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General Information

Horizon Oil Limited
HZN
http://www.horizonoil.com.au
Oil & Gas Exploration & Production
130
1,302

Current Price Data+

Current Price Open High Low Last Close Volume Price Movement
$0.10 $0.10 $0.10 $0.10 $0.10 3072064 - ( No change )
  • +Security prices are delayed by least 20 minutes and are indicative only.

Current Broker Consensus Recommendation

Buy
26/05/2015
2

Company Overview

Business Description
Horizon Oil Limited (HZN) is an oil and gas exploration, development and production company with projects located in New Zealand, Papua New Guinea and China. The company focuses on three main areas, being the producing Maari field offshore New Zealand, and assets under development in Papua New Guinea and China. FY13 net working interest share of production was 503,619 barrels of oil.
Strategy Analysis
HZN have operations in China, PNG, NZ and Thailand in accordance with a focus on Southeast Asia where there is a strong demand for oil and gas, a mature operating environment and limited competition from big companies. HZN's emphasis is on bringing its existing discovered reserves and resources into production with minimal exposure to geological risk. It uses current cashflows from the Maari field to fund its capital program and selects exploration targets with a modest risk and reward profile. HZN also seeks to form joint ventures with partners who are qualified to operate projects. This approach allows management to add value by contributing its experience to these JV's, without need to manage day-to-day operations. Horizon Oil reported a net loss of US$6.78m for the half-year ended 31 December 2012, resulting from gross profit from operations of US$11.6m offset by depreciation and amortisation of $2.1m, income and royalty tax of $6.1m, financing costs of US$2.8m and an unfavourable movement in the mark-to-market valuation of the convertible bonds of US$4.7m substantially caused by an increase in the company's share price. Revenues from ordinary activities were US$18.26m, down 35% from last year. Basic and Diluted EPS was (0.6) US cents compared to 0.75 US cents last year. Net operating cash flow was US$5.28m compared to US$3.9m last year. No dividend was declared.

Financial Summary

Year to Jun NPAT EPS EPS chg (%) PER DPS Yield (%) Franking (%)
2016 F 0.0 1.0 -29.0% 10.2 0.0 0.0% 0.0%
2015 F 0.0 1.4 30.2% 7.2 0.0 0.0% 0.0%
2014 A 13.6 1.1 231.3% 31.7 0.0 0.0% 0.0%

Peer Comparison

Company Mkt Cap EPS Growth (%) P/E (%) Dividend Yield (%)
2014 A 2015 F 2016 F 2014 A 2015 F 2016 F 2014 A 2015 F 2016 F
Beach Energy (BPT) $1,469M 0.8455 -0.6149 -0.3429 5.6956 14.7906 22.5100 1.77% 2.65% 2.65%
Horizon Oil (HZN) $130M 2.3125 0.3019 -0.2899 9.4340 7.2464 10.2041 0.00% 0.00% 0.00%
Oil Search (OSH) $11,359M 0.6947 0.3475 -0.0323 25.7419 19.1037 19.7407 2.29% 2.19% 2.21%
Santos (STO) $8,190M 0.0505 -0.3669 1.2928 14.9936 23.6812 10.3287 0.00% 3.47% 4.48%
Woodside Petroleum (WPL) $30,007M 0.5477 -0.3755 -0.1044 10.1811 16.3019 18.2018 8.54% 4.87% 4.40%

Financial Summary

Earnings P/E Ratio P/B Ratio P/E Growth
Company 1.09 7.40 0.55 0.00
Market 1.02 17.20 1.32 1.56
Sector 1.22 14.30 0.58 0.33

Directors

Name Position Start Date
Mr Brent D Emmett Chief Executive Officer, Executive Director 18/09/2000
Mr John Scott Humphrey Non-Executive Director 10/09/1990
Mr Andrew Murray Stock Non-Executive Director 02/02/2011
Mr Gerrit Jan de Nys Non-Executive Director 14/06/2007
Mr Fraser Eric Ainsworth Non-Executive Director, Non-Executive Chairman 03/12/2001

Management

Name Position
Michael Francis Sheridan Chief Financial Officer,Company Secretary
Michael Lyon Joint Company Secretary

Substantial Shareholders

Holding Name
319,695,688 (24.57%) Austral-Asia Energy Pty Limited as trustee for Triplex Global Ventures Limited
131,484,006 (10.09%) Commonwealth Bank of Australia
68,387,994 (5.26%) Tribeca Investment Partners Pty Ltd

Calendar of Events

Date Event
28 April 2016 Report (Quarterly)
22 February 2016 Report (Interim)
26 January 2016 Report (Quarterly)
30 October 2015 Report (Quarterly)
20 October 2015 Report (Annual)
26 August 2015 Report (Prelim)
30 July 2015 Report (Quarterly)
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