Horizon Oil Limited · ASX:HZN
Horizon Oil — Q2 2025 Earnings Presentation
18 slides from Horizon Oil's earnings presentation, Feb 27, 2025
Slide 1: Half Year Results FY25
HALF YEAR RESULTS FY25 HALF-YEAR 2025 RESULTS PRESENTATION
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: HY25 Investment Highlights
HY25 INVESTMENT HIGHLIGHTS Statutory profit after tax Interim FY25 distribution Sales revenue to Shareholders US$6.6 million AUD 1.50 cps 1 US$55.9 million (~US$15.5 million) Net cash Sales volume EBITDAX US$22.5 million 839,277 boe US$29.4 million HALF-YEAR 2025 RESULTS PRESENTATION 2 1 Interim div
Slide 4: ESG Performance
ESG PERFORMANCE CONTINUED FOCUS ON ESG PERFORMANCE LOST TIME INJURIES ● Safety performance better than industry benchmark, Number of million hours worked despite elevated activity levels 2.5 ● Materiality assessment started, to review topics that are most significant to Horizon and its stakeholders.
Slide 5: Delivering on Strategy
DELIVERING ON STRATEGY MAXIMISE FURTHER DISTRIBUTIONS CONTINUE INVESTING FREE CASHFLOW1 TO SHAREHOLDERS IN PRODUCTION GROWTH ● Generated EBITDAX for HY25 of US$29.4 million, with ● Final FY24 dividend of AUD 1.5 cents per share (total ● Block 22/12 workover and four-well infill drilling net cash at
Slide 6: Financial Results
FINANCIAL RESULTS HALF-YEAR 2025 RESULTS PRESENTATION
Slide 7: FY25 Half-Year Financial & Commercial Highlights
FY25 HALF-YEAR FINANCIAL & COMMERCIAL HIGHLIGHTS HIGHLIGHTS HY 2025 HY 2024 CY 2024 ● Production & sales volumes – 0.85 million Production Volumes (boe) 849,147 763,145 1,512,689 boe produced and 0.84 million boe sold in (net working interest) CONTINUE HY25, INVESTING with Mereenie IN in the half- p
Slide 8: Strong Half Year Cashflow Replenishes Cash Reserves Following Shareholder Distributions
STRONG HALF YEAR CASHFLOW REPLENISHES CASH RESERVES FOLLOWING SHAREHOLDER DISTRIBUTIONS US$ MILLION ( 19.6 ) 56.0 ( 18.0 ) 18.3 ( 16.6 ) ( 3.8 ) ( 3.2 ) 52.6 47.3 Opening cash and Net revenue Cash operating costs Corporate, tax, Net cash inflows Distributions to Deferred Mereenie Investment in oil a
Slide 9: Sales and Revenue at Five-Year Average
SALES AND REVENUE AT FIVE-YEAR AVERAGE OIL AND GAS SALES1 REVENUE1,2 2.0 200 100 1.6 160 80 5 Year Avg 0.50 0.35 0.22 37.6 1.2 120 44.8 6.4 60 US$/boe MMboe 5 Year Avg US$m 0.47 0.35 0.39 0.8 80 34.3 40 1.23 24.2 1.12 106.9 21.4 97.8 0.4 0.82 0.82 0.77 40 20 52.4 60.5 36.2 0.0 0 0 CY 2020 CY 2021 CY
Slide 10: Strong Profitability for Five Consecutive Years
STRONG PROFITABILITY FOR FIVE CONSECUTIVE YEARS EBITDAX1 AND REALISED SALES PRICE PROFIT AFTER TAX1 120 60 100 50 80 40 US$m – US$/boe US$m 60 30 97.2 95.3 40 20 43.2 35.5 53.4 56.9 20 10 30.7 14.2 10.2 11.1 0 0 CY 2020 CY 2021 CY 2022 CY 2023 CY 2024 CY 2020 CY 2021 CY 2022 CY 2023 CY 2024 EBITDAX
Slide 11: Robust Free Cashflow Generation
ROBUST FREE CASHFLOW GENERATION FREE CASH FLOW1 NET CASH & CUMULATIVE DISTRIBUTIONS 100 180 78.7 160 80 57.6 140 60 50.1 120 38.1 40 100 US$m US$m 22.5 39.2 102.1 134.6 20 80 60 64.8 - (4.9) (10.1) (13.5) (10.9) 40 (20.8) 34.8 (20) 20 45.1 14.7 24.8 22.5 (40) 0 10.0 CY 2020 CY 2021 CY 2022 CY 2023 C
Slide 12: Asset Update & Outlook
ASSET UPDATE & OUTLOOK HALF-YEAR 2025 RESULTS PRESENTATION
Slide 13: Block 22/12
BLOCK 22/12 EXPECTED FIELD DECLINE OFFSET BY DRILLING PROGRAM, JV MATURING OPPORTUNITES ASSET OVERVIEW Export to Weizhou Terminal WZ6-12 North WZ6-12 Mid WZ6-12 Sliver ● Block 22/12, Beibu Gulf, China, 26.95% WZ6-12 South CNOOC Facilities ● JV: CNOOC (51% - Operator), Roc Oil (19.6%), Oil Australia
Slide 14: Maari
MAARI PRODUCTION APPROACHING MULTI-YEAR HIGHS, LICENCE EXTENSION APPLICATION LODGED AND BEING REVIEWED ASSET OVERVIEW ● Maari, New Zealand. JV: OMV (69% - Operator), Horizon (26%), Cue Energy (5%) ● Maari crude continues to attract strong premiums with a weighted average premium to dated Brent of ~U
Slide 15: Mereenie
MEREENIE CONTINUED SUPPLY INTO THE NT DOMESTIC MARKET, EXECUTION OF LONG-TERM GAS CONTRACTS, SUCCESSFUL EXECUTION OF INFILL DRILLING PROGRAM ASSET OVERVIEW ● Mereenie, Australia, JV: Central Petroleum (25% - Operator), Echelon (42.5%), Horizon (25%), Cue Energy (7.5%) ● Cashflows underpinned to the
Slide 16: Production Forecast to End 2030
PRODUCTION FORECAST TO END 2030 FORECAST CONTINUED STABLE PRODUCTION FROM OUR THREE ASSETS WITH RUNNING ROOM TO END 2030 GROUP PRODUCTION FORECAST TO END 2030, BOEPD 7,000 Mereenie forecast Maari forecast 6,000 Indicative Maari license extn. Block 22/12 forecast 5,000 Portfolio - other indicative fu
Slide 17: Plan for the Next 12 Months
PLAN FOR THE NEXT 12 MONTHS 2025 2026 Q1 Q2 Q3 Q4 Q1 Water-handling capacity upgrade Scheduled online towards calendar year end CHINA, BLOCK 22/12 2025/26 drilling & workover Scope, start date & duration program1 subject to JV approval NEW ZEALAND, Application lodged in Maari licence extension proce
Slide 18: 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 HALF-YEAR 2025 RESULTS PRESENTATION