• Statutory profit after tax of US$6.6 million
• Interim FY25 distribution to Shareholders of AUD 1.50 cps (~US$15.5 million)
• Sales revenue of US$55.9 million and EBITDAX of US$29.4 million

Horizon Oil Ltd reported a strong operational and financial performance for the first half of FY25, with a statutory profit after tax of US$6.6 million, sales revenue of US$55.9 million, and EBITDAX of US$29.4 million. The company achieved robust production and sales volumes of over 0.8 mmboe, benefiting from its investment in production growth over recent years. Horizon continued its focus on disciplined cost control, with cash operating costs averaging below US$25/boe despite inflationary pressures. The company generated free cashflow of over US$15.1 million in the half-year, allowing it to return approximately US$16.6 million to shareholders through an interim FY25 dividend of AUD 1.50 cps. Horizon also made progress on its ESG initiatives, including a materiality assessment, investment in carbon removal projects, and community engagement. Looking ahead, the company plans to continue investing in production growth, with a focus on developing its substantial inventory of undeveloped reserves and contingent resources, including infill drilling and workover programs at its Mereenie, Block 22/12, and Maari assets. Horizon remains well-positioned to deliver further returns to shareholders while investing in its growth strategy.

Horizon expects to maintain stable production from its three core assets - Mereenie, Maari, and Block 22/12 - through to the end of 2030, with potential for further production growth from additional development activities.

Horizon will continue to focus on maximizing free cashflow generation, investing in production growth, and delivering regular distributions to shareholders. The company is evaluating a range of development opportunities across its asset portfolio, including infill drilling, workover programs, and capacity upgrades, subject to joint venture and regulatory approvals.