Good luck all, M1
4/8/2014 Takeover Offer For Roc by Fosun Price 34.5c
Commenting on this development, Mr Brent Emmett (Managing Director and Chief Executive Officer of Horizon Oil) said:
"While the Board of Horizon Oil saw significant value potential in creating what we
considered would be a leading Asian mid-cap E&P company, we note and respect Roc's
decision to be acquired for cash, as a low risk means of achieving immediate value for its
assets, bringing an end to Roc's 15 year history as an ASX listed oil and gas company. We
wish Roc and its new owners well with their future endeavours.
The Board believes shareholders in Horizon Oil can look forward to a bright future through value realisation and cash flow generation from Horizon Oil's diversified portfolio of production, development and exploration assets. In particular, prospects for our PNG business, which was the focus of Roc’s merger ambitions, remain very strong with encouraging recent progress.
Following receipt of US$78 million from the completion of the partial sale of Horizon Oil's
PNG interests to Osaka Gas, comprising the first milestone payment of the US$204 million
aggregate consideration, Horizon Oil's balance sheet is in very sound shape, with cash
reserves of approximately US$100 million at the end of the June quarter and solid production
cashflow.
Elsewhere, work to access relatively low risk, substantive additional reserves in and around
Maari field offshore New Zealand is in full swing, with two rigs currently drilling. With regard
to Horizon Oil’s 27% interest in the Beibu fields, offshore China, we believe the price being
paid by Fosun for Roc is consistent with a high valuation for Beibu, given that Roc’s
independent expert’s report classifies Roc’s 20% interest in Beibu as the most valuable asset of Roc’s portfolio, by a large margin.
With a strong and experienced management team and with the support of our ordinary
shareholders and convertible bond holders, we believe we are well positioned to create
material value from our focused approach to E&P opportunities in the Asia Pacific region."
6/8/2014 Price 33c
Letter to Shareholders
Horizon Oil: Strong prospects from diversified assets “As an independent and successful energy company, Horizon Oil is committed to building wealth for its shareholders and will consider opportunities to further expand its operations as they arise. Assessing the outlook for Horizon Oil, Mr Emmett said: “Prospects for our PNG business, which was the focus of Roc’s merger ambitions, remain very strong with encouraging recent progress, and we intend to continue to focus on creating value from our PNG assets. Elsewhere, our Beibu fields continue to produce well and we are working to add additional reserves to the development with new step-out wells and the proposed development of the WZ 12-8Efield. At Maari field, offshore New Zealand, work to access relatively low risk, substantive additional reserves in and around the producing fields is proceeding on schedule, with two rigs currently drilling.”
27/8/2014 Price 35c
Preliminary Final Report
Commenting on the result, Horizon Oil’s Chief Executive Officer, Brent Emmett,
stated:
"This is a solid result. On all key measures, production, revenue, cashflow, profit and
balance sheet strength, Horizon Oil is well positioned for continued growth. The Company’s
strategic assets ensure that we have a development pipeline that will continue to deliver for our shareholders.”
With all the glowing commentary from Horizon (above) what happened next? CBA bailed out!
28/8 Price 34c
Change in substantial holding from CBA
28 Jan 2015
Presentation to Oil Council Asia-Pacific Assembly, Singapore
Brent Emmett CEO p20
Focus on growing Horizon Oil to be an E&P leader in Asia-Pacific upstream space
Optimise oil and gas production from our existing producing fields
Develop discovered resources within our existing asset portfolio, taking advantage of anticipated capital cost deflation resulting from low oil prices
Evaluate the company’s exploration portfolio in and around our development assets
Undertake disciplined evaluations of new opportunities and continual review of our portfolio to ensure focus, balance and growth
Manage capital expenditure budget conservatively, especially in low oil price environment
Maintain a prudent financial outlook, minimise risk whereHorizon Oil’s long term strategy has always been to be a ENP leader in the Asia Pacific area. We a have a large resource and reserves base only about 12 % of which has been developed. So if we are going to be a much larger company our focus has got to be bringing those undeveloped reserves and resources into the reserves and the developed category. That’s where our attention is focussed in the medium to long term and we believe that if (that's a big IF imo - M1) we are successful in doing that our shareholders will be rewarded by the valuations that are being put on reserves. As our shareholders would expect we are very much focussed on keeping our capital costs low in 2015 and in 2016. We are optimising production from our existing fields and as I mentioned before this also includes getting reductions from suppliers in our operating expense. A big part of our focus o 2015 is on our undeveloped reserves and resources and we’ll be exerting a lot of effort in moving those projects forward in terms of planning so that we can take advantage of the cost inflation we’re seeing in capital costs. So these are the main things we’re focussing on this year. We do always at this time in the cycle keep a weather eye out for opportunities and I don’t rule out that there might be a long-dated low cost opportunity with some upside that might be a good acquisition for us.
Price 12.5c!!!!!
Is Mr Market listening to all this? Price 9.0c. You be the judge.
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