• Successful Mereenie infill well WM29 boosts production
• Steady production and cash build underway across assets
• Final FY24 dividend of AUD 1.5 cents per share paid

Horizon Oil Ltd has reported a positive quarter, with the successful Mereenie development well WM29 commencing production in mid-January 2025 and boosting the Mereenie field's output by over 15% to around 30 TJ/d gross. The company also has a second development well, WM30, currently drilling and expected to be completed and brought online in late February 2025. Production volumes for the quarter were 411,687 boe across all assets, with an increase in Maari and Mereenie production partially offsetting declines in Block 22/12 and unplanned well downtime in Maari and Beibu. Workover activity is underway at Block 22/12 to restore and further optimize production. The company's financial position remains strong, with net operating cash flow of US$16.5 million for the quarter and cash reserves of US$47.3 million at the end of the period, following the ~US$17.0 million dividend payment in October. Horizon Oil also paid its FY24 final dividend of AUD 1.5 cents per share during the quarter, bringing the total distributions paid over the past four years to more than A$200 million.