Australia's Horizon Oil tumbles after temporary suspension of production in China field

Horizon Oil

14/06/2022 06:56

** Shares of oil and gas co Horizon Oil Ltd  HZN.AX  tumble
as much as ~20% - hits lowest since Feb. 24 
    ** Co says production from the WZ12-8E field in China has
been temporarily suspended following a power outage on June 10
    ** Production restart identified an issue with the flexible
hose connecting the WZ12-8E field to the production platform -
co
    ** Co adds, whilst there has been no spill to the
environment, the WZ12-8E field will remain shut-in until the
section of the hose is replaced - currently expected to take 1-2
months (https://bit.ly/3MPvMLm)
    ** Shares on track for its worst day since Feb 7, 2020
    ** Co adds, notwithstanding the interruption, revenue,
EBITDAX and sales volumes guidance for FY22 remain unchanged 
    ** Stock has fallen over 50% so far this year, as of last
close
    ** The broader benchmark index  .AXJO  down 4.2%, heading
for their worst session in two years

 (Reporting by Indranil Sarkar in Bengaluru)
 ((Indranil.Sarkar@thomsonreuters.com;))