HORIZON OIL LIMITED/ ABN 51 009 799 455 Annual General Meeting 28 November 2018
Disclaimer 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…
HORIZON OIL LIMITED/ ABN 51 009 799 455 Formal business John Humphrey
Formal business Notice of Meeting Chairmans Address Items of Business Closure of Meeting CEOs Presentation Questions AGM November 2018 4
HORIZON OIL LIMITED/ ABN 51 009 799 455 Chairmans Address John Humphrey
FY 2018 key achievements Oil sales volume of 1.65 million barrels 16% higher than FY 2017 Sales revenue of US100.0 million 46% higher than FY 2017 EBITDAX of US68.5 million 52% higher than FY 2017 Net cashflow from operating…
HORIZON OIL LIMITED/ ABN 51 009 799 455 Items of Business
Formal resolutions Resolutions For (%) Open (%) Against (%) 2. To adopt the Remuneration Report 98.36% 0.18% 1.46% 3. To reelect Mr Gerrit de Nys as a Director 80.58% 0.22% 19.20% 4. The approval of 2018 grant of long term incentives…
HORIZON OIL LIMITED / ABN 51 009 799 455 Closure of Meeting
HORIZON OIL LIMITED / ABN 51 009 799 455 CEOs Address Michael Sheridan 10
Presentation outline Company overview Investment proposition Key achievements 2018 Commodity price Debt outlook and hedging Asset review Beibu Gulf fields, offshore China Maari/Manaia fields, offshore New Zealand Western LNG,…
Horizon Oil (ASX:HZN) snapshot A focused portfolio of conventional production, development and exploration assets in AsiaPacific region, including : 26.95% interest in Beibu Gulf oil fields, offshore China 26% interest in Maari/Manaia…
Horizon Oil as an investment proposition Strong, longlived production profile and strong cash flow generation Current production entitlement is 6,000 bopd of net oil sales from developed, offshore, conventional oil fields Strong net…
FY 2018 key achievements Oil sales volume of 1.65 million barrels 16% higher than FY 2017 Sales revenue of US100.0 million 46% higher than FY 2017 EBITDAX of US68.5 million 52% higher than FY 2017 Net cashflow from operating…
Oil price and recent geopolitical events Reimposition of Iranian sanctions were anticipated to cause reduction of 1.3 1.7 mb/day of exports from 5 Nov 2018 to end Q1 2019 Saudis/OPEC pressured by Trump to increase production in…
Debt outlook and hedging Senior debt facility for US95 million finalised in November 2018 (ANZ, WBC and ICBC) Proceeds used to repay subordinated debt and previous senior facility Improved terms and tenor under senior facility…
Beibu Gulf, China (26.95%) Production from multiple fields via 18 wells, currently approximately 11,500 bopd; recent 2 infill wells continue to produce at over 3,000 bopd Further infill drilling opportunities identified for…
Beibu Gulf nearterm development project Leased mobile production platform (MOPU) Development plan (ODP) for integrated development of WZ 128E and associated fields to be submitted for Government approval in 2018 Three stage…
Maari / Manaia fields, New Zealand (26%) Gross production currently 6,000 bopd from 9 production wells Joint venture focus on production optimisation and operating cost reductions able to be derived from ownership of FPSO…
Western Forelands Region, PNG Horizon Oil holds material interests in all four fields that will supply the proposed Western LNG project and has an 30% interest in the total gross audited resources including 64 mmbbls of…
Western LNG resources distribution and ownership Significant exploration and appraisal activity by HZN and its partners, including 19 wells and 11 production tests, has enabled independent certification of a material resource in the…
Western LNG development scheme WLNG development 1.5 mtpa sales capacity Aggregated raw gas production profile 2C resources 300 250 Wellhead rate (mmscfd) 200 150 100 1C resources profile 50 1 2 3 4 5 6 7 8 9…
2019 Outlook Financial Continued strong operating cash flows supported by developed, low cost, conventional oil fields Progressive reduction of debt Block 22/12, China Continued higher production entitlement (35% share of production)…
APPENDICES 24
FY2018 Financial overview (US million) FY 2018 FY 2017 (%) Material increase in sales volumes Sales Volume (mmbbl) 1.65 1.42 0.23 16% Robust and increasing EBITDAX and cashflow generation at field level Revenue 100.0 68.5 31.5 46%…
Performance and FY 2019 forecast1 1. Assuming US70/bbl Brent average annual oil price AGM November 2018 27
Level 6, 134 William St Woolloomooloo NSW 2011 Australia infohorizonoil.com.au +612 9332 5000 www.horizonoil.com.au For more information please contact: Horizon Oil Limited Michael Sheridan Chief Executive Officer 28
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