Horizon Oil Limited (ASX:HZN www.horizonoil.com.au) is an ASX-listed petroleum exploration and production company, with a geographic focus on the Asia-Pacific region.
The company currently produces over 4,000 barrels of oil per day net from its fields in New Zealand and China, which generated over US$80 million in net operating income after operating expense for the year ended 30 June 2015. Further development candidates remain in and around these producing fields.
Horizon Oil maintains prudent policies of oil price hedging and loss of production insurance to ensure that sufficient cash flow is generated to meet the funding requirements of its growth program.
The company holds a large undeveloped reserves and contingent resource position in Western Province, onshore Papua New Guinea. These are liquids-rich gas resources and reflect Horizon Oil’s strategy to focus on Asian gas for growth. Gas constitute about 2/3 of the reserves and resource base. Commercialisation pathways for the gas are emerging.
Although Horizon Oil anticipates continuing strong cash generation over the medium term from its existing producing fields, these developed reserves account for only 10% of total reserves and resource base. The focus going forward will be on new field development, funded largely from existing production cash flow.
Latest Media Releases
18/12/2015 12:08:00
Horizon Oil is pleased to advise that the WZ12-10-2 field, located in the Weizhou 12-8 Fields Area of Block 22/12, Beibu Gulf, People’s Republic of China, has commenced production. The WZ 12-…
18/12/2015 09:53:00
Please find attached the media release from OMV New Zealand, operator of Horizon Oil’s Maari/Manaia field regarding the upgrade of the FPSO mooring system.
The work, which will…
Latest News
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9 years ago
14 Apr 2014 - Horizon Oil Limited's (ASX:HZN) Stanley gas condensate development project scores the green light from the government of Papua New Guinea.
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10 years ago
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10 years ago
22 Apr 2013 - Horizon Oil Limited (ASX:HZN) expands its real estate in Papua New Guinea.
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11 years ago
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11 years ago
22 Nov 2012 - ASX surges 1% to above 4400. Horizon Oil Limited (ASX:HZN) flags potential divestment opportunities for its natural gas assets in Papua New Guinea.
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