Horizon Oil (HZN) Investor Presentation summary

Strategic focus and operational highlights

• Maintains a non-operator model with material interests in oil and gas assets across Southeast Asia and Australasia, including China (Beibu Gulf), Thailand (Sinphuhorm and Nam Phong), Australia (Mereenie), and New Zealand (Maari).

• Achieved fifth consecutive year of shareholder distributions, totaling AUD 15.5 cents per share since 2021, with FY25 dividends of 3 cps (AUD 49M).

• Prioritizes maximizing free cash flow, regular shareholder returns, and continued investment in production growth.

• FY25 EBITDAX reached US$54.8M, with cash of US$39.8M and net cash of US$13.7M at year end.

• Operating costs remain below US$25/boe, supporting strong cost control.

Asset performance and recent developments

• Maari (NZ): 26% interest, FY25 production of 1,260 bopd net, permit extended to 2037, and strong cash flow with US$41.8M revenue.

• Block 22/12 (China): 26.95% interest, low opex (US$22/bbl), 1,973 bopd net, and successful infill drilling and workovers.

• Mereenie (Australia): 25% interest, opex US$16.6/boe, long-term gas sales agreement to 2030, and recent drilling success with WM29/30 wells.

• Sinphuhorm (Thailand): 7.5% interest, low opex (~US$2.2/boe), long-term GSA to 2031, and ongoing booster compressor upgrade.

• Nam Phong (Thailand): 60% interest, opex US$11.7/boe, 7 producing wells, and planned booster compressor upgrade.

Financial and production metrics

• FY25 sales revenue reached US$105.3M from 1,617,218 boe sold.

• 2P reserves at year-end were ~12.5 MMboe, including 3.5 MMboe from Thailand post-FYE.

• Group production and sales exceeded 1.6 MMboe in FY25.

• Production forecast remains stable through 2030, with running room beyond, supported by five core assets.