• Interim unfranked dividend of AUD 1.5 cents per share, totalling A$24.4 million
• Production and sales volumes up 11% following Mereenie acquisition
• Mereenie infill well program successfully completed, boosting production

Horizon Oil Ltd has reported its half-year results for the period ended 31 December 2024. The company's net working interest production for the half-year was 11% higher than the prior comparative period at 849,147 boe, attributable to the Mereenie acquisition which completed on 11 June 2024. The company also successfully completed a four-well infill drilling campaign in Block 22/12, which offset the natural decline from the Block 22/12 fields. Maari production remained steady throughout the half-year. Sales revenue of US$55.9 million was generated during the half-year, with an average realised oil price of US$78.66/bbl, inclusive of hedge settlements, and an average realised gas price of A$6.62/GJ. The company reported a profit after tax of US$6.6 million for the half-year, with the reduction from the prior comparative period substantially due to the lower realised price for oil, partially offset by the increase in sales volumes following the Mereenie acquisition. Horizon Oil has declared an interim unfranked (conduit foreign income) dividend of AUD 1.5 cents per share, totalling approximately AUD24.4 million, to be paid in April 2025. The company remains in a strong financial position, with sustained high oil prices and production ensuring it can continue to execute its strategy of realising value for shareholders.

The company expects improved revenues from Maari and Mereenie in calendar year 2025, driven by recently improved Maari production and new gas contracts for Mereenie, combined with the production from two new Mereenie wells.

The company remains focused on executing its strategy of realising value for shareholders, with plans maturing for further infill drilling at Block 22/12 later in calendar year 2025.