• Horizon's net Proved + Probable (2P) Reserves fell 9% to 9.0 MMboe
• Significant increase in 2P reserves at Maari due to life extension project
• Strong year of production with total Horizon net production of 1.6 MMboe

Horizon Oil Ltd has released its 2025 Reserves and Resources statement, reporting that its net Proved + Probable (2P) Reserves fell 9% from 9.9 MMboe as at 30 June 2024 to 9.0 MMboe as at 30 June 2025, mainly due to production of 1.6 MMboe, partly offset by a life extension project at the Maari field. The significant increase in 2P reserves at Maari is a consequence of ongoing stable performance from the eight Maari production wells and the maturation of infrastructure class extension studies, together with the expected award of a permit extension. Horizon's net 2C Contingent Resources fell 8% from 13.3 MMboe to 12.3 MMboe primarily due to the transfer to reserves associated with the Maari life extension project and two smaller-scale China projects. The company had a strong year of production, with total Horizon net production of 1.6 MMboe compared with 1.9 MMboe last year, with the fall in production mainly associated with natural decline in China oil. Both New Zealand oil production and Mereenie oil and gas production were largely unchanged due to the ongoing success of the Maari water injection project and the two successful infill wells drilled at Mereenie.