Its got some of ground to catch up. Brent Crude prices jumped...

Its got some of ground to catch up. Brent Crude prices jumped from the mid-high $40/bbl range to over $60/bbl a month or so ago, which was a pretty big deal given many in the market expected Brent to continue down to $20-30/bbl. Thankfully it didn't. The rebound in Brent prices saw the oil and gas sector rally pretty hard, globally, while HZN was sold down aggressively and its stock price continued to fall, as someone (we still don't know who?) abandoned their holding. IMC/Austral-Asia Energy, an Asian generalist investor and long term cornerstone investor of HZN, picked up the scraps and now they own ~27% of HZN. I estimate HZN, if everything is OK/it is normal, should put on ~5c/sh (my guess) at some point to recover the lost ground. Theoretically, it should be highly leveraged to an oil price recovery due to its relatively large debt position - so far it has just been leveraged to the downside. What I/we are hoping, is that is about to change.

re dividends: HZN told investors a couple of years back that it would pay out dividends from the Osaka payments. I think that is unlikely - the first Osaka payment came through and there were no dividends. The second payment is conditional on FID or a third party deal on export gas - e.g. if it does a deal with OSH on PRL 21 gas, to feed PNG LNG T3, HZN should get US$130m from Osaka Gas and things start to look better in terms of retiring some debt. HZN otherwise is about to be cash-strapped, pending the outcome of a large debt raising/refinance, or, if that doesn't work, an equity capital raising, so I doubt dividends will be a part of the HZN story for a long time (my opinion anyway).