ABOUT
Who we are
Our Story
Horizon (HZN) is an Australian based company, listed on the Australian stock exchange which produces approx. 7,300 boepd* from diversified Asia-Pacific oil and gas producers with interests in nine producing assets across Australia, New Zealand, China, Thailand and Indonesia. We have low-cost conventional oil and gas production from joint venture interests in:Â
- Block 22/12, offshore China: our partners are CNOOC Limited, Fosun International Limited (via Roc Oil Company) and Oil Australia Ltd
- PMP 36180 Maari/Manaia fields, offshore New Zealand: our partners are OMV and Cue Energy Resources Limited
- Australia Amadeus Basin¹: Mereenie (OL4 & OL5), Palm Valley (OL3) and Dingo (L7): our partners are Echelon Mereenie, Central Petroleum Limited and Cue Energy
- Block E5N & EU1, Sinphuhorm gas and condensate field, onshore Thailand: our partners are PTTEP and Matahio
- Block E5, Nam Phong gas field, onshore Thailand: our partners are PTTEP and Matahio
- Mahato PSC and Sampang PSC, Indonesia²
¹ includes Horizon’s proportionate economic interest in Cue’s interests in Mereenie, Palm Valley and Dingo assets
² Horizon completed its off-market takeover of Cue Energy Resources Limited on 2 July 2026 and holds a 57.03% controlling interest. For financial relating purposes, effective control was obtained on 17 June 2026
In both of our non-operated oil projects (Block 22/12 and PMP 36180), Horizon has been a long-term partner (over 20 years in China and 17 years in New Zealand) and was a participant prior to and throughout the project appraisal and development phases, including the 2022 Block 22/12 12-8E development.
We have strong in-house corporate and technical capability, and we have a proven track record of working collaboratively with our partners to add significant value to our assets.
With a focused active management approach and a high calibre, hands‑on team, we’re committed to adding shareholder value through the maintenance and growth of resilient energy production.
*Reserves and resources are Horizon net/economic interest as at 30 June 2026. Production refers to FY26 Horizon net production. Volumes include Horizon’s proportionate economic interests in MHET and Cue assets where applicable.
Our Purpose and Strategy
Production
Low-cost, reliable production
Achieved record FY26 net production of 2.15 MMboe, with Cue acquisition lifting current production to ~7,300 boepd¹, supported by a resilient portfolio of established oil production and low-cost, oil-linked and fixed price gas assets
¹ Reserves and resources are Horizon net / economic interest as at 30 June 2026. Production refers to FY26 Horizon net production. Volumes include Horizon’s proportionate economic interest in MHET and Cue assets where applicable.
Assets
Income Generating
Diversified Asia-Pacific portfolio:
Nine oil and gas producing assets across Australia, New Zealand, China, Thailand and Indonesia
Reliable
LONG-TERM GROWTH, ASSET RELIABLITY AND NEW BUSINESS
Material 2P reserves of 13.6¹ MMboe and 2C contingent resources of 19.8¹ MMboe support a material, infrastructure-led opportunity set across the enlarged portfolio
¹ Reserves and resources are Horizon net / economic interest as at 30 June 2026. Production refers to FY26 Horizon net production. Volumes include Horizon’s proportionate economic interest in MHET and Cue assets where applicable.
Efficient
Lean, disciplined management model
Lean, partnership-led management model with in-country relationships, hands-on oversight and disciplined capital allocation
CAPITAL MANAGEMENT & SHAREHOLDER RETURNS FOCUS
Strong cash-generation credentials, continued focus on shareholder returns, and selective reinvestment in high-return portfolio opportunities
FY26 Highlights
Maximise Cashflow
- Record production of 2.15 MMboe and record sales of 1.98 MMboe
- US$47.2m cashflow from operating activities
- US$56.4m EBITDAX, with cash operating costs maintained below US$25/boe
- Closed FY26 with US$37.4m cash, after dividends, debt repayments and investment in organic and inorganic growth
Reinvest For Growth
- Integrated the Thailand assets, adding a material oil-linked domestic gas and cash-flow platform
- Acquired a 57.03% controlling interest in Cue, expanding Horizon to nine producing assets across five countries
- 13.6 MMboe of 2P reserves and 19.8 MMboe of 2C resources, up 51% and 61% respectively, supporting a substantial infrastructure-led opportunity set
- Current production ~7.300 boepd¹
¹ Current production of ~7,300 boepd at August 2026 includes Horizon’s proportionate economic interests in MHET and Cue assets
Return Capital
- FY26 total shareholder return of 18%
- AUD 2.5 cps of FY26 dividends declared: 1.5 cps interim plus 1.0 cps final
- US$33.1m paid to shareholders during FY26²
- Shareholders returns balanced with disciplined investment in organic and inorganic growh and US$10.6m in debt repayments
² FY26 dividends declared were AUD 2.5 cps. Distributions paid during FY26 were AUD 3.0 cps and included in the FY25 final and FY26 interim dividends. Cue was consolidated from 17 June 2026.
Timeline
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2025
December 2025
Letter of intent for accelerated drilling of 2 wells at Mereenie and long-term gas supply
August 2025
Final distribution of AUD 1.5 cents per share for the 2025 financial year
Maari (PMP 38160) ten-year extension to 2037
Completion of Thailand acquisition
July 2025
Financial close on amended senior debt facility
June 2025
Appoints Ms Catherine Costello to the board
March 2025
Interest acquisition of 7.5% of Sinphuhorm & 60% of Nam Phong producing gas files onshore Thailand
January 2025
Mereenie Development Well WM29 completed & WM30 commences
Interim FY25 dividend to be paid in April 2025 of AUD 1.5 cents per share
2024
December 2024
Commencement of Mereenie drilling program
August 2024
Final unfranked (conduit foreign income) dividend distribution of AUD 1.5 cents per share
July 2024
Secures strategic long-term gas sales agreementsÂ
June 2024
Finalisation of financing arrangements and completion of Mereenie acquistion
April 2024
Horizon announces the execution of a sale and purchase agreement with Macquarie Mereenie to acquire a 25% non-operated participating interest in the NT Mereenie oil and gas field
Commencement of 2024 drilling operations in Block 22/12, Beibu Gulf
February 2024
Completed a three well workover campaign on WZ6-12 comprising activities to restore production from two inactive wells and preparatory work on a third inactive well to enable side-tracking during the proposed 3-4 well drilling program prior to financial year end
Interim FY24 dividend announced of AUD 1.5 cents per share (total return of ~AUD 24 million) – to be paid in April 2024
January 2024
Beibu Block 22/12 cumulative gross production reaches the 40 mmbbls milestone
2023
August 2023
Horizon’s China joint venture celebrates ten years of production
July 2023
Horizon delivered Total Shareholder Return [TSR] of 40% adding over AUD 80 million of shareholder value
January 2023
Record production achieved at China’s Block 22/12 with daily oil rates reaching peak production of ~20,000 bopd gross (5,400 bopd net)
2022
December 2022
First Seed capital investment in carbon removal credit developer [Nobrac] with a de-carbonisation project to commence on Kangaroo Island
July 2022
Horizon announces total distribution of AUD 3 cents per share made up of an AUD 1.65 cent per share dividend and an AUD 1.35 cent per share return of capital
April 2022
On 8th April , WZ12-8E at Block 22/12, Horizon’s Joint Venture project in the South China Sea brings into production Horizon’s first new oilfield development in over eight years
2020-21
June 2021
Horizon returned a surplus capital of A$47 million to shareholders
December 2020
Horizon completes sale of PNG assets
June 2020
Horizon achieves underlying profit before tax of $US15m. The first time in over 10 years that the company was able to deliver a net cash position
2019
October 2019
13% increase in oil sales to a record 1.87 million barrels. Accelerated debt reduction with 68% reduction in net debt in FY19
August 2019
Production reaches 40 million barrels at Maari, New Zealand
2018
May 2018
Horizon acquires additional 16% interest in PMP 38160
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2013 - 14
December 2014
First oil from the Maari Growth Project
August 2013
Production begins from Block 22/12
May 2013
Horizon announces part sale of PNG assets to Osaka Gas for US$74 million and a further contingent US$130 million in cash upon a final investment decision for an LNG project
March 2013
Horizon joint venture commences production at their Beibu Gulf assets in China
2009 - 11
June 2011
Horizon acquires additional interests in Block 22/12, China
2010
Production reaches 10 million barrels at Maari, New Zealand
September 2009
Horizon announces part sale of PNG asset to Talisman for US$60 million
February 2009
First oil from Maari project
2002 - 08
2008
Successful production test of the Stanley 1 well, PNG
2006
Discovery made in 6-12S in China
2003
Horizon acquires 10% interest in PMP 38160, New Zealand, containing the Maari discovery
2002
Name changed to Horizon Oil Limited from Bligh Oil
2026
September 2026
Thailand – NP Booster Gas Compressor Commissioned and Online
August 2026
Thailand – First Gas Achieved Ahead of Schedule
July 2026
Completion of off-market takeover of Cue Energy Resources Limited (“Cue”)
June 2026
Awarded the Deal of the Year (under US$100 million) at the Energy Council awards, together with our partner, Matahio
April 2026
Mereenie PWC Letter of Intent expired without agreement on replacement terms. The proposed additional infill drilling program is pending commercially acceptable gas sales arrangements.
March 2026
Takeover offer for Cue Energy Resources Ltd (CUE)
February 2026
Mereenie – LOI gas sales agreement update
Divident Distribution 1.5 cps declared for payment in April 2026
January 2026
Final Investment Decision approved for Nam Phong Booster Compressor Project, onshore Thailand
Quick Links
Horizon Head Office
Level 4, 360 Kent Street
Sydney NSW 2000
T: +61 2 9332 5000
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