% increase in revenue to ► WZ12-8E project successfully ► AUD 1.5 cent per share interim ► Strong safety record better than US$152.1 million completed – production
Slide 16: Horizon Snapshot
HORIZON SNAPSHOT HZN vs Brent Oil vs Energy Index 1% Aug-21 13% D E E D E D E D 25% $0.20 20 MAXIMISE FREE CASHFLOW1 $0.18 18 $0.16 16 ASX: HZN $0.14 14 15% OTCQB: HZNFF $0.12 12 Volume 10^6 Shares on issue: 1.6 billion $0.10 10 Market Cap. A$250 million $0.08 8 @ 15.5 cents $0.06 6 $0.04 4 19% $0.0
Slide 17: Horizon's Portfolio
HORIZON’S PORTFOLIO China, Beibu Gulf, 26.95% production ► CNOOC (51% - Operator) ► Roc Oil (19.6%) ► Majuko Corp. (2.45%) New Zealand, Maari, 26% ► OMV (69% - Operator) ► Cue Energy (5%) 2023 - AGM PRESENTATION 12
Slide 18: China
CHINA
Slide 19: Block 22/12: Record Production
BLOCK 22/12: RECORD PRODUCTION Export to Weizhou ASSET OVERVIEW Terminal WZ6-12 North WZ6-12 Mid WZ6-12 Sliver ► Block 22/12, Beibu Gulf, China, 26.95% WZ6-12 South CNOOC ► JV: CNOOC (51% - Block 22/12 Operator), Roc Oil (19.6%), Oil Australia Pty. Ltd. (2.45%) Facilities ► Block 22/12 generates app
Slide 20: Block 22/12: Indicative Future Opportunities
BLOCK 22/12: INDICATIVE FUTURE OPPORTUNITIES1 INDICATIVE FUTURE INDICATIVE FUTURE OPPORTUNITIES OPPORTUNITIES Infill/appraisal drilling Infill drilling Water injection ► The JV has a strong portfolio of indicative future project opportunities, CONTINUE comprising INVESTINGinfill IN and appraisal dri
Slide 21: Block 22/12: History & Forecast (Gross)
BLOCK 22/12: HISTORY & FORECAST (GROSS) History Forecast 20,000 History Forecast Indicative future activities End of End of 15,000 WZ6-12/12- Block 22/12 PSC 8W Production (Petroleum Gross oil rate (bopd) Period Contract) ODP1 forecast (SDA) recovery 16.2 MMbbl 10,000 5,000 Cumulative production to
Slide 22: New Zealand
fan Z <= —! ~s LU N = LU Zz
Slide 23: Maari: Reliable Performance Justifying Field Life Extension
MAARI: RELIABLE PERFORMANCE JUSTIFYING FIELD LIFE EXTENSION ASSET OVERVIEW ► Maari, New Zealand, 26% ► JV: OMV (69% - Operator), Cue Energy (5%) ► Maari/Manaia generates approximately 20% of Horizon operating cashflow ► Maari crude continues to attract strong premiums with an average 2023 financial
Slide 24: Maari: History & Forecast (Gross)
MAARI: HISTORY & FORECAST (GROSS) History Forecast 10,000 History Forecast Life Extension Indicative future activities Current permit 8,000 expiry Indicative future activities1 Gross Oil Rate (bopd) Expected cessation of production of 6,000 December 2030 (subject to permit extension) 4,000 Potential
Slide 25: Plan for the Next 12 Months
PLAN FOR THE NEXT 12 MONTHS1 2023 2024 Q4 Q1 Q2 Q3 Block 22/12 possible infill drilling Planning in progress (between two and five wells)1 Block 22/12 & WZ12-8E possible liquid- Design in progress & ongoing handling capacity upgrades1 Preliminary planning in progress; WZ12-8E Phase 3 planning1 subje
Slide 26: Delivering on Strategy
DELIVERING ON STRATEGY FURTHER DISTRIBUTIONS TO CONTINUE INVESTING IN MAXIMISE FREE CASHFLOW1 SHAREHOLDERS PRODUCTION GROWTH ► Recent investment in Block 22/12 ► Regular distributions continue to be a ► Focus on developing the Company’s WZ12-8E development, and WZ6-12 infill priority substantial inv
Slide 27: Contacts
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