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HORIZON OIL LIMITED ( ASX : HZN ) CORPORATE OVERVIEW AUGUST 2026 HORIZON
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HORIZON CORPORATE OVERVIEW ● Statements contained in this material, particularly those regarding the possible or assumed future performance, costs, dividends, returns, production levels or rates, prices, reserves, potential growth of Horizon Oil Limited, industry growth or other trend projections and any estimated company earnings are or may be forward looking statements. Such statements relate to future events and expectations and as such involve known and unknown risks and uncertainties. Actual results, actions and developments may differ materially from those expressed or implied by these forward-looking statements depending on a variety of factors. ● While every effort is made to provide accurate and complete information, Horizon accepts no responsibility for any loss, damage, cost or expense incurred by you as a result of any error, omission or misrepresentation in information in this presentation. ● In this presentation, references are made to EBITDAX and Free Cashflow, which are financial measures which are not prescribed by Australian Accounting Standards. ● EBITDAX represents the profit adjusted for interest expense, taxation expense, depreciation, amortisation, and exploration expenditure (including non-cash impairments). ● Free Cash Flow represents Cashflow from Operating Activities less Investing cashflows. ● All references to dollars in the presentation are United States dollars unless otherwise noted. ● Some totals in tables and charts may not add due to rounding. ● Unless otherwise stated, all petroleum reserves and resource estimates refer to those estimates as set out in Horizon’s 2026 Reserves and Resources Statement. Horizon is not aware of any new information or data that materially affects the information included in this presentation. All the material assumptions and technical parameters underpinning these estimates continue to apply and have not materially changed. ● For Mereenie, Palm Valley, Dingo, Sampang, Sinphuhorm and Nam Phong fields: - Liquids are equal to the total of oil, condensate and natural gas liquids where 1 barrel of condensate or natural gas liquids equals 1 barrel of oil. - Raw Gas is natural gas as it is produced from the reservoir which may include varying amounts of heavier hydrocarbons which liquefy at atmospheric conditions, water vapor and other non-hydrocarbon gases such as hydrogen sulphide, carbon dioxide, nitrogen or helium. - Sales Gas represents volumes that are likely to be present a saleable product. Sales Gas are reported assuming average values for fuel, flare and shrinkage considering the variable reservoir fluid properties of each constituent field on an energy basis the customary unit is PJ. PJ means petajoules and is equal to 1015 joules. Petajoule reserves have been converted to oil equivalent using 5.816 PJ/MMboe ● The estimates of petroleum reserves and resources contained in this statement are based on, and fairly represent, information and supporting documentation prepared by staff and independent consultants under the supervision of Mr Gavin Douglas, the Chief Operating Officer of Horizon Oil Limited. Mr Douglas is a full-time employee of Horizon Oil Limited and is a member of the American Association of Petroleum Geologists and the Society of Petroleum Engineers. Mr Douglas’ qualifications include a Geology Degree (Hons) from Edinburgh University, UK and a Masters of Reservoir Evaluation and Management from Heriot Watt University, UK and more than 30 years of relevant experience. Mr Douglas consents to the use of the petroleum reserves and resources estimates in the form and context in which it appears. ● This presentation should be read in conjunction with Horizon’s 2026 Reserves and Resources Statement, the Annual Financial Report for the year ended 30 June 2025, and other ASX Announcements. ● Reserves, Contingent Resources and Prospective Resources are prepared in accordance with SPE PRMS 2018. Prospective Resources are unrisked and have both discovery and development risk. ● All references to Cue in this presentation relate to Horizon’s announced off-market takeover of Cue Energy Resources Limited (ASX:CUE) announced on 2 March 2026 and should be read in conjunction with Horizon’s bidder’s statement and other ASX announcements. The Cue acquisition completed on 2 July 2026 with Horizon acquiring a 57.03% controlling interest. Effective control passed immediately prior to 30 June 2026 such that Horizon will consolidate Cue for financial reporting purposes. ● All reported numbers for Thailand in this report represent Horizon’s effective working interest in the assets since the completion date of 1 August 2025 - 7.5% of Sinphuhorm and 60% of Nam Phong. Horizon holds these interests via its 75% shareholding in MH Energy Thailand Pty Limited (MHET) which is equity accounted as an investment for financial reporting purposes. COMPLIANCE STATEMENT 1
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HORIZON CORPORATE OVERVIEW Five-country Asia-Pacific footprint across Thailand, Indonesia, Australia, New Zealand, and China, with a diversified producing oil and gas asset base.Diversified Asia-Pacific portfolio Low-cost, reliable production Lean, disciplined management model Long-term growth, asset longevity & new business Capital management & shareholder returns focus Achieved record FY26 net production of 2.15 MMboe, with the Cue acquisition lifting current production to approximately 7,300 boepd, supported by a resilient portfolio of established oil production and low-cost, oil-linked and fixed price gas assets. Lean, partnership-led management model with in-country relationships, hands-on oversight and disciplined capital allocation. Material 2P reserves of 13.6 1 MMboe and 2C contingent resources of 19.81 MMboe support a material, infrastructure-led opportunity set across the enlarged portfolio. Strong cash-generation credentials, continued focus on shareholder returns, and selective reinvestment in high-return portfolio opportunities. 1) Reserves and resources are Horizon net / economic interest as at 30 June 2026. Production refers to FY26 Horizon net production. Volumes include Horizon’s proportionate economic interest in MHET and Cue assets where applicable. Totals may not add due to rounding . HORIZON AT A GLANCE A DIVERSIFIED, RESILIENT AND CASH -GENERATIVE FIVE- COUNTRY ASIA -PACIFIC OIL & GAS PRODUCER, DELIVERING RESERVES GROWTH, STRONG CASH GENERATION AND DISCIPLIN ED CAPITAL ALLOCATION 2
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HORIZON CORPORATE OVERVIEW New Zealand, Taranaki Basin Maari oil project (PMP 38160) ~28.9% effective interest China, Beibu Gulf Block 22/12 oil project HZN 26.95% working interest Australia, Northern Territory Mereenie oil & gas field (OL4&5) -29.3% effective interest Palm Valley gas field (OL3) ~8.6% effective interest Dingo gas field (L7) ~8.6% effective interest Onshore Thailand Sinphuhorm gas field HZN 7.5% effective interest Nam Phong gas field HZN 60% effective interest Note: Reserves and contingent resources are Horizon net / economic interest as at 30 June 2026. Production volumes and effective interests stated include Horizon’s proportionate economic interest in MHET and Cue assets where applicable. Indonesia Mahato PSC (onshore Sumatra) ~6.4% effective interest Sampang PSC (offshore East Java) ~8.6% effective interest 2P reserves 13.6 MMBOE 2C resources 19.8 MMBOE Current Production ~7,300 boepd (Aug 26) DIVERSIFIED ASIA -PACIFIC PRODUCING PORTFOLIO 3
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HORIZON CORPORATE OVERVIEW Note: Reserves and contingent resources are Horizon net / economic interest as at 30 June 2026. Production volumes stated include Horizon’s proportionate economic interest in MHET and Cue assets where applicable. EBITDAX and Sales Revenue represent approximate historical ranges reported over the past 2 years. COMPANY HIGHLIGHTS HORIZON CORPORATE OVERVIEW 4 PRODUCTION REGIONAL PLATFORM FIVE COUNTRIES ANNUAL EBITDAX SALES REVENUE ~7,300 boepd (Aug 26) Record FY26 production – 2.15mmboe ~US$55 – 70m ~AUD$380m (Aug 26) 2P RESERVES / 2C RESOURCES ~US$100 – 110m 13.6 / 19.8 MMboe +51% / +61% vs 30 June 2025 Distributions of AUD$270m+ over the past six years Diversified oil & gas production base MARKET CAP (ASX)
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HORIZON CORPORATE OVERVIEW 31.7 42.8 35.7 26.2 13.7 34.8 81.2 118.1 149.9 0 20 40 60 80 100 120 140 160 180 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 US$m Net cash Cumulative distributions to shareholders Strong production base and disciplined cost control have supported robust operating cashflow generation across the portfolio. FY26 delivered record production and sales, with FY26 underlying revenue of ~US$105 million Capital allocation remains disciplined: Horizon paid a US$17 million interim dividend in April, reduced debt during the last quarter, and retained cash reserves of US$37.4 million at 30 June 2026 HISTORICAL NET CASH AND DISTRIBUTIONS Note: Historical charts are Horizon standalone unless otherwise noted. FY26 financial information is unaudited and includes revenues from Thailand through MHET (which is equity accounted for financial reporting) but excludes Cue contribution to FY26 revenue and costs. 36.4 73 103.5 71.5 54.8 0 5 10 15 20 25 30 0 20 40 60 80 100 120 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 US$m EBITDAX Cash opex/boe US$/boe HISTORICAL EBITDAX1 AND CASH OPERATING COST PER BOE STRONG CASH GENERATION SUPPORTS DISCIPLINED CAPITAL ALLOCATION & SHAREHOLDER RETURNS 5
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HORIZON CORPORATE OVERVIEW 2026 2027 2028 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 THAILAND, NAM PHONG & SINPHUHORM Nam Phong booster compression Sinphuhorm Pad D (PH-1ST & PH14) tie-in and deliverability enhancement Sinphuhorm 2027 drilling program three infill wells INDONESIA, MAHATO Two oil infill wells Exploration well Phase 3 development plan (OPL 3), further development drilling AUSTRALIA, MEREENIE & PALM VALLEY Mereenie gas infill wells and field development evaluation Two Palm Valley gas appraisal wells NEW ZEALAND, MAARI Maari infill drilling maturation CHINA, BLOCK 22/12 Liquids-handling capacity upgrade, production optimisation and workovers 12-8E Phase 2 development – potential sidetrack drilling, subject to JV and regulatory approvals Indicative only and subject to technical and economic evaluation, JV and regulatory approvals, contracting maturity and, for drilling, rig availability. long leads procured Possible First Oil First Gas First Gas Upgrade & w/o complete long leads procured Investment decision target Possible First Gas Possible First Oil Possible First Gas First Gas First Oil Possible Discovery Regulatory approval target First Oil NEAR TERM VALUE RUNWAY 6 Investment decision target Investment decision target Well spud
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HORIZON CORPORATE OVERVIEW 0 2,000 4,000 6,000 8,000 10,000 Jul-26 Jul-27 Jul-28 Jul-29 Jul-30 Jul-31 Jul-32 Jul-33 Jul-34 Jul-35 Rate (boepd) INDICATIVE GROUP PRODUCTION FORECAST TO END 2035, BOEPD INDICATIVE PRODUCTION FORECAST TO END 2035 THE ENLARGED PORTFOLIO CONTAINS MULTIPLE INFRASTRUCTURE -LED, APP ROVAL-GATED OPPORTUNITIES TO SUPPORT PRODUCTION AND CASH FLOW OVER THE MEDIU M TERM 7 Indicative base production Indicative future organic growth potential
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HORIZON CORPORATE OVERVIEW THAILAND: NAM PHONG (NP) AND SINPHUHORM (SPH) LOW-COST, OIL-LINKED DOMESTIC GAS WITH NEAR -TERM DELIVERABILITY UPSIDE Thailand is a significant cash- flow contributor. With material 2P reserves and 2C/2U resource opportunities linked to Pad D, inf ill drilling, compression and potential concession extension, the portfolio offers significant production and value growth potential` MATERIAL CASH GENERATION ● Thailand operations delivered strong cash flow in FY26 with Q4 net production of ~1,912 boepd ● Low operating costs, a long-term gas sales agreement (GSA) and established infrastructure support reliable earnings OIL-LINKED PRICING STRUCTURE ● Gas sales priced with a formula linked to High Sulphur Fuel Oil (HSFO) ● Long-term GSAs with PTT to provide gas for essential domestic power generation (supports ~20% of NE Thailand power) NEAR TERM DELIVERABILITY PROJECTS ● NP booster compressor to increase & stabilise production ● SPH mini booster and water shut-off to reduce decline ● Pad D PH-1ST1 / PH-14 tie-in to expand production capacity INFRASTRUCTURE -LED RESOURCE UPSIDE ● 2C resources relate to infill development, compression upgrades & potential concession extensions ● Existing processing plants, pipelines and power connections support low-risk execution KEY ASSET HIGHLIGHTS BOOSTER COMPRESSION Nam Phong compression project to increase deliverability & reduce field decline PAD D TIE -IN PH-1ST1 / PH-14 well tie-in to Pad D to add capacity and sustain production 2027 DRILLING DECISION Proposed SPH infill drilling program, subject to approvals & market conditions CONCESSION & LICENCE LIFE Ongoing engagement to support concession extensions and long-term strategy NEAR-TERM CATALYSTS ASSET OVERVIEW SINPHUHORM GAS & CONDENSATE FIELD NAM PHONG GAS FIELD HORIZON INTEREST 7.5% effective interest 60% effective interest OPERATOR PTTEP MHET PRODUCT Sales gas and condensate Sales gas CURRENT PRODUCTION Sinphuhorm 101.1 TJ/d gross gas sales and 176 bopd gross condensate sales; Nam Phong 5.4 TJ/d gross gas sales; ~1,900 boepd net to Horizon 2P RESERVES 2C/2U RESOURCES 2P 3.5 MMboe / 2C 5.2 MMboe / 2U 9.0 MMboe KEY CONTRACTS / MARKETS Long term GSA with PTT for remainder of concession / Oil-linked pricing (linked to HSFO) SINPHUHORM GAS BOOSTER COMPRESSOR NAM PHONG GAS PROCESSING PLANT 8
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HORIZON CORPORATE OVERVIEW INDONESIA: MAHATO AND SAMPANG ACTIVE NEAR -TERM OIL GROWTH AT MAHATO AND DISCIPLINED EXIT STRATEGY AT SAMPANG At Mahato, long -life oil production in a proven basin with substantial growth potential, while at Sampang, domestic gas deliveri es into the fast -growing Indonesian market MAHATO NEAR -TERM OIL GROWTH ● Two infill wells approved at Bekasap field; PB-41 spudded in July 2026 ● Low-risk, infrastructure-led drilling to sustain and grow oil production MAHATO EXPLORATION GROWTH POTENTIAL ● PSC contains inventory of high impact exploration targets ● GA-1 exploration well planning and approvals are continuing, with drilling expected during CY2026 subject to approvals MAHATO PHASE 3 DEVELOPMENT PLAN (OPL 3) ● Operator targeting Bekasap and Telisa reservoirs with further development drilling campaign ● Approval from government authorities expected shortly SAMPANG OPTIMISATION ● Compression project expected to boost production and recoveries to end of existing PSC ● Cue expects to exit at current PSC expiry in December 2027 KEY ASSET HIGHLIGHTS MAHATO - PB INFILL DRILLING First infill well at Bekasap spudded in July 2026, second infill well to follow MAHATO - OPL 3 Development approval and commencement of further development drilling MAHATO - GA-1 EXPLORATION High impact exploration well SAMPANG Commissioning of booster compressor to support production NEAR-TERM CATALYSTS ASSET OVERVIEW MAHATO PSC SAMPANG PSC HORIZON INTEREST (Incl CUE) 6.4% effective interest 8.6% effective interest OPERATOR Texcal Energy Mahato Medco Energi PRODUCT Oil Gas CURRENT PRODUCTION ~6,500 bopd (~400 bopd net HZN) ~6mmscf/d (~0.5mmscf/d net HZN) 2P RESERVES / 2C RESOURCES 2P 0.6 MMboe / 2C 0.5 MMboe KEY INFRASTRUCTURE Established onshore oil infrastructure with processing and storage facilities Established offshore gas production, processing and export infrastructure 9 MAHATO PSC PB DRILLING LOCATION SAMPANG PSC OYONG PLATFORM Note: includes Horizon’s 57.03% look-through interest in Cue’s Mahato and Sampang interests; Indonesian net/economic interests vary under PSC terms.
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HORIZON CORPORATE OVERVIEW AUSTRALIA AMADEUS BASIN: MEREENIE, PALM VALLEY & DINGO DOMESTIC GAS PLATFORM WITH ESTABLISHED INFRASTRUCTURE, MATERIAL RESOURCE BASE AND NEAR -TERM DRILLING CATALYSTS Long -life production underpinned by long -term sales with material future expansion opportunities STRATEGIC DOMESTIC GAS PLATFORM ● Produces into Northern Territory-linked gas infrastructure serving the NT and East Coast markets ● Mature field infrastructure and existing pipeline connection reduce execution risk and support long asset life PALM VALLEY DRILLING UNDERWAY ● PV14 spudded 25 July 2026 ● Designed to evaluate and develop additional gas resources and support NT with contracted gas to 2034 RESERVES & RESOURCE DEPTH ● Australia assets provide substantial developed reserves and contingent resources, with long permit lives beyond 2040 ● Mereenie development review progressing to assess future well opportunities DINGO CONTRACTED GAS CONTRIBUTION ● Gas produced from Dingo is processed near Alice Springs and sold under long-term contract arrangements for domestic power generation ● Stable, low-cost production provides reliable cash flow and portfolio balance KEY ASSET HIGHLIGHTS ASSET OVERVIEW MEREENIE (OL4 & OL5) PALM VALLEY (OL3) DINGO (L7) HORIZON INTEREST (incl CUE) 29.3% effective interest 8.6% effective interest 8.6% effective interest OPERATOR Central Petroleum Limited Central Petroleum Limited Central Petroleum Limited PRODUCT Sales gas and oil/cond Sales gas Sales gas CURRENT GROSS PRODUCTION 26TJ/d (~7.6TJ/d net) 340 bopd (~100 bopd net) 5.7 TJ/d (~0.5 TJ/d net) 4.4 TJ/d (~0.4 TJ/d net) 2P RESERVES, 2C/2U RESOURCES 2P 6.7 MMboe / 2C 9.3 MMboe / 2U 2.7 MMboe KEY INFRASTRUCTURE Wells tied back to gas processing & compression facilities (Mereenie & PV); wells tied back via pipeline to distribution hub (Dingo) 10 Note: includes Horizon’s proportionate economic interest in Cue’s interests in Mereenie, Palm Valley and Dingo assets. MEREENIE REVIEW Development review progressing to assess future well locations and demand PV14 APPRAISAL WELL PV14 appraisal well underway (spudded 25 July 2026) PV15 APPRAISAL WELL Second appraisal well to follow FIELD OPTIMISATION Ongoing optimisation and contract performance management NEAR-TERM CATALYSTS
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HORIZON CORPORATE OVERVIEW MAARI OIL PROJECT ESTABLISHED OFFSHORE OIL CASH FLOW WITH FUTURE INFILL OPTIONALIT Y Maari remains a mature offshore oil contributor, with near -term workover focus sustaining production and future infill and life -extension optionality ESTABLISHED OIL CASH FLOW ● Maari is a core offshore oil asset contributing material revenue and supporting regional energy security ● Recent permit extension granted for 10 years to 2037 RESERVOIR & ASSET MANAGEMENT FOCUS ● Sustained field water injection helps maintain pressure support and production rates ● Integrated workover unit enables rapid downhole interventions to optimise production INFILL MATURATION ● JV continues studies to mature candidate infill opportunities ● Focus on value-accretive drilling options and sequencing REGULATOR / OPERATOR ENGAGEMENT ● Strong regulatory engagement with New Zealand authorities and OMV spanning over 20 years covering development and production ● Progressively increased interest from 10% through acquisitions KEY ASSET HIGHLIGHTS MR3 WORKOVER Optimise field production rates once MR3 workover is completed DRILLING CANDIDATES Ongoing studies to select and rank best value infill candidates INVESTMENT DECISION TARGET Joint venture review and approvals for selected opportunities DRILLING Execution of approved infill drilling program (subject to approvals) NEAR-TERM CATALYSTS 11 ASSET OVERVIEW HORIZON INTEREST (incl Cue) 28.9% effective interest OPERATOR OMV PRODUCT Crude oil CURRENT PRODUCTION 4,600 bopd (~1,300 bopd net HZN) 2P RESERVES / 2C RESOURCES 2P 1.4MMbbls / 2C 3.3MMbbls KEY INFRASTRUCTURE a fixed wellhead platform linked to the JV-owned FPSO Raroa for oil processing, storage and tanker export, supported by integrated workover capability. Note: includes Horizon’s proportionate economic interest in Cue’s Maari interest.
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HORIZON CORPORATE OVERVIEW BLOCK 22/12 OIL PROJECT: BEIBU GULF , CHINA RELIABLE OFFSHORE OIL PRODUCTION WITH OPTIMISATION AND 12 -8E UPS IDE Block 22/12 continues to provide material production and cashflow, aided by its low cash operating cost. ESTABLISHED OFFSHORE OIL BASE ● Block 22/12 is a core offshore oil asset in the Beibu Gulf ● Material contributor to Horizon’s oil production and cash flow ● Established relations with CNOOC in Block 22/12 spanning over 25 years covering exploration, development and production OPTIMISATION -LED PERFORMANCE ● Targeted workovers and facility / water-handling improvements support production and operating efficiency ● Ongoing focus on asset reliability and cost control RESERVOIR MANAGEMENT FOCUS ● Water handling capacity upgrades continue to support production rates ● Targeted water injection helps maintain pressure support WZ12-8E DEVELOPMENT OPTIONALITY ● Phase 2 development studies are advancing ● Potential to extend field life and deliver additional reserves, subject to approvals and economics KEY ASSET HIGHLIGHTS OPTIMISATION Water-handling and facility improvements ongoing WORKOVERS Targeted workovers at WZ6-12 and other wells WATER INJECTION Targeted water injection to maintain pressure support FEASIBILITY WZ12-8E Phase 2 development studies continuing NEAR-TERM CATALYSTS ASSET OVERVIEW HORIZON INTEREST 26.95% net working interest OPERATOR CNOOC PRODUCT Crude oil CURRENT PRODUCTION 7,000 bopd (~1,900 bopd net) 2P RESERVES / 2C RESOURCES 2P 1.3 MMbbls / 2C 1.6 MMbbls KEY INFRASTRUCTURE Offshore platforms tied back to central processing facility and Weizhou Island Terminal - handling / storage facilities 12 Export to Weizhou Terminal CNOOC Facilities WZ12-8 West WZ12-8 Mid WZ12-8E Jiaowei WZ12-8E Weizhou WZ12-8E 12-10 WZ6-12 North WZ6-12 Mid WZ6-12 Sliver WZ6-12 South
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HORIZON CORPORATE OVERVIEW INVESTMENT HIGHLIGHTS A DIVERSIFIED, RESILIENT AND CASH -GENERATIVE FIVE- COUNTRY ASIA -PACIFIC OIL & GAS PRODUCER, DELIVERING RESERVES GROWTH, STRONG CASH GENERATION AND DISCIPLIN ED CAPITAL ALLOCATION ● 9 Production assets across five countries representing a highly diversified portfolio ● Current Horizon net production rate of ~7,300 boepd ● Long-life, low-cost reserves with stable demand outlook Material Asia-Pacific production platform Right sized organisation Strong cashflows Focused on shareholder returns Exploitation of significant opportunity set Invest in new business ● Lean, focused management team with strong in-country partnerships ● Disciplined capital allocation and hands-on oversight ● Stable oil production and long-term gas sales contracts provide predictable revenue ● Continued strong cost control – low operating cost across the portfolio ● Over AUD 270 million (AUD 17 cents per share) in distributions over the past 6 years ● Ongoing dividends and distributions remain a priority ● Infill, appraisal and exploration well opportunities, infrastructure-led projects, production efficiencies ● Material 2P reserves and 2C/2U resource base supports multi-year, low-cost growth ● Focus on accretive, low-risk opportunities aligned with core competencies – primarily organic projects which enhance cashflow 13
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HORIZON CORPORATE OVERVIEW CONTACTS Richard Beament CEO +61 2 9332 5000 info@horizonoil.com.au Horizon Oil Limited Level 4, 360 Kent Street Sydney NSW 2000 Australia horizonoil.com.au