Horizon Oil (HZN) Status update summary

Strategic transformation and portfolio expansion

• Achieved record FY 2026 production of 2.15 MMboe and sales of almost 2 MMboe, up 33% and 22% year-on-year, before Cue Energy Resources contribution.

• Expanded to a five-country platform with nine producing oil and gas fields after acquiring Cue Energy Resources, operating across the Asia-Pacific.

• Diversification now spans cash flow, commodity exposure, maturity, and opportunity type, not just geography.

• 2P reserves increased 51% to 13.6 MMboe as of 30 June 2026, with 2C contingent resources at 19.8 MMboe and 2U prospective resources at 14.3 MMboe.

• Current net production is approximately 7,300 boepd, including Cue Energy Resources, as of August 2026.

Financial performance and capital management

• Over AUD 270 million distributed to shareholders in the past six years, reflecting disciplined capital management.

• At 30 June 2026, retained AUD 37.4 million in cash after debt repayments, dividends, and Cue acquisition costs.

• Net debt stood at AUD 11.3 million, maintaining balance sheet flexibility while funding growth and reducing debt.

• Paid a US$17 million interim dividend in April 2026 and maintained strong cash generation.

• Focus remains on converting portfolio into cash and allocating it efficiently for growth and returns.

Operational and organic growth opportunities

• Multiple infrastructure-led, approval-gated projects are in the pipeline to support production and cash flow through 2035.

• Thailand assets (Sinphuhorm & Nam Phong) now a key cash flow engine, with Q4 revenue up 18% to AUD 7.3 million.

• Multiple infill drilling, workover, and optimization projects underway or planned across all regions.

• Indicative production outlook suggests potential to sustain and grow production and cash flow for the next decade.

• Focus remains on low-risk, organic growth opportunities and maintaining a disciplined approach to capital allocation.