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Horizon Oil Report on First Quarter Activities - 30 September 2015

-  Revenue of US$20.8 million for September quarter 2015; calendar year to date revenue of US$75.6 million
-  Production for quarter 354,063 bbls; calendar year to date production of 1.0 million bbls
-  Average realised price, including hedging gains, of US$64.70/bbl for oil sold in September quarter
-  Cash at 30 September 2015: US$44.0 million
-  Current net daily oil production rate of approximately 4,000 bbls
-  Operating cost US$11.60/bbl for September quarter sales volumes
-  Maintenance of strong operating income levels, despite falling oil prices, resulting from continued lower operating expenditure and hedging gains
-  Maari growth projects drilling program completed; final well commenced production on 6 July 2015 increasing field production to over 16,000 bopd
-  Purchase and cancellation of US$21.2 million of 5.5% convertible bonds maturing in mid-2016, reducing outstanding bonds to US$58.8 million of initial $80 million
-  Insurance proceeds from 2013 Maari mooring and swivel repair claim: aggregate net recoveries of US$7.4 million with US$4.0 million received in Q2 and Q3 2015 and remaining US$3.4 million to be received in December quarter
-  Block 22/12, China: Horizon Oil’s cost recovery oil entitlement - US$97.3 million at 30 September 2015; materially increasing the Company’s production entitlement from the field in 2016 from 26.95% to over 35% while the cost recovery entitlement is preferentially recovered
-  PNG: substantial activity and transactions surrounding Horizon Oil’s Western Province gas/condensate resources as PNG LNG expansion and Papua LNG progress to FID by end 2017; emerging gas sales opportunities to meet West Papuan future agribusiness and industrial demand enjoying strong cross-border government support.
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