Horizon Bundle
Who Owns Horizon Oil Limited?
Understanding Horizon Oil's ownership is key to its strategy. The company acquired a 25% stake in OL4 and OL5 licenses, including the Mereenie field, effective April 1, 2023. This move diversified production and boosted reserves.
Established in 1969, Horizon Oil, formerly Bligh Oil and Minerals, is an Australian independent oil and gas producer. Its operations span the Asia-Pacific, focusing on hydrocarbon asset development. As of July 18, 2025, its market cap stands at $211 million with 1.63 billion shares outstanding, and trailing 12-month revenue was $101 million as of December 31, 2024.
Exploring Horizon Oil's ownership reveals its journey from founders to current institutional investors, impacting its governance and strategic direction. This analysis includes a look at its competitive landscape through a Horizon Porter's Five Forces Analysis.
Who Founded Horizon?
Horizon Oil Limited was established in 1969, though specific details about its initial equity distribution and the full backgrounds of its founders are not widely documented. The company's original name was Bligh Oil and Minerals, a name it carried until 2002 when it transitioned to Horizon Oil Limited.
| Founding Year | Original Name | Current Name |
|---|---|---|
| 1969 | Bligh Oil and Minerals | Horizon Oil Limited |
Founding Details
Information regarding the precise equity split among the founders at the company's inception is not readily available.
Early Investment
Details on early backers, angel investors, or friends and family who acquired stakes during the initial phase are not specified.
Founder Agreements
Information concerning early agreements such as vesting schedules or buy-sell clauses is not provided.
Founder Exits
Specifics on founder exits from the company during its early years are not detailed.
Ownership Disputes
Any initial ownership disputes or buyouts that may have occurred are not mentioned in the available records.
Name Change
The company underwent a name change from Bligh Oil and Minerals to Horizon Oil Limited in 2002.
Early Company History
The origins of Horizon Oil Limited trace back to 1969, initially operating under the name Bligh Oil and Minerals. While the company's foundational ownership structure and early financial backing are not extensively detailed, the transition to its current name in 2002 marks a significant point in its history. For a more in-depth look at its development, you can explore the Brief History of Horizon.
- Founded in 1969 as Bligh Oil and Minerals.
- Renamed Horizon Oil Limited in 2002.
- Specific founder equity splits are not publicly available.
- Information on early investors is limited.
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How Has Horizon’s Ownership Changed Over Time?
Horizon Oil Limited's ownership structure is dynamic, reflecting its status as a publicly traded entity on the Australian Securities Exchange (ASX). Major shifts in shareholding are often influenced by institutional investment trends and strategic acquisitions, impacting who ultimately controls the company's direction.
| Major Shareholder | Percentage Ownership | Number of Shares | As Of |
|---|---|---|---|
| Austral-Asia Energy Pty Ltd | 24.68% | 400,574,175 | July 18, 2025 |
| Samuel Terry Asset Management Pty Ltd | 19.36% | 314,232,423 | July 18, 2025 |
| Spheria Asset Management Pty Limited | 5.66% | 92,009,679 | May 28, 2025 |
Institutional investors play a significant role in Horizon Oil's shareholder base. As of June 5, 2025, a total of 20 institutional owners had filed with the SEC, collectively holding 22,370,479 shares. Notable among these are the AMG Yacktman Special Opportunities Fund Class Z, WisdomTree International SmallCap Dividend Fund, and iShares Edge MSCI Multifactor Intl Small-Cap ETF, indicating a broad institutional interest in the company's performance.
Shareholder Returns and Financial Performance
Horizon Oil has a consistent track record of rewarding its shareholders through substantial distributions. The company has returned over AUD 170 million in recent years, demonstrating a commitment to shareholder value.
- For the fourth consecutive year, the company returned at least AUD 3.0 cents per share for FY24.
- A final FY24 dividend of AUD 1.5 cents per share was declared.
- An interim dividend of AUD 1.5 cents per share was paid in April 2024.
- The most recent dividend payment was AUD 0.02 per share, disbursed on April 24, 2025.
- This consistent dividend policy reflects strong cash flow generation and supports the Growth Strategy of Horizon.
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Who Sits on Horizon’s Board?
The Board of Directors for Horizon Oil Limited comprises a blend of executive and non-executive members, overseeing the company's strategic direction. As of July 2025, key figures include Richard Beament as CEO and Managing Director.
| Director Name | Role | Appointment Date |
|---|---|---|
| Richard Beament | Chief Executive Officer and Managing Director | N/A |
| Dr. Peter Allan Goode | Non-Executive Director | September 12, 2024 |
| Ms. Catherine (Kate) Mary Costello | Non-Executive Director | June 1, 2025 |
| Mr. Gregory John Bittar | Non-Executive Director | March 6, 2017 |
| Ms. Sandra Christine Birkensleigh | Non-Executive Director | February 2, 2016 |
| Mr. Nigel Graham Burgess | Non-Executive Director | July 1, 2021 |
| Mr. Bruce Frederick William Clement | Non-Executive Director (Incoming Chairman) | September 1, 2020 |
The voting power within Horizon Oil Limited is structured around its ordinary shares, where each share typically carries one vote on a poll, as outlined in the Company's Constitution. Share rights mirror the rights of shares in the same class concerning dividends and voting. Shareholders have the ability to appoint up to two proxies for attending and voting at meetings. The current structure does not indicate any dual-class shares, special voting rights, golden shares, or founder shares that would grant disproportionate control to any single entity or individual. There have been no reported proxy battles or significant activist investor campaigns affecting the company's governance.
Understanding Horizon Company's Governance
Horizon Company's corporate structure is designed to ensure clear lines of accountability. The board composition reflects a balance of operational leadership and independent oversight.
- Richard Beament leads as CEO and Managing Director.
- Mr. Bruce Frederick William Clement will transition to Non-Executive Chairman.
- Ms. Catherine (Kate) Mary Costello is set to chair the Audit Committee.
- Voting rights are generally aligned with share ownership.
- The company's structure does not suggest concentrated control by specific shareholders.
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What Recent Changes Have Shaped Horizon’s Ownership Landscape?
Recent strategic acquisitions and leadership transitions mark significant developments for Horizon Oil Limited. The company has focused on expanding its asset base and strengthening its operational capabilities over the past few years, aiming for sustained growth and shareholder value.
| Event | Date | Details |
|---|---|---|
| Acquisition of Mereenie Field Interest | Effective April 1, 2023 | Acquired a 25% interest, expected to boost net operating cash flow for over 5 years. |
| WZ12-8M Infill Well Production | Commenced June 2025 | Production started offshore China in the WZ12-8E field (26.95% interest). |
| Acquisition of Thai Gas Fields | Effective January 1, 2025 | Acquired 7.5% in Sinphuhorm and 60% of Nam Phong gas fields from Exxon Mobil Corporation. |
| Chairman Retirement | Conclusion of 2024 AGM | Mike Harding retired; Bruce Clement succeeded him as Chairman. |
| Non-Executive Director Retirement | Planned for 2025 | Sandra Birkensleigh to retire; Catherine Costello appointed as independent non-executive director from June 1, 2025. |
| Debt Facility Revision | Secured | Revised US$25 million revolving senior secured debt facility with Westpac (3-year term, option to increase by US$10 million). |
| Oil Hedging | Secured for 2025 | 180,000 barrels hedged at an average of US$71 per barrel (110,000 for May, 70,000 for June-December). |
Horizon Oil continues to demonstrate strong financial performance, maintaining consistent dividend payouts to shareholders. The company's proactive approach to financial management, including securing debt facilities and implementing hedging strategies, underpins its stability and capacity for future investments.
Strategic Asset Expansion
The acquisition of a 25% interest in the Mereenie oil and gas field in FY2024 is a key development. This move is projected to significantly enhance the company's net operating cash flow for the next five years and beyond.
Operational Growth Initiatives
Commencing production from the WZ12-8M infill well in June 2025 highlights the company's focus on optimizing existing assets. The recent acquisition of interests in Thai gas fields further diversifies its operational footprint.
Leadership and Governance Updates
Changes in the leadership structure, including the retirement of Chairman Mike Harding and the planned retirement of non-executive director Sandra Birkensleigh, are being managed with new appointments. Catherine Costello's addition as an independent non-executive director strengthens the board.
Financial Resilience and Shareholder Returns
The company's commitment to shareholder returns is evident in its consistent dividend declarations. Enhancing financial flexibility through a revised debt facility and implementing oil hedging strategies demonstrates prudent financial management, supporting the Revenue Streams & Business Model of Horizon.
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