HIGHLIGHTS
- Annual revenue of US$104.0 million through 30 June 2015; revenue of US$25.1 million for June quarter
- Annual production of 1.31 million bbls; annual sales 1.21 million bbls
- Production for quarter 367,342 bbls, an increase of 13.2% on prior quarter
- Average realised price US$78.10/bbl for oil sold in June quarter
- Cash at year end US$61.3 million
- Current net daily oil production rate of 4,400 bbls
- Operating cost US$12.35/bbl for June 2015 half
- Maintenance of strong operating income levels, despite falling oil prices, resulting from continued lower operating expenditure, decreasing approximately 40% from December 2014 half year, and hedging gains
- Capital expenditure for June 2015 half reduced by 70% from December 2014 half from US$63.9 million to US$18.7 million with completion of exploration and development drilling in China, Papua New Guinea and New Zealand
- Maari growth projects drilling program complete; final well commenced production on 6 July 2015 increasing field production to over 16,000 bopd
- Block 22/12, China: Horizon Oil’s cost recovery oil entitlement - US$98.0 million at 30 June 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 and Repsol joins Elevala/Ketu and Stanley joint ventures
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