Horizon Oil Limited (HZNFF) Discusses Transformational Period With Record Production, Portfolio Diversification and Cue Acquisition Prepared Remarks Transcript

Well, good morning, and thank you for joining Horizon Oil's investor webcast. I'm Richard Beament, the Group CEO, and I wanted to take a moment to run you through an update on the company after what has been a fairly transformational period as the Horizon today is very different to what it was just a year or so ago. FY '26 was game-changing. We delivered record production and sales, established Thailand as a material low-cost contributor to group cash flow, completed the Cue acquisition and entered FY '27 with a broader 5-country platform and a larger opportunity set. Before I begin, please note the usual important disclaimers, which I would encourage you to read. Look, at a glance, Horizon is now a diversified Asia-Pacific oil and gas producer with producing assets across Thailand, Indonesia, Australia, New Zealand and China. FY '26 net production was approximately 2.15 million barrels of oil equivalent with FY '26 sales of almost 2 million barrels of oil equivalent, up 33% and 22%, respectively, on FY '25 before any material contribution from Cue. The portfolio now combines established offshore oil production, domestic gas production with a mix of oil-linked and fixed price gas contracts and a set of infrastructure-led growth opportunities. On a Horizon net basis at 30 June 2026, 2P reserves were 13.6 million barrels of oil equivalent, 2C contingent resources were 19.8 million barrels of oil equivalent and 2U prospective resources were 14.3 million barrels of oil equivalent. The investment proposition is deliberately straightforward, reliable production, strong cash generation, disciplined reinvestment and shareholder returns. Now turning to