Horizon Oil (HZN) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional owners and welcome to attendees in person and online.

• Quorum confirmed, safety procedures outlined, and directors introduced.

• Chairman Mike Harding and CEO Richard Beament addressed the meeting, outlining achievements and strategic direction for the year ahead.

• Meeting agenda included formal address, CEO presentation, Q&A, and voting on resolutions.

Board and executive committee updates

• Chairman announced retirement after six years, highlighting achievements and transition to new chairman.

• Bruce Clement to assume chairman role, bringing extensive industry experience.

• Peter Goode introduced as new non-executive director, with 45+ years in oil and gas.

Financial performance review

• FY24 EBITDAX reached US$71.5 million, with net cash at period end of US$26.2 million, rising to US$33.1 million by 30 September 2024.

• Free cash flow for FY24 exceeded US$54 million, supported by strong production and cost control.

• Over AUD 200 million distributed to shareholders in the past four years while investing in growth and repaying debt.

• Debt significantly reduced while maintaining distributions and investing in growth.

• Share price performance compared favorably to the S&P/ASX200 Energy Index and Brent Crude Oil over six years.