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HORIZON FY26 RESULTS 20 26 HORIZON OIL LIMITED (ASX: HZN) FY26 RESULTS PRESENTATION AUGUST 2026
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HORIZON FY26 RESULTS ● This presentation contains forward - looking statements regarding future events, including future production, reserves and resources, costs, revenues, commodity prices, cash flows, dividends, returns, development activities and growth opportunities . Forward - looking statements are subject to known and unknown risks, uncertainties and other factors which may cause actual results to differ materially from those expressed or implied . No representation or warranty, express or implied, is made as to the accuracy, completeness or likelihood of achievement of any forward - looking statement . Except as required by law, Horizon Oil Limited undertakes no obligation to update any forward - looking statement . ● This presentation contains certain financial measures which are not prescribed by Australian Accounting Standards, including Underlying Revenue, EBITDAX, Free Cash Flow, Cash Operating Cost per boe and Net Debt . These measures are commonly used in the oil and gas sector to assess operational and financial performance but are not prescribed by Australian Accounting Standards and should not be considered as substitutes for statutory measures . Where applicable, these measures should be considered in conjunction with the FY 26 Annual Report and accompanying disclosures . ● Underlying Revenue represents statutory revenue adjusted to include Horizon's proportionate share of revenue from its equity - accounted Thailand investment . EBITDAX represents profit adjusted for interest, taxation, depreciation, amortisation , exploration expenditure and non - cash impairments . Free Cash Flow represents net cash flow from operating activities less investing cash flows, excluding acquisition payments where stated . Net Debt represents borrowings less cash and cash equivalents . ● Horizon's investment in MH Energy Thailand LLC (MHET) is equity accounted in the FY 26 Annual Report . Unless otherwise stated, Thailand production and operating information represents Horizon's effective working interest from completion of the acquisition on 1 August 2025 . ● Horizon obtained control of Cue Energy Resources Limited on 17 June 2026 and consolidated Cue from that date for financial reporting purposes . Unless otherwise stated, FY 26 financial information includes Cue's contribution from 17 June 2026 . Unless otherwise stated, all petroleum reserves and resources information in this presentation is extracted from Horizon's 2026 Reserves and Resources Statement . Horizon confirms that it is not aware of any new information or data that materially affects the reserves and resources information included in this presentation and that all material assumptions and technical parameters underpinning those estimates continue to apply and have not materially changed . ● The estimates of petroleum reserves and resources contained in this presentation are based on, and fairly represent, information and supporting documentation prepared by Horizon personnel and independent consultants under the supervision of Mr Gavin Douglas, Chief Operating Officer of Horizon Oil Limited . Mr Douglas is a full - time employee of Horizon Oil Limited, a member of the American Association of Petroleum Geologists and the Society of Petroleum Engineers and has more than 30 years of relevant industry experience . Mr Douglas consents to the inclusion of the reserves and resources information in the form and context in which it appears . ● Reserves, Contingent Resources and Prospective Resources have been prepared in accordance with the Petroleum Resources Management System (PRMS) approved by the Society of Petroleum Engineers (SPE - PRMS 2018 ) . Prospective Resources are unrisked , are subject to both discovery and development risk and there is no certainty that any portion of the Prospective Resources will be discovered or, if discovered, commercially developed or recovered . ● All references to dollars are United States dollars unless otherwise stated . Totals may not reconcile precisely due to rounding . This presentation should be read in conjunction with Horizon's FY 26 Annual Report, 2026 Reserves and Resources Statement and other ASX announcements . COMPLIANCE STATEMENT 1
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HORIZON FY26 RESULTS HORIZON AT A GLANCE A DIVERSIFIED, RESILIENT AND CASH - GENERATIVE FIVE - COUNTRY ASIA - P ACIFIC OIL & GAS PRODUCER, DELIVERING RESERVES GROWTH, STRONG CASH GENERATION AND DISCIPLIN ED CAPITAL ALLOCATION 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 1 , 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 19.8 1 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 producti on. Volumes include Horizon’s proportionate economic interest in MHET and Cue assets where applicable. 2
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HORIZON FY26 RESULTS 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 in ter ests 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 2P reserves 13.6 MMBOE 13.6 MMBOE 2C resources 2C resources 19.8 MMBOE 19.8 MMBOE Current Production Current Production ~7,300 boepd (Aug 26) ~7,300 boepd (Aug 26) 3 DIVERSIFIED ASIA - PACIFIC PRODUCING PORTFOLIO
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HORIZON FY26 RESULTS 18% Including FY26 distributions TOTAL SHAREHOLDER RETURN TOTAL FY26 DIVIDENDS CASH PRODUCTION AUD 2.5 1 cps 1.5 cps interim plus 1.0 cps final US $37.4 m (Net debt US$11.3m) 2.15MM boe Record FY26 net production EBITDAX US $56.4 m SALES REVENUE 1 US $107.2 m Includes US$23m Thailand revenue FY2026 INVESTMENT HIGHLIGHTS RECORD PRODUCTION, STRONG CASH GENERATION AND AN ENLARGED ASIA - PACIFIC PRODUCTION PLATFORM 1 Underlying revenue represents total segment revenue, including Horizon’s share of Thailand joint - venture revenue. Statutory cons olidated revenue was US$84.2 million
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HORIZON FY26 RESULTS CONTINUED FOCUS ON ESG PERFORMANCE * Horizon performance for any particular financial year is benchmarked against NOPSEMA average for the preceding financial year ESG PERFORMANCE LOST TIME INJURIES Per million hours worked ● Safety performance remained better than industry benchmarks across the portfolio ● Developed Horizon's Sustainability strategy, action plan and FY 27 goals and targets, aligned with Horizon's new material sustainability topics ● Successfully integrated the Thailand assets into Horizon’s ESG governance and reporting framework ● Progressed field emissions reduction initiatives, including commissioning the Maari Vapour Recovery Unit and implementing energy efficiency projects at Nam Phong ● Maintained employee wellbeing initiatives, including the Employee Assistance Program ● Continued engagement with communities, operators and stakeholders across our operating regions 0.0 0.5 1.0 1.5 2.0 2.5 FY 2021 FY 2022 FY 2023 FY2024 FY2025 FY2026 Horizon NOPSEMA* 5
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HORIZON FY26 RESULTS MAXIMISE CASH FLOW REINVEST FOR GROWTH RETURN CAPITAL ● FY26 total shareholder return of 18% ● AUD 2.5 cps of FY26 dividends declared: 1.5 cps interim plus 1.0 cps final ● US$33.1m paid to shareholders during FY26 2 ● Shareholder returns balanced with disciplined investment in organic and inorganic growth and US$10.6m in debt repayments ● Integrated the Thailand assets, adding a material oil - linked domestic gas and cash - flow platform ● Acquired a 57.03% controlling interest in Cue, expanding Horizon to nine producing assets across five countries ● 13.6 MMboe of 2P reserves and 19.8 MMboe of 2C resources, up 51% and 61% respectively, supporting a substantial infrastructure - led opportunity set ● Current production: ~7,300 boepd 1 ● Record production of 2.15 MMboe and record sales of 1.98 MMboe ● US$ 47.2 m cashflow from operating activities ● US$56.4m EBITDAX, with cash operating costs maintained below US$25/ boe ● Closed FY26 with US$37.4m cash, after dividends , debt repayments and investment in organic and inorganic growth DELIVERING ON STRATEGY RECORD PRODUCTION, PORTFOLIO EXPANSION AND DISCIPLINED CAPITAL A LLOCATION STRENGTHENED HORIZON’S PLATFORM FOR SUSTAINABLE GROWTH AND SHAREHOLDER RETURN S 1 Current production of approximately 7,300 boepd at August 2026 includes Horizon’s proportionate economic interests in MHET and Cue assets. 2 FY26 dividends declared were AUD 2.5 cps. Distributions paid during FY26 were AUD 3.0 cps and included the FY25 final and FY2 6 i nterim dividends. Cue was consolidated from 17 June 2026 . HORIZON FY26 RESULTS 6
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HORIZON FY26 RESULTS 30 June 2025 Production Revisions Transfers, Extensions Acquisitions 30 June 2026 30 June 2025 Revisions Transfers, Extensions Acquisitions 30 June 2026 29 61 1.1 8.5 0.3 64 36 64 1 3536 40 9 15 RESERVES AND RESOURCES 1 ● Net 2P Reserves up 51% from 9.0 MMboe (43% liquids) at 30 Jun 2025 to 13.6 MMboe (27% liquids) at 30 Jun 2026. Acquisitions, revisions and transfers added 6.7 MMboe, offsetting 2.1 MMboe production and delivering ~200% reserve replacement after production. ● Thailand acquisition (1 Aug 2025): acquired effective 7.5% Sinphuhorm and 60% Nam Phong interests. Added 3.9 MMboe 2P reserves (1 Jan 2025 effective date); 3.4 MMboe recognised after 0.4 MMboe production to completion. Subsequent activities increased 2P reserves by a further 0.8 MMboe. ● Cue acquisition (17 Jun 2026): added Horizon's share of Cue reserves, contributing 2.6 MMboe of acquired 2P reserves. ● Record FY26 production: 2.1 MMboe versus 1.6 MMboe in FY25, driven by Thailand (0.6 MMboe). China production declined to 0.6 MMboe ( - 0.1 MMboe), while New Zealand (0.5 MMboe) and Mereenie (0.4 MMboe, 93% gas) were broadly unchanged. ● Net 2C Contingent Resources up 61% from 12.3 MMboe to 19.8 MMboe, primarily from Thailand and Cue's Mereenie interest. ● Net 2U Prospective Resources up 450%+ from 2.6 MMboe to 14.3 MMboe, driven mainly by Thailand opportunities. 84 PJ 5.4 MMbbl 3.6 MMbbl 58 PJ 2P CRUDE & CONDENSATE (%) 2P GAS (%) 2C CRUDE & CONDENSATE (%) 2C GAS (%) Indonesia Thailand China New Zealand Australia 2.1 0.7 13.6 (51% YOY in crease) 9.0 1 Refer to Horizon 2026 Reserves and Resources Statement for full details. Numbers may not add up due to rounding 7 0.0 5.9 5.4 19.8 ( 6 1% YOY in crease) 12.3 0.0 2.2 2P RESERVES RECONCILIATION (MMboe) 2C CONTINGENT RESOURCES RECONCILIATION (MMboe) 0.6
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HORIZON FY26 RESULTS FINANCIAL REPORT
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HORIZON FY26 RESULTS FY2026 FY2025 Production Volumes 1 (MMboe) (net working interest) 2.15 1.62 Sales Volumes 1 (MMboe) 1.98 1.62 Underlying Revenue 1,2 (US$) $107.2 million $105.3 million EBITDAX 1,2 (US$) $56.4 million $54.8 million Statutory Profit after tax 1,2 (US$) $11.1 million $12.2 million Net cash inflows from operating activities 1,2 (US$) $47.2 million $35.9 million Net (debt)/cash (US$) at 30 June $(11.3) million $13.7 million Cash (US$) at 30 June $37.4 million $39.8 million CONTINUE INVESTING IN PRODUCTION GROWTH FY26 FINANCIAL & COMMERCIAL HIGHLIGHTS ● RECORD PRODUCTION & SALES VOLUMES – 2.15 million boe produced and 1.98 million boe sold in FY26, supported by the successful integration of the Thailand assets into the Group’s production portfolio ● REVENUE – Underlying revenue 1 amounted to US$107.2 million, with a further ~130,000bbls of crude inventory on hand at 30 June 2026 which was sold through in FY27 generating further revenues in excess of US$10 million. ● EFFICIENT OPERATIONS – Maintenance of cash operating costs <US$25/ boe produced during FY26 ● STRONG CASHFLOW – Cashflow from operating activities increased over 32% to US$47.2 million. ● BALANCE SHEET STRENGTH – Cash of US$37.4 million and net debt of US$11.3 million at 30 June 2026 following ~US$33.1 million returned to shareholders during FY26. HIGHLIGHTS 9 1. Includes the contribution from the Thailand assets from 1 August 2025. The Thailand investment is equity accounted in the FY2 6 A nnual Report. 2. Includes the contribution from Cue Energy Resources Limited (Cue) from 17 June 2026, being the date that Horizon obtained con tro l of Cue.
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HORIZON FY26 RESULTS 39.8 37.4 95.7 (40.6) 4.0 (12.0) 47.2 ( 33.1 ) ( 10.6 ) ( 7.4 ) 30.2 ( 25.6 ) ( 3.2 ) Opening cash and cash equivalents at 30 June 2025 Revenue receipts Operating costs Dividends received from Thailand entity Corporate, tax, interest & others Net cash inflows from operating activities Dividends Debt repayments Payments for oil and gas assets Net proceeds from debt facility Payments for Thailand and Cue transactions Loan to associate, net of repayments Closing cash and cash equivalents at 30 June 2026 STRONG CASHFLOW DRIVING BOTH SHAREHOLDER RETURNS, DEBT REDUCTION & CONTINUED INV ESTMENT STRONG OPERATING CASHFLOW Operating cash flow funded US$33.1 million of dividends paid in FY26 and US$10.6 million of debt repayments DISCIPLINED, CAPITAL EFFICIENT SPENDING Targeted investment in low - cost producing assets, with debt - funded inorganic growth RETURN TO SHAREHOLDERS 3.0 cps paid to shareholders in FY26, with a further 1.0 cps final dividend declared US$ MILLION 10
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HORIZON FY26 RESULTS FY26 production and sales reached record highs, up 33% and 22% on FY25, with Thailand's 11 - month contribution more than offsetting natural reservoir decline across the portfolio FY26 underlying revenue was broadly in line with FY25 despite approximately 130,000 bbls of oil inventory being on hand at 30 June 2026 which was subsequently sold in FY27, generating more than US$10 million of additional revenue OIL & GAS SALES 1 RECORD PRODUCTION & SALES VOLUMES UNDERLYING REVENUE 1,2,3 11 1.20 1.77 1.30 1.62 1.98 - 0.5 1.0 1.5 2.0 2.5 FY2022 FY2023 FY2024 FY2025 FY2026 MMboe Oil & gas sales Oil & gas production 108.1 152.1 111.5 105.3 107.2 0 20 40 60 80 100 0 40 80 120 160 200 FY2022 FY2023 FY2024 FY2025 FY2026 US$/boe US$m Revenue Net realised sales price 1. Includes the contribution from the Thailand assets from 1 August 2025. 2. Underlying revenue represents statutory revenue adjusted to include the revenue from the Thailand investment which is an equ ity accounted investment. 3. Includes the contribution from Cue Energy Resources Limited (Cue) from 17 June 2026, being the date that Horizon obtained con tro l of Cue.
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HORIZON FY26 RESULTS 24.3 43.9 25.9 12.2 11.1 0 20 40 60 80 100 120 0 10 20 30 40 50 60 FY2022 FY2023 FY2024 FY2025 FY2026 US$/ boe US$m Profit after tax Net realised sales price CONTINUED PROFITABILITY FY26 EBITDAX remained strong at US$56.4 million despite deferred liftings leaving ~130,000 bbls of crude inventory at 30 June 2026. Cost discipline resulted in cash operating costs remaining below US$25/ boe FY26 Profit after tax was US$11.1 million after non - cash charges, including US$32.2 million of amortisation , US$2.8 million from restoration provision unwinding and US$1.5 million in share - based payments 73.0 103.5 71.5 54.8 56.4 0 5 10 15 20 25 30 0 20 40 60 80 100 120 FY2022 FY2023 FY2024 FY2025 FY2026 US$m EBITDAX Cash opex/boe US$/ boe PROFIT AFTER TAX 1,2 EBITDAX 1,2 AND CASH OPERATING COST PER BOE 12 1. Includes the contribution from the Thailand assets from 1 August 2025. The Thailand investment is equity accounted in the FY2 6 A nnual Report. 2. Includes the contribution from Cue Energy Resources Limited (Cue) from 17 June 2026, being the date that Horizon obtained con tro l of Cue.
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HORIZON FY26 RESULTS 42.8 35.7 26.2 13.7 (11.3) 34.8 81.2 118.1 149.9 183.0 (40) 0 40 80 120 160 200 FY2022 FY2023 FY2024 FY2025 FY2026 US$m Net cash/(debt) Cumulative distributions to shareholders STRONG FREE CASHFLOW US$36.6 million of free cash flow generated in FY26, driven by record production and sales and disciplined investment in organic growth opportunities across the portfolio Following US$33.1 million in dividends paid during FY26, cumulative shareholder distributions paid now exceed US$183 million (~A$270 million). Net debt remained modest at US$11.3 million following the transformative Thailand and Cue acquisitions HISTORICAL NET CASH/(NET DEBT) AND DISTRIBUTIONS FREE CASH FLOW 1 56.9 72.0 64.2 35.9 47.2 (10.4) (32.3) (9.7) (15.0) (10.6) (40) (20) 0 20 40 60 80 100 FY2022 FY2023 FY2024 FY2025 FY2026 US$m Operating CF Investing CF FCF 1 R epresents cash flows from operating activities less investing cash flows (net of acquisition payments) 13
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HORIZON FY26 RESULTS ASSET UPDATE & OUTLOOK
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HORIZON FY26 RESULTS 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 prior to Pad D tie - in ● 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 successfully completed - adding capacity 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 113 TJ/d gross gas sales and 208 bopd gross condensate sales; Nam Phong 5.4 TJ/d gross gas sales; ~2,100 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 15
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HORIZON FY26 RESULTS INDONESIA: MAHATO AND SAMPANG ACTIVE NEAR - TERM OIL GROWTH AT MAHATO AND DISCIPLINED EXIT STRAT EGY 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 and successfully completed with PB - 42 recently spudded ● 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 successfully completed in Aug 2026, second infill well spudded 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) ~ 6 MM scf /d (~ 0.5 MM scf /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 16 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 v ary under PSC terms.
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HORIZON FY26 RESULTS 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) 17 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 FY26 RESULTS 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 following successful MR3 workover – completed recently 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 18 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 FY26 RESULTS 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 – positive early results 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 7,400 bopd (~2,000 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 19 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 FY26 RESULTS 0 2,000 4,000 6,000 8,000 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 Jan-27 Jan-28 Jan-29 Jan-30 Jan-31 Jan-32 Jan-33 Jan-34 Jan-35 Rate (boepd) Thailand Mereenie Maari Beibu HISTORICAL PRODUCTION AND INDICATIVE FORECAST TO END 2035, BOEPD ACQUISITIONS HAVE BUILT A STRONGER PRODUCTION PLATFORM THE PORTFOLIO HAS GROWN THROUGH ASSET ACQUISITIONS, WITH THE ADD ITION OF MEREENIE, THAILAND AND CUE SUPPORTING BASE PRODUCTION AND FUTURE ORGANIC GROWTH POTENTI AL TO 2035 AND BEYOND 20 Indicative base production Indicative future organic growth potential Historical production Forecast
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HORIZON FY26 RESULTS 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 1 & 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 dri lling, 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 21 Investment decision target Investment decision target Well spud
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HORIZON FY26 RESULTS INVESTMENT HIGHLIGHTS A DIVERSIFIED, RESILIENT AND CASH - GENERATIVE FIVE - COUNTRY ASIA - P ACIFIC 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 290 million (AUD 18 cents per share) in distributions paid/declared 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 22
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HORIZON FY26 RESULTS 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 20 26