Completion of Thailand Acquisition - Presentation

• Acquired 7.5% interest in Sinphuhorm gas field and 60% interest in Nam Phong gas field
• Represents a Thailand country re-entry and establishes a low-cost platform for growth in South-East Asia
• Diversifies production base and offers potential for life extension, infill drilling, and facility upgrades

Horizon Oil has completed the acquisition of a 7.5% interest in the Sinphuhorm gas field and a 60% interest in the Nam Phong gas field, both located onshore northeast Thailand. The transaction represents a strategic re-entry into Thailand, a Tier 1 oil and gas jurisdiction, and establishes a low-cost platform for growth in South-East Asia. The acquisition provides further diversification of Horizon's production base by adding two more gas assets in a fourth jurisdiction. Both fields are producing assets with significant potential for life extension, infill drilling, facility upgrades, and optimization, along with numerous additional opportunities. The transaction was substantially debt-funded, allowing Horizon to maintain its distribution strategy with minimal impact on its existing cash reserves. The acquisition adds 3.9 MMboe of 2P reserves as of January 1, 2025, at a cost of approximately US$7.7/boe. The assets are expected to generate stable, high-margin operating cashflows, complementing Horizon's existing production base.

The acquisition is expected to contribute approximately 2,100 boepd of net production, with 2P reserves of 3.9 MMboe as of January 1, 2025.

Horizon sees potential to enhance value through life extension at both fields, infill drilling, facility upgrades and optimization, together with numerous additional opportunities existing in both assets.