The Australian Securities Exchange-listed E&P's production of 324,478 barrels was a 6% increase on the December quarter, with all 15 wells now online in the Beibu Gulf and start-up of the MR6A well at Maari.

Oil sales of 327,000 barrels were up 23% due predominantly to the timing of offtakes at Maari.

Horizon reported sales revenue of $15.87 million, a drop of 17% which the company attributed to lower realised oil prices. However, combined with hedging revenues of $9.86 million an 8.1% increase in total revenue to $25.7 million was recorded.

The company reported solid operating margins with an average realised oil price of $78.52/bbl (including hedging) versus cash costs of $15.02/bbl.

After a 76% reduction in capex to $8.9 million from $28.2 million in the December quarter, Horizon finished the period with cash of $39.4 million and $110 million drawn on its reserve base lending facility.

Horizon said its ability to obtain the revised terms in the low oil price environment was enhanced by its commodity hedging program which, at the start of the quarter, included 842,500 barrels of oil hedged to mid-2016 at a weighted average hedge price of $US95/barrel.

The company reported the reduction in capex following the completion of exploration and development drilling in China and Papua New Guinea.

GMP Securities oil and gas analyst Scott Simpson said that while PNG was effectively on hold for Horizon pending higher oil prices and progression of development options for its gas, it provided a free option at the current share price.

"Looking ahead key catalysts will include further ramp-up at Maari, planning for Beibu Phase II and PRL 21," he said.