Horizon Oil Limited · ASX:HZN
Horizon Oil — FY2025 Earnings Presentation
21 slides from Horizon Oil's earnings presentation, Aug 28, 2025
Slide 1: FY2025 Full Year Results
Slide 2: Compliance Statement
COMPLIANCE STATEMENT WADBIZAN 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 a
Slide 3: Cashflow, Dividends, Sales Volumes, Revenue, EBITDAX
CASHFLOW FROM TOTAL FY25 DIVIDENDS OPERATING ACTIVITES CASH SALES VOLUMES SALES REVENUE EBITDAX
Slide 4: ESG Performance
ESG PERFORMANCE CONTINUED FO ON ESG PERFORMANCE LOST TIME INJURIES Number of million hours worked e Safety performance better than industry benchmark, noting elevated activity levels 25 e Completed double materiality assessment, and identified the material topics that will shape our 20 future ESG st
Slide 5: Delivering on Strategy
DELIVERING ON STRATEGY 5™4 CONSECUTIVE YEAR OF DISTRIBUTIONS TOTALLING AUD 15.5 CENTS PER SHARE MAXIMISE FREE CASHFLOW Generated EBITDAX for FY25 of US$54.8 million, with net cash at period end of US$13.7 million Strong production and sales volumes of over 1.6 MMboe Cashflow frorn operating activiti
Slide 6: FY2025 Highlights
WADITOANI FY2025 HIGHLIGHTS STRONG CASHFLOW GENERATION CONTINUING TO DRIVE SHAREHOLDER RETURNS Revenue for the financial year was US$105.3 million EBITDAX of US$54.8 million {over A$80 million) Statutory Profit after tax was US$12.2 million Cash reserves on hand at 30 June 2025 of US$39.8 million, w
Slide 7: Reserves and Resources
RESERVES AND RESOURCES! 2P CRUDE & CONDENSATE (%] 48 49 45 China 2P GAS (%] Mi china MM NewZealand Mf Australia 2P RESERVES RECONCILIATION (MMboe) 99 16 9.0 (-9% YOY decrease] 30-Jun-24 Production Revisions Transfers, 30-Jun-25 Extensions 30-Jun-24 2C CRUDE & CONDENSATE (%] Ml New Zealand Revisions
Slide 8: Financial Report
Slide 9: FY25 Financial & Commercial Highlights
FY25 FINANCIAL & COMMERCIAL HIGHLIGHTS CS ( ROBUST PRODUCTION & SALES VOLUMES - 1.6 million boe produced and sold in FY25, supported by the successful integration of the Mereenie asset into the Group's production portfolio REVENUE - Revenue amounted to US$105.3 million with a net realised sales pric
Slide 10: Strong Cashflow
STRONG CASHFLOW WADBIZAN DRIVING BOTH SHAREHOLDER RETURNS & CONTINUED INVESTMENT IN PRODUCING ASSETS US$ MILLION (0.3) (15.0) (1.5) 5 62.6 39.8 Opening cashand —_— Net revenue Cash operating Corporate, tax, Netcashinflows Debt proceeds, Dividends Investment in oil Deposit for Closing cash and cash e
Slide 11: Increased Production & Sales Volumes
INCREASED PRODUCTION & SALES VOLUMES OIL & GAS SALES 25 2.0 15 1.0 Oil & Gas Sales, boe 0.5 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 mmm Block 22/12 mmm Maari mmm Mereenie —e=Oil & gas production FY25 production and sales volume above 5-year average benefitting from Mereenie acquisition in FY24. Mere
Slide 12: Continued Profitability
CONTINUED PROFITABILITY EBITDAX' AND CASH OPERATING COST PER BOE 120 100 80 US$m Ss 60 ~ 2 ° FY 2021 FY 2022 FY 2023 FY 2024 mmm EBITDAX —e=Cash opex/boe Robust EBITDAX of US$54.8 million, noting that FY22-24 benefitted from higher early phase WZ12-8E production rates ‘FY21 excludes profit/loss from
Slide 13: Strong Free Cashflow
STRONG FREE CASHFLOW FREE CASH FLOW! NET CASH 120 180 100 160 80 140 60 120 e 40 = 100 2 on 2 a m2 18.1 0 =r 60 34.8 -20 d 40 -60 0 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 mam Operating CF mmminvestingCF =e=FCF mNet cash Cumulative distributions to shareholder
Slide 14: Asset Update & Outlook
Slide 15: Block 22/12
BLOCK 22/12 STRONG OPERATIONAL DELIVERY WITH SUCCESSFUL DRILLING & WORKOVERS, SOLID PRODUCTION PERFORMANCE Export to Weizhou ke WZ6-12 North | ASSET OVERVIEW Terminal WZ6-12 Mid WZ6-12 Sliver © Block 22/12, Beibu Gulf, China, 26.95% cnooc WZ6-12 South e JV: CNOOC [51% - Operator), Roc Oil [19.6%], O
Slide 16: Maari
MAARI PRODUCTION GROWTH, STRONG CASHFLOW, AND TEN-YEAR PERMIT EXTENSION AWARD 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 ~US$4.4/bbl for the year Cash o
Slide 17: Mereenie
MEREENIE WADIZAN PRODUCTION GROWTH, LONG-TERM SALES SECURED, ADVANCES FUTURE EXPANSION WITH STRONG NT GOVERNMENT SUPPORT NORTHERN e Mereenie, Australia, JV: Central Petroleum (25% - Operator], Echelon [42.5%], TERRITORY Horizon (25%), Cue Energy [7.5%] e Cashflows underpinned to at least 2028 by gas
Slide 18: Sinphuhorm & Nam Phong Transaction Highlights
LINDIZAN |AIN ACCESS TO A LI ISK SUITE RAPID PAYBACK WITH UPSIDE SINPHUHORM & NAM PHONG TRANSACTION HIGHLIGHTS OMPELLING ACQUISITION WHICH REQUIRED MINIMAL CAPIT) OF GAS PRODUCING ASSETS, OFFERING ATTRACTIVE RETURNS A\ Acquisition of 3.2 MMboe of 2P Reserves as at an effective date of 1 January 2025
Slide 19: Production Forecast to End 2030
PRODUCTION FORECAST TO END 2030 FORECAST CONTINUED STABLE PRODUCTION FROM FIVE ASSETS WITH RUNNING ROOM TO END 2030 AND BEYOND GROUP PRODUCTION FORECAST TO END 2030, BOEPD 8,000 7,000 6,000 5,000 4,000 Rate (boepd) 3,000 2,000 1,000 0 Aug-25 Aug-26 Aug-27 Aug-28 Aug-29 m Block 22/12 = Maari = Mereen
Slide 20: Plan for the Next Months
PLAN FOR THE NEXT 12 MONTHS Scheduled online around calendar year end H H i H Hl 2025/26 drilling & workover i Scope, start date & duration program! 7 subject to JV approval i H i Water-handling capacity upgrade CHINA, BLOCK 22/12 NEW ZEALAND, MAARI Application lodged in Sep ‘24, awarded 26 Aug ‘25
Slide 21: Contacts