Horizon Oil

Horizon Oil Limited is an oil and gas production and development company focused on offshore China and New Zealand. Headquartered in Sydney, Australia, Horizon has production assets in the Beibu Gulf, offshore China, and the Taranaki Basin, offshore New Zealand.

Horizon has a 26.95% interest in the Block 22/12 fields offshore China which generate approximately 80% of the company’s operating cash flows. Block 22/12 contains 38.1 million barrels of cumulative production plus 16.2 million barrels of remaining 2P reserve potential with a peak in December 2022 of 20,000 barrels of oil per day. Horizon also holds a 26% interest in the producing Maari and Manaia fields in the Taranaki Basin offshore New Zealand which contribute around 20% of operating cash flows.

The company is currently in a production growth and optimisation phase. Ongoing well intervention work at the Maari field has restored production rates to over 5,000 barrels of oil per day. Horizon is pursuing further near-field exploration opportunities at both assets and is considering a life extension of the Maari production license beyond 2027.

In the 2023 financial year, Horizon generated record revenues of US$152 million and EBITDAX of US$103.5 million. The company held US$46 million in cash at the end of September 2023 and maintains a strategy of maximizing free cash flow generation to fund shareholder distributions, production growth opportunities and pursue new business development.