• Acquisition of 7.5% interest in Sinphuhorm gas field and 60% interest in Nam Phong gas field
• Addition of 2,100 boe/d to Horizon's production base
• Acquisition funded through debt facility, with minimal impact on cash reserves

Horizon Oil Limited has completed the acquisition of an effective 7.5% interest in the Sinphuhorm producing gas field and an effective 60% interest in the Nam Phong producing gas field, both located onshore Thailand. The acquisition, which was announced on 24 March 2025, has added approximately 2,100 boe/d to Horizon's production base. The transaction was completed through a consortium, with Horizon acquiring a 75% interest in Exxon Mobil Exploration and Production Khorat (EMEPK) and Matahio Energy acquiring the remaining 25%. Matahio will manage the operatorship of the Nam Phong field on behalf of the consortium. The effective date of the transaction is 1 January 2025, with revenues earned net of costs incurred during the seven-month period from the effective date to completion amounting to approximately US$10.7 million (net to Horizon). The remaining consideration payable at completion totalled US$21.6 million (net to Horizon), which was substantially funded through debt drawn down under an amendment to Horizon's existing Macquarie Bank debt facility. The acquisition provides Horizon with 3.9 MMboe of net 2P reserves, positive cash flow generation, and a platform for growth in Thailand and Southeast Asia, partnering with PTTEP and Matahio.

The acquisition is expected to meaningfully increase Horizon's net operating cash flow over the next 5+ years and provide a substantial production base beyond the end of the decade.

The acquired assets have the potential to allow Horizon to sustain production at current pre-acquisition levels through into the 2030's, with opportunities to enhance value through life extension, infill drilling, facility upgrades, and optimisations.