Central Petroleum Ltd. advises that the new West Mereenie 29 well has been tied-in and commenced flowing to sales on 20 January 2025. Following a predetermined ramp up program, a production rate test achieved ~7 TJ/d over a 2-hour period. Production from WM29 will be limited to 6 TJ/d which is the capacity limit of the wellhead skid. WM29 production should increase aggregate Mereenie sales gas capacity to at least 30 [...]
Horizon Oil provides the Company's Quarterly Activities Report for the period ending 30 June, 2017. HIGHLIGHTS FINANCIAL - Revenue lifts 5.9% to US$19.0 million for June quarter 2017 (inclusive of hedge settlements), compared to the prior quarter. This results from oil sales of 378,254 bbls at an average realised oil price of US$50.21/bbl. - FY 2017 revenue of US$68.5 million and net annual operating cash flow (see [...]
Horizon Oil is pleased to advise that it has increased to about 28% its interest in the total certified resources contained in Papua New Guinea's Western Foreland fields of 2.0 - 2.5 tcf gas and 60 - 70 mmbbl of condensate. The Company and partner Repsol now operate all the licences and hold 70% of the total gas resource to be aggregated to underpin the proposed 1.5 million tonnes per annum (mtpa) Western LNG project [...]
Horizon Oil s pleased to advise that it has made a US$5m prepayment of the US$50m subordinated, non-amortising loan from its largest shareholder, IMC Investment Limited (IMC). The Company intends to repay a further US$5m before the end of this year, provided no unforeseen circumstances arise in the interim. This will result in a reduction in interest payments of about US$1.0m p.a. - Early debt repayment from strong cash [...]
Horizon Oil is pleased to provide the Company's Quarterly Activities Report. HIGHLIGHTS FINANCIAL - Revenue of US$17.9 million for March quarter 2017, inclusive of hedge settlements, an increase of 28.5% over prior quarter resulting from oil sales of 349,602 bbls at an average realised oil price of US$52.40/bbl. Horizon Oil's free cashflow break-even price is US$33/bbl. - Cash at 31 March 2017: US$20.6 million. - Net [...]
Horizon Oil is pleased to provide the Company's presentation which will be made today by Brent Emmett at The CEO Sessions. Horizon Oil as an investment proposition Horizon Oil is poised for a share price re-rating off the back of: - Strong, long-lived production profile and cash flow - Enviable free cash flow breakeven per barrel compared to peer companies - Stable financial position, with steadily decreasing debt [...]
Horizon Oil is pleased to provide the Company's latest Investor Presentation. Horizon Oil as an investment proposition Horizon Oil is poised for a share price re-rating off the back of:- - Strong, long-lived production profile and cash flow - Enviable free cash flow breakeven per barrel compared to peer companies - Stable financial position with steadily decreasing debt position - Strategic stake in large oil and [...]
Horizon Oil is pleased to advise that Mr Greg Bittar has today been appointed as non-executive director of the Company. Mr Bittar has extensive experience in public and private markets mergers and acquisitions, capital markets and strategic advisory assignments across a range of sectors including general industrials, metals and mining, mining services and energy. He is currently Chairman of [...]
Horizon Oil is pleased to provide the Company's latest CEO presentation at PNG Petroleum and Energy Summit titled "Developing Western Province Gas". Presentation outline - Western Province hydrocarbon accumulations - where are they located? - Who are the players? - Gas commercialisation opportunities - Development alternatives o Western LNG (WLNG) o Western Pipeline - The size of the prize - Key success factors [...]
Horizon Oil is pleased to provide the Company's half-year report for the period to 31 December 2016. HIGHLIGHTS - Net cash from operations of US$19.7 million, EBITDAX of US$18.4 million, gross profit of US$8.8 million and US$18.3 million cash on hand. - Operating costs 27% lower at US$22.8 million, driven by cost savings in response to lower oil prices. - Net operating cashflow of US$53.5 million in CY 2016 and [...]
Horizon Oil is pleased to provide the Company's latest presentation for Half-Year FY2017 Financial Results. Operational results HSSE - Lost Time Injury Frequency Rate (LTIFR) of 0.0, Total Reportable Injury Frequency Rate (TRIFR) of 0.0 at 31 December 2016 over a 12 month rolling period (~25,000 manhours) China -Continued strong production during the period from combined WZ 6-12 and WZ 12-8W fields in the Beibu Gulf [...]
Horizon Oil is pleased to provide the Company's Quarterly Activities Report for the period ended 31 December, 2016. PRODUCTION Block 22/12, Beibu Gulf, offshore China (Horizon Oil: 26.95%) Gross oil production for the quarter averaged 7,592 bopd (HZN: 2,046 bopd prior to additional cost recovery oil entitlement). Production was affected in the quarter by typhoon Sarika which, for safety reasons, required temporary [...]
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