Here's a reminder of the AGM last November. Certainly makes for...

Here's a reminder of  the AGM last November. Certainly makes for interesting reading. Actually thought I was reading about another company, M1

CHAIRMAN’S ADDRESS
2014 HZN AGM
Ladies and Gentlemen,

1. INTRODUCTION

The 4 main points underpinning this address will be:-
. 2014 was a year of records for Horizon Oil including production, revenue and net cash flows from operations, notwithstanding a disappointing share price.
. This strong operational/financial performance has provided a solid foundation for funding of the company’s substantial portfolio of growth assets.
 . The board continues to review our corporate strategies with the prime objective of accelerating the realization of shareholder value …whilst also…
 . Continuing a heavy emphasis on: (a) financial risk mitigation and funding, and (b) sustainability, namely safety and health, security, environmental and the welfare of the communities in which we operate

One of the issues raised at our recent corporate strategy review was a sense of frustration and impatience that returns to our shareholders within the originally envisaged time frame had not been achieved, notwithstanding demonstrable and substantial achievements in building sustainable underlying shareholder value.

It would be surprising if at least some other shareholders did not feel the same way!

Shareholders can be assured that the board and management are doing all we
responsibly can (as outlined in this address and in Brent Emmett’s presentation) to deliver returns and value to shareholders.

Thank you.
Fraser Ainsworth
21 November 2014



CEO’s Address
Brent Emmett
AGM 21 November 2014
Horizon Oil has been offered improved terms from existing and potential new senior lenders and is reviewing other financing structures to provide greater funding flexibility
. As well as asset based debt funding, substantive yield seeking funding exists in Asian capital markets
 . Refinancing arrangements to be undertaken in 2015 will envisage adequate liquidity for potential redemption of convertible bonds in 2016
 . Objective is for structure of refinancing package to clearly demonstrate Horizon Oil’s capacity to fund future development program

Share price does not reflect:-
− Grant Samuel valuation A$0.49 – 0.63
− Deloitte valuation A$0.45 – 0.55
− Broker consensus A$0.39 – 0.55

. Even at recent share price, market capitalisation significantly exceeds capital raised
. shareholder value growing
. Share prices of ASX listed comparables have moved sideways over the last 3 years and fallen sharply recently with the oil price
. Horizon Oil has the capacity to be a leading mid-cap Asian E&P on enterprise value and EBITDA
. Horizon Oil is undervalued against its Asian listed peers on reserves + resources and EBITDA multiples
. The re-rating of Oil Search’s share price in anticipation of first LNG from its PNG project underlinesthe importance of commercialising Horizon Oil’s PNG gas

http://hotcopper.com.au/threads/ann-2014-annual-general-meeting-presentation.2407613/#.VYJq6Gow_IU