Horizon Oil Limited reported production and earnings results for the second quarter ended December 31, 2016. Revenues were $14.0 million for December quarter 2016, resulting from oil sales of 291,018 bbls at an average realised oil price of $47.96/bbl. Production revenue impacted by typhoon Sarika in China and facility repairs in New Zealand. Net debt further reduced to $120.8 million, equivalent to 2.2x fiscal 2016 EBITDAX of
$54.0 million. Production revenue was $13,942,000.

Production for quarter was 241,122 bbls. Production from the Beibu Gulf fields, offshore China, reached the production milestone of 13.9 mmbo in early January 2017. Future field operating costs reduced by $4.25/bbl, resulting in average field operating costs below $10/bbl.