presented at this conference really outlining what we believe was going to be a transformational year for Horizon over 2023 and well I think the results speak for themselves a year on the company's smashed a number of Records we saw a 46 increase in Revenue to over 152 million US Dollars that's US Dollars we saw production increase 44 to 1.9 over 1.9 million barrels and probably the one I'm most proud of our profitability we saw Ebert Dax shoot through 103 million US Dollars um you know safe to say that that led to significant free cash flow Generation Um and you know that resulted in some substantial returns to shareholders we returned over or declared dividends through the year of over 56 million Australian dollars representing about a 25 dividend yield for the year and probably most importantly is the sustainability of that dividend so this wasn't a one-off in fact we distributed over the last three years over 150 million Australian dollars represents about 60 percent of the company's market cap um and represented about a 20 dividend yield for three consecutive years on the on the Trot and probably most important out of all of that is that notwithstanding us returning all of that Capital to shareholders we've been continuing to invest in production growth within our asset base and really that's that's the story I'm going to take you through today what are we doing to sustain sustain production and cash flow generation so that we can keep delivering on these returns to shareholders we've got the the mandatory disclaimer and compliance statement which I'd encourage you to read so on to who we are well look we're an australian-based company with two production assets we've got a 26.95 working interest in Block 2212 offshore China it's the flagship asset of the group and we've got a 26 percent non-operated interest in the Maori field Offshore New Zealand combine these two Fields produce about four and a half thousand barrels net to Horizon and we've got a strong balance sheet net cash was just over 35 million dollars at the end of the financial year and as I mentioned we've got a strong history of returns to shareholders in terms of our strategy well we keep it pretty simple we focus on maximizing free cash flow generation from our existing assets we look at returns to shareholders with a core Focus being further distributions and we continue to invest in production growth mainly focused in and around our existing assets but also looking for opportunistic growth opportunities outside of the portfolio which could really complement the asset base with a view for them to help support future distributions as we go forward and most importantly you know we feel we're delivering on that strategy as I mentioned we had either Dax generated from these assets over the year of 103.5 million US Dollars and that's really aided by the very very low cash operating costs our Fields produce at a cost base less than 20 US dollars a barrel which when we're selling oil today at over 85 or over 90 a barrel it's a significant significant margin to uh to generate cash flow as I mentioned strong cash flows allowed us to sustain a distribution stream and that's that's really been the core we announced an interim dividend halfway through the year of one and a half cents and then recently announced a further two cent final final dividend um just just back in August all up that that entails three and a half cents per share of that 25 dividend yield um our capacity to to generate these substantial returns is heavily heavily um due to the low-cost production assets that we have but also our investment in them over time so I'm very very proud this year over the last 12 months we invested about 30 million US Dollars particularly in our China field at bringing on a satellite field development the 12-8 East field and that really boosted production rates and we saw production rates double from that field alone and that's really what's enabled us to sustain this really strong cash flow stream importantly we've got a pipeline of future opportunities further infield drilling which we continue to invest in in order to keep that cash flow generation going and as I mentioned we also do look for other opportunities outside of the portfolio where they can enhance our returns going forward I'm just looking a bit of a snapshot of the share register and the share price we've got our market caps about 260 I think it's 270 million dollars today and we've got a very supportive shareholder base um in terms of the chart here of the share price you've got the Horizon share price and the orange oil price in the in the green and the ASX energy index in the blue you can clearly see the correlation in the in the share price to the oil price which is not a surprise um through the through the early the Early part of this chart through the middle of 2022 but what's particularly pleasing is this dislocation we've had from that point which was really driven by the substantial success we had at our fields in China where we had a reserves upgrade given the production success and that's really allowed us to supercharge returns to shareholders given that given where we're punching above above the just just you know movements in the oil price in terms of FY 23 a couple of other highlights I just I just alert you to and we had a 55 2p reserves replacement our average daily production rate increased that 44 percent I mentioned to over 5 000 barrels of oil per day um on ESG despite elevated activity levels throughout the last 12 months we maintained a very strong safety record significantly below industry benchmarks or better than industry benchmarks I should say and on climate change we set a net zero ambition some years ago and we made a seed capital investment in a carbon removal credit developer during the year to help aid with those decarbonisation efforts and potentially provide a future long-term additional cash flow stream so turning to the assets and starting with block 2212 in China as I mentioned this year was really underpinned by uh substantial new development being the 12-8 East development here at the bottom of the slide we've made a 30 million dollar investment there and combined with some infill wells drilled up in the 612 field that really supercharged production from this field doubling production rates to over 20 000 barrels of oil per day on a gross basis throughout the year um the additional production took the cash flow generation of this asset alone to over 80 percent of Horizons cash flow and again it's very much aided by the very very low cash operating costs which were less than twelve dollars a barrel um I'll come to this in a moment but you know these fields do naturally Decline and we need to keep investing and we've got a considerable pipeline of future opportunities which are outlined on the next slide of how we continue to unlock the value from the asset and keep this cash flow cash flow going so this this slide really just points out all the various future opportunities combined comprising of infield Wells water handling upgrades and other work over opportunities all fairly modest modest individual costs we drill a well here for about 10 million US dollars on a gross basis and we get payback periods of you know six six to 12 months so it's it's a very very lucrative asset to um to be a be a participant um probably my favorite slide is is this one where we we put here both the history of the production and our view of the future and the asset so we've got in the light green the production history the dark green our 2p reserves forecast going forward and probably the most important part the light blue being what we see as indicative future activities being those infill drilling opportunities that we continue to to progress and what is what is most obvious from this slide is that historically you know we we sanctioned this field on this orange profile and we've been able to for a decade can can continue to invest in Infield Drilling and other activities to sustain production rates at around eight to ten thousand barrels a day for for over 10 years um and whilst the future forecast you know 2p forecast shows this decline Our intention is to continue to invest in these infill well opportunities to sustain production rates well above the average and this this is the continued value we continue to unlock and what is driving the cash flow returns in the company moving on to Tamari Mari also continues to be an important asset for the company generates around 20 of our cash flow um what you see here is we had successful work over operations during the year which was combined with continued water injection into the field which allowed us to sustain production rates towards the end of the year at over 5000 barrels of oil per day um it's it's it's got a very different decline profile to block 2212 so we don't need to do that reinvestment in Infield drilling which I'll which I'll touch on on the next slide here the operating costs are still modest in the context of the the current oil price and we achieve very strong premiums to dated Brent most of the focus of the Venture is on low-cost work over activities focused on sustaining production rates and we're looking at an extension to the permit which um I'll touch on more on the next slide so here's the uh I guess the Maori forecast again a bit of bit of historical production our view of the 2p Reserve forecast and as you can see it's got a very very modest decline profile really underpinned by that strong water injection into the field that sustains production rates without the need for significant capital expenditure um whilst there is some you know some some blue sky so to speak in some future activities these would require a fairly substantial amount of capital expenditure and a significant extension to the permit to be viable so we don't we don't put a lot of a lot of uh focus on that instead our focus is really on extending the field out um three to five years um just by maintaining production rates maintaining that water injection into the field and that that alone has substantial value to would add substantial value to the asset so looking in conclusion in summary Horizons had another strong year or very strong year delivering significant value to shareholders and the Outlook continues to remain very positive we commenced fy24 very very well with production rates continuing to be strong and we've seen that strengthening in the oil price which really bodes exceptionally well for future free cash flow generation our focus is on bringing on to production this pipeline of infield Wells particularly in in China and the low-cost work over activity in in Mari to sustain production rates and continue to continue to drive that free cash flow generation out into the future um we're determined to live a value to shareholders and we continue to focus on delivering those significant returns through through future dividends and in terms of new business we continue to focus on investment in the assets we have but also keeping an eye out for those future opportunities um so I'll leave you with that and I look forward to coming back next year and and highlighting the continued value we've been able to generate for shareholders thank you [Applause]