Horizon Oil (ASX:HZN) is an Asia-Pacific oil and gas producer with interests across Australia, New Zealand, China, Thailand and Indonesia. The company reported higher production and reserve levels during FY2026, while also expanding its portfolio through acquisitions and advancing development activities. Through September 2026, investor attention remains focused on production performance, integration of acquired assets, Cash Flow generation and Balance Sheet management.

Company Overview

Horizon Oil is an oil and gas exploration and production company with a diversified portfolio of Assets across the Asia-Pacific region.

The company’s producing assets include interests in China’s Block 22/12, New Zealand’s Maari and Manaia fields, Australia’s Amadeus Basin assets and Thailand’s Sinphuhorm and Nam Phong fields.

During 2026, Horizon expanded its portfolio through the Acquisition of interests previously held through MH Energy Thailand and the completion of the acquisition of Cue Energy Resources, adding further exposure to Australian and Indonesian operations.

The company reports financial results in United States dollars.

Production Update

During FY2026, Horizon reported production of 2.15 million barrels of oil equivalent, representing growth compared with the previous year. Sales volumes also increased during the period.

The company’s Sinphuhorm Pad D Facility in Thailand achieved first gas in August 2026, ahead of the previously expected schedule. The facility forms part of the company’s Thailand gas operations and supports production from the Sinphuhorm field.

Horizon holds an effective interest in the Sinphuhorm field, which produces gas and condensate supplied under long-term domestic gas contracts.

Reserve Growth

Horizon reported an increase in its reserve base during FY2026.

At 30 June 2026, probable and Proved Reserves (2P) were reported at 13.6 million barrels of oil equivalent.

The company also reported growth in contingent resources, reflecting additions from acquisitions, revisions and portfolio changes.

Reserve movements remain an important measure of the company’s ability to maintain production capacity and support future development opportunities.

Key Factors to Monitor

Investors may continue to monitor the integration of Cue Energy assets, production performance from existing operations and progress across development activities.

The ramp-up of Thailand operations, Commodity price movements and the company’s approach to managing Debt and Operating Cash Flow will remain important areas of focus.

Future reserve updates and operational performance will also provide insight into the longer-term potential of the expanded portfolio.

Risks

Horizon remains exposed to oil and gas price movements, which can affect Revenue and cash flow outcomes.

The company operates across multiple countries, creating exposure to regulatory, fiscal and operational considerations. As a participant in several non-operated assets, Horizon is also dependent on joint venture partners for certain operational decisions.

Reserve estimates may change due to technical assessments, commodity prices or updated geological information. Integration of acquired assets also involves execution and operational risks.

Outlook

Horizon Oil enters FY2027 with a larger asset base, increased production levels and a broader reserve position following portfolio expansion activities.

The company’s future performance will depend on operational execution, production delivery, commodity market conditions and its ability to manage growth while maintaining financial discipline.