Horizon Oil Limited's CEO to present at MST Financial Oil & Gas webinar

Horizon Oil Limited (ASX: $HZN) is set to present at the MST Financial Oil & Gas webinar on Wednesday, 19 June 2024, at 2pm AEST. The CEO, Richard Beament, will deliver a presentation to investors and shareholders, highlighting the company's achievements and future strategies.

Executive Commentary on Delivering on Strategy

Horizon Oil Limited has achieved significant milestones in the 2023 calendar year, with a focus on maximizing free cashflow and delivering further distributions to shareholders. The company generated EBITDAX of US$95.3 million and maintained a net cash position of US$45.1 million at the end of the period. The record production and sales volumes, exceeding 1.7 million barrels, were primarily driven by the Block 22/12 WZ12-8E field development and successful workover operations. Despite inflationary pressures, the company managed to control cash operating costs, averaging less than US$20 per barrel for the calendar year.

Summary of MST Financial Oil & Gas Webinar Presentation

Horizon Oil Limited's presentation at the MST Financial Oil & Gas webinar highlighted the company's commitment to maximizing free cashflow, delivering further distributions to shareholders, and continuing to invest in production growth. The focus remains on developing the company's substantial inventory in contingent and prospective resources, with near-term priorities including Block 22/12 infill and appraisal opportunities, Maari workover operations, and Maari life extension studies. The company also executed the proposed Mereenie acquisition, aiming to enhance its capital management potential and diversify its production base. Horizon Oil Limited provided a strong outlook, anticipating a strong end to the financial year driven by production and oil price, with a forecasted revenue of US$110-120 million and EBITDAX of US$62.5-72.5 million for FY24.