Financial year highlights
Performance
1,310,485 barrels produced, sales of 1,214,488 barrels at an average realised price (net of hedging) of US$85.6 per barrel, generating revenue of US$104.0 million, with operating expenditure of US$60.0 million.
Cash
US$61.3 million cash on hand at 30 June 2015. Net cash from operating activities of US$66.8 million was offset by development and exploration drilling, and growth projects to exploit further reserves.
Production
Combined production rate of Maari and Beibu Gulf fields ~4,100 bopd at year end net to Horizon.
Cumulative gross oil production since commencement, as at 30 June 2015: Maari field 27.0 million barrels; Beibu Gulf fields 9.0 million barrels.
Profit & Loss
Profit after tax of US$18.3 million. EBITDAX of US$89.1 million, including US$20.3 million of hedge gains realised.
Capex
US$83.0 million capital expenditure was incurred on development wells China and New Zealand (including the Maari Growth Projects), and exploration wells in China and Papua New Guinea.
Debt
Financial close was achieved on a US$120 million revolving cash advance facility in May 2015,refinancing the previous facility on improved terms. The facility incorporates an additional US$50 million “accordion” tranche to accommodate, if required, redemption of the US$80 million convertible bonds in June 2016. The company expects to have available substantial additional cash reserves to meet redemption obligations under the Company’s US$80 million 5.5% convertible bonds maturing in June 2016. Net debt to EBITDAX of < 2
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