Horizon Oil Limited (ASX:HZN) (OTCMKTS:HZNFF) advises that OMV New Zealand, operator of the Company's Maari oil field, has taken the precautionary step of suspending production and de-manning the Maari wellhead platform.
Horizon Oil Ltd
Horizon Oil Limited (ASX:HZN) (OTCMKTS:HZNFF) is an ASX-listed petroleum exploration and production company, with a geographic focus on the Asia-Pacific region. The company currently produces over 4,000 barrels of oil per day net from its fields in New Zealand and China, which generated over US$80 million in net operating income after operating expense for the year ended 30 June 2015. Further development candidates remain in and around these producing fields.
Horizon Oil maintains prudent policies of oil price hedging and loss of production insurance to ensure that sufficient cash flow is generated to meet the funding requirements of its growth program.
The company holds a large undeveloped reserves and contingent resource position in Western Province, onshore Papua New Guinea. These are liquids-rich gas resources and reflect Horizon Oil’s strategy to focus on Asian gas for growth. Gas constitute about 2/3 of the reserves and resource base. Commercialisation pathways for the gas are emerging.
Although Horizon Oil anticipates continuing strong cash generation over the medium term from its existing producing fields, these developed reserves account for only 10% of total reserves and resource base. The focus going forward will be on new field development, funded largely from existing production cash flow.
Horizon Oil Limited (ASX:HZN) (OTCMKTS:HZNFF) is pleased to provide the company's latest Quarterly Activities Report.
Horizon Oil Limited (ASX:HZN) (OTCMKTS:HZNFF) is pleased to provide its Annual Report and Notice of AGM 2016.
Further to shareholder approval of the IMC Financing Proposal at the general meeting of 6 September 2016, Horizon Oil Limited (ASX:HZN) (OTCMKTS:HZNFF) (Horizon Oil or the Company) advises that it has satisfied all conditions precedent under the US$50 million secured subordinated debt facility.
Horizon Oil Limited (ASX:HZN) (OTCMKTS:HZNFF) are pleased to provide the Company's Financial Results Presentation for August 2016.
Horizon Oil Limited (ASX:HZN) (OTCMKTS:HZNFF) financial results for the financial year ended 30 June 2016 are set out in the attached results announcement, Preliminary Final Report (Appendix 4E) and Annual Financial Report.
Horizon Oil Limited (ASX:HZN) (OTCMKTS:HZNFF) advises that a shareholder briefing will be held on 30 August 2016 at 11.00am (AEST) in relation to the 2016 full year financial results.
Horizon Oil (ASX:HZN) (OTCMKTS:HZNFF) recently engaged an independent expert to provide a report for the Notice of Meeting and Explanatory Statement to be sent to shareholders in connection with the Refinancing Arrangements announced on 27 June 2016.
Horizon Oil Limited (ASX:HZN) (OTCMKTS:HZNFF) announce the Quarterly Activity Report for the period ending June 2016 with significant highlights.
Australian Market Report of January 31, 2011: Roc Oil (ASX:ROC), Horizon Oil (ASX:HZN), Petsec Energy (ASX:PSA): Joint Venture Achieved Milestone In China Oil Fields Development
Australian Market Report of January 31, 2011 includes: China National Offshore Oil Company Limited (HKG:0883) (NYSE:CEO) has approved the Project Investment and the Overall Development Plan for the development of the three oil fields in China; Copper Strike Limited (ASX:CSE) signed agreements with China to fund multi-deposit project in North Queensland; Jupiter raises A$150 million to advance mining projects in South Africa and Australia; Viralytics Limited (ASX:VLA) (PINK:VRACY) has received Chinese notice for the grant of a patent involving of the use of CAVATAKTM RNA as an anti-cancer agent in human melanoma.