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, use of US dollars, and importance of reading the disclaimer.

• CEO welcomed attendees, outlined expanded asset base, and previewed focus on 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

• EBITDA for the year was just under $56 million, with EBITDAX of US$54.8 million for FY25 and free cash flow of just under $36 million.

• Operating cash flow for FY25 was US$35.9 million, supported by strong production and cost control.

• Dividend of AUD 0.03 per share paid, totaling $31.8 million; cumulative distributions of AUD 0.155 per share (over AUD 250 million) since 2021.

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

• 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 outgoing chairman's leadership and contributions.