HORIZON OIL LIMITED
(ASX:HZN) QUARTERLY REPORT HIGHLIGHTS:
- Proposed merger with Roc Oil announced on 29 April 2014; scheme booklet issued on 3 July 2014
- Stanley development licence granted on 30 May 2014
- Completion of transaction with Osaka Gas; receipt of US$78 million comprising first milestone payment (US $74
million) of US$204 million aggregate consideration and remaining completion adjustments of US$4 million
- Block 22/12, offshore China: 5 million barrels cumulative oil production milestone achieved
- Maari growth projects program proceeding well
- Whio well, offshore New Zealand, spudded
- Production for quarter 350,845 bbls; annual production 1.43 mmbo
- Production revenue for quarter $32.4 million (sales of 305,452 bbls); annual revenue US$144.33 million
CORPORATE
Proposed merger with Roc Oil
Horizon Oil and Roc Oil announced a proposed merger on 29 April 2014.
The scheme booklet, including the independent expert’s report, was reviewed by ASIC and approved by the Federal Court on 3 July 2014. The independent expert, Deloitte Corporate Finance Pty Limited concluded that the merger is in the best interests of Horizon Oil’s shareholders. The independent expert commissioned by Roc Oil to prepare a report on the proposed merger, Grant Samuel & Associates Pty Ltd similarly concluded that the proposed merger is in the best interests of Roc Oil shareholders.
The scheme meeting to approve the scheme of arrangement to effect the proposed merger will be held on 7 August 2014. If the requisite majority of shareholders approves the scheme of arrangement, the second court hearing is scheduled for 14 August 2014. Following approval of the scheme of arrangement by the Federal Court, the merger will be implemented on 29 August 2014.
