Horizon Oil Limited (AU:HZN) has released an update.
Horizon Oil Limited reported a successful quarter with a robust net operating cash flow of US$21.7 million, allowing for an interim distribution of AUD 1.5 cents per share to shareholders. The company has commenced a four-well infill drilling program anticipated to enhance production and has agreed to acquire a 25% interest in the Mereenie oil and gas field, anticipating completion by the end of the financial year. Despite a slight production decrease due to natural declines and workovers, the company’s financial strength has been underpinned by sustained high oil prices and strategic asset integration.
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