On 11 April 2019, Horizon Oil Limited (ASX: HZN) notified the market that it had appointed Mr Chris Hodge as an independent non-executive director of Horizon Oil, effective today.
Mr Hodge has more than 4 decades of experience in the oil and gas sector, as well as training as a geologist and petroleum geophysicist. He had held senior managerial and consulting positions in major petroleum exploration and production companies. He is a non-executive director of Xstate Resources and former non-executive director of ROC Oil Limited. Also, he is a member of the Petroleum Exploration Society of Australia (PESA) and the American Association of Petroleum Geologists (AAPG).
On the appointment of Mr Hodge, HZN’s Chairman Mr Mike Harding said that he was happy to welcome Mr Chris Hodge to the Horizon Oil Board, who brings a wealth of oil and gas and geotechnical expertise. He also said that Mr Hodge’s experience aligns closely with HZN’s present asset portfolio and core strategic focus in the Asia-Pacific region.
Further, the company announced, about the change of interest of its director Mr Christopher Hodge. The information or documents about the interest are not available at present, and the company would provide it to ASX as soon as it is available to it.
In its half-year report for the period ending on 31 December 2018, the company mentioned that Oil sales for 2018 calendar year were of over 2 million barrels, a 45% increase over the 2017 comparative period. The average realised oil price of US$ 63.33/bbl for the calendar year was inclusive of hedge settlements. The sales for half?year of 1,021,218 bbls (up by 54% on the previous half?year) was at an average realised oil price of US$ 62.28/bbl inclusive of hedge settlements.
The production for the 2018 calendar year was of over 1.5 million barrels, a 40% increase over the 2017 comparative period. The production for half?year was of 801,904 bbls (up by 44% on prior half?year). The low operating cost sustained at below US$ 20/bbl sold and free cash flow breakeven (inclusive of capital expenditure, corporate, finance cost and tax), at US$ 36/bbl sold. There was good progress made on 12?8 E development planning, CNOOC anticipating FID in 2019 with the first production targeted in early 2021.
For the half-year period ending on 31 December 2018, the company recorded the gross profit of US$ 2.6 million from US$ 1.3 million in the previous corresponding period (pcp). The Profit for the half-year stood at US$ 2.0 million from US$ 9.5 million in the pcp. At the end of the half-year period, the company had total assets standing at US$ 290,557,000 from US$ 309,632,000 in the pcp. The total liabilities stood at US$ 163,389,000 from US$ 214,323,000 in the pcp.
From the cash flow perspective, the company recorded the net cash inflows from operating activities at US$ 34,305,000. The net cash outflows from investing activities stood at US$ 7,988,000, and the Net cash outflows from financing activities stood at US$ 33,587,000. The cash and cash equivalents at the end of the half-year of the company was at US$ 20,355,000.
By the closure of the trading session on 11 April 2019, the company’s stock was at a price of A$0.120, up by 4.348% from its previous day’s closing price. The company has a market capitalization of around A$149.73 million with circa 1.3 billion shares outstanding.
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