In accordance with Listing Rule 4.2A.3, Horizon Oil Limited lodges its half-year report for the period to 31 December 2014. The financial results for the period are set out in the attached Appendix 4D and half-year report.
Financial results
- The Group reported a profit of US$7,343,000 for the current half-year compared with a loss of US$47,000 in the 2014 half-year. The half-year result includes a gross profit of US$22,349,000 (2013: US$15,059,000) from Block 22/12 and Maari operations coupled with other income including insurance claim proceeds of US$3.8 million offset by corporate general and administrative expenditure of US$4.2 million, exploration and development expenses of US$10.9 million, financing costs of US$8.0 million, income and royalty tax expense of US$0.6 million and a favourable movement in the mark-to-market valuation of the convertible bonds of US$4.7 million.
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