Horizon Oil (HZN) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional owners, confirmation of quorum, and safety procedures for attendees.

• Chairman welcomed shareholders, highlighted compliance statement, and noted all financials are in US dollars unless otherwise stated.

• CEO welcomed attendees, outlined the expanded asset base, and previewed a review of performance, progress, and outlook.

• Introduction of board members, executive team, and auditors present; meeting procedures and voting protocols explained.

• Voting on all items declared open early to accommodate attendees, with resolutions to be decided by poll.

Financial performance review

• FY25 EBITDAX reached US $54.8 million, with operating cash flow of US $35.9 million and net cash of US $13.7 million at year end.

• Dividend of AUD 0.03 per share paid, totaling US $31.8 million; cumulative distributions of AUD 0.155 per share over five years.

• Total distributions to shareholders over five years reached US $150 million.

• Strong cash flow and balance sheet enabled both shareholder distributions and funding for new investments.

• Share price and total returns outperformed ASX 200 and most oil and gas peers over five years.

Board and executive committee updates

• Board renewal included retirement of Mike Harding and Sandra Berkensley, with Peter Goode and Catherine Costello appointed as non-executive directors.

• Catherine Costello introduced as new director, bringing extensive resources industry and governance experience.

• Acknowledgement of leadership contributions from outgoing directors and recognition of management's role in recent achievements.