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17/9/2018 — Oil and Gas
Horizon cites FY18 achievements
By Ross Louthean

Horizon Oil Ltd (ASX: HZN) told an Australian petroleum conference last week that it had made major advances in fiscal 2018.

The company told the Good Oil Conference in the Western Australian port city of Fremantle that in the year it had achieved a 16% higher volume of oil sales at 1.65 million barrels, compared to FY17.

Thanks in part to a lift in the oil price sales revenue of $US100 M was 46% higher than FY17, and EBITDAX of $US68.5 M represented a 52% lift.

Net cashflow from operating activities of $US57.6 M was 62% greater than FY17 while net debt was reduced by $US20 M to $US88.6 M. The company has $US27.6 M cash on hand.

The conference was told that the additional 16% acquired in the Maari-Manaia offshore oilfields in New Zealand’s Taranaki represented an additional 3.1 mmbbls of added proved and probable (2P) reserves.

Horizon holds a 26.95% interest in the Beibu Gulf petroleum field in China and 26% in the Maari-Manaia fields where the joint venture was looking at opportunities for future development.

Horizon has a 30% interest in the Western LNG project in Papua New Guinea which it sees as its next development.

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