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Horizon Oil Limited ( (AU:HZN) ) has shared an announcement.
Horizon Oil Limited has reported a successful quarter with significant developments at its Mereenie site. The completion of well WM29 exceeded production expectations, increasing the Mereenie field’s production by over 15%. This success is anticipated to bolster future drilling targets, including the ongoing WM30 project. The company’s quarterly production was robust, with total volumes at 411,687 boe and revenue reaching US$26.5 million. Despite unplanned downtime, efforts to optimize production are underway, particularly at Block 22/12. Financially, Horizon remains strong, ending the quarter with US$22.5 million in net cash and maintaining a stable cash reserve following a US$17 million dividend payment.
More about Horizon Oil Limited
YTD Price Performance: 40.0%
Average Trading Volume: 32,204
Technical Sentiment Consensus Rating: Strong Sell
Current Market Cap: $202.6M
For a thorough assessment of HZN stock, go to TipRanks’ Stock Analysis page.
