Quarterly Activities Report
| Stock | Horizon Oil Ltd (HZN.ASX) |
|---|---|
| Release Time | 30 Apr 2026, 9:33 a.m. |
| Price Sensitive | Yes |
Horizon Oil Ltd Quarterly Activities Report
- Group production of 542,983 boe for the quarter
- Sales volumes impacted by deferral of Maari and Block 22/12 liftings
- Net operating cash flow of US$5.3 million for the quarter
- Announced off-market takeover offer for ASX-listed Cue Energy Resources
Horizon Oil Ltd reported its quarterly activities for the period ending 31 March 2026. Group production for the quarter was 542,983 boe, with volumes impacted primarily by a scheduled five-yearly maintenance shutdown at Maari and workover activities. Sales volumes for the quarter were 382,781 boe, which were impacted by the deferral of a Maari and a Block 22/12 lifting, which were completed in April 2026. These liftings resulted in approximately 220,000 bbls (net to Horizon) of oil being sold in April, generating revenues of approximately US$24 million. Production revenue for the quarter was US$17.2 million (excluding hedging), while net operating cash flow was US$5.3 million. The company had cash reserves of US$59.4 million at 31 March 2026, with a net cash position of US$3.3 million. Development activities progressed across the portfolio, with multiple investment decisions targeted for the second half of 2026, including China (WZ12-8E), Maari, Thailand and Mereenie. Horizon also announced an off-market takeover offer for ASX-listed Cue Energy Resources Limited, which it views as a strong strategic fit with complementary assets and potential synergy benefits.
Horizon Oil Ltd did not provide any high-importance, price-sensitive forward-looking financial metrics in the announcement.
Horizon remains well positioned in an oil market characterised by structurally tight supply and an increased premium on security of energy flows. The company continues to focus on operational reliability, disciplined capital management and targeted near to medium term growth across the portfolio. In a market increasingly shaped by chokepoint risk and regional supply priorities, Horizon's oil-weighted portfolio and development pipeline are aligned with the practical energy security needs of Australasia and South-East Asia.