substantial production growth driving free cashflow generation –

Production volumes increased 25% during the quarter to 517,746 bbls driven by a further 29% increase in Block 22/12 production and 9% increase in Maari production, building on an almost 30% increase in Block 22/12 production and a 18.9% increase in Group production during the prior quarter. – Sales volumes at Block 22/12 increased by ~30% during the quarter to 389,241 bbls owing to the successful execution of the WZ12-8E development program, infill drilling and workovers. Group sales volumes were 5% lower than the prior quarter owing to the deferral of a scheduled Maari lifting (up to ~125,000 bbls (net)) to January 2023. – Revenue for the quarter was US$33.7 million (~A$48 million) (including hedge settlements) at an average realised oil price of ~US$86.70/bbl. – Net operating cash flow1 for the quarter was US$24.1 million (~A$34.4 million). – Cash operating costs of US$18.65/bbl produced for the quarter, including the cost of workovers in China and NZ. – Cash reserves were US$40.4 million (net cash US$24.8 million) at 31 December 2022, with a further US$10.4 million received shortly after quarter end pertaining to the Block 22/12 November 2022 oil sales. – Completed distribution payments in October 2022 of 3 cents per share totalling AUD 48 million and obtained ATO class ruling confirming 1.35 cent per share capital return component. Further distributions under review. Successful completion of Block 22/12 WZ6-12 and WZ12-8E Phase 2 drilling programs – The Block 22/12 Joint Venture successfully completed a two well WZ6-12 development/appraisal drilling program followed by a four well WZ12-8E Phase 2 drilling program, marking the end of a 10-month Block 22/12 drilling campaign. – Record Block 22/12 production achieved during the quarter with daily production rates averaging just under 17,000 bopd (gross) and reaching peak production of ~20,000 bopd (gross) (5,400 bopd net), the result of a successful development, infill and workover campaign.

Chairman report 'snap shot': >> Looking to the future: - we will continue to work to maximise production and value from our producing assets in Block 22/12, China and Maari in NZ and continue to actively pursue infill well drilling and other production enhancing initiatives in our producing assets which provide excellent value;

and - we will continue to review our cash position regularly to consider further shareholder distributions, whilst always keeping an eye out for opportunistic growth options.

Note here >>>>>>We have continued to progress work on enhancing our ESG strategy, particularly in response to growing climate related concerns. We acknowledge the part we have to play in an increasingly low carbon future. We were pleased to present a further enhanced sustainability report this year which transparently discloses our impact and the actions we are taking to be a more sustainable company. To this end, earlier in the year we announced our ambition to achieve Net Zero GHG emissions by 2050. Work will continue to refine a roadmap for achieving this ambition

keepin the oil up....

General note: i am observing Australian business generally setting ESG road maps this yr 2022 eg CBA and CSIRO partnership

CEO >>>>>>On climate change - we declared our ambition to reach Net Zero Emissions by 2050 and are developing a roadmap to achieve this. We enhanced our governance with formal ESG oversight by the Board supported by a Sustainability Steering Committee.

For the first time, the Group purchased just under 15,000 tonnes of voluntary carbon units to offset the majority of Horizon’s share of Block 22/12 Scope 1 emissions, whilst continuing to purchase carbon credits covering 100% of Maari Scope 1 emissions. Going forward our desire is to focus on direct emission reduction initiatives at our operations and are proactively pursuing this with the operators of our assets. As part of our overall decarbonisation strategy, we continue to evaluate various institutional grade carbon removal projects, however for any project to be considered it will need to have appropriate investment returns.

Full Report here 2022 Annual General Meeting (markitdigital.com)

CEO >> Looking to the future: - we will continue to work to maximise production and value from our producing assets in Block 22/12, China and Maari in NZ and continue to actively pursue infill well drilling and other production enhancing initiatives in our producing assets which provide excellent value; and - we will continue to review our cash position regularly to consider further shareholder distributions, whilst always keeping an eye out for opportunistic growth options.

We have continued to progress work on enhancing our ESG strategy, particularly in response to growing climate related concerns. We acknowledge the part we have to play in an increasingly low carbon future.

We were pleased to present a further enhanced sustainability report this year which transparently discloses our impact and the actions we are taking to be a more sustainable company. To this end, earlier in the year we announced our ambition to achieve Net Zero GHG emissions by 2050. Work will continue to refine a roadmap for achieving this ambition

BUT all Hinges on the supply vs demand of oil.

A look at the oil price: down for the year. But over 5yrs the trend is up.

Chins & New Zealand

HZN performance

HZN return on invested capital up 70%

Huge dividend yield of 11% plus