Matahio Energy enters Thailand; partners with Horizon Oil

Matahio Energy (“Matahio”) today announced that its subsidiary, Matahio Thailand Onshore PTE Limited, in partnership with a subsidiary of ASX-listed Horizon Oil Limited (ASX: HZN) (Horizon Thailand Investments Pty Limited)(“Horizon”), has entered into an agreement with Exxon Mobil Corporation (“ExxonMobil”) to acquire the latter’s 100% interest in ExxonMobil Exploration and Production Khorat Inc. (EMEPKI) in Thailand.

The deal results in the acquisition of a 10% working interest in the E5N and EU1 development licences, onshore Thailand, which contains the producing Sinphuhorm conventional gas and condensate field, and an 80% interest in the E5 development licence, onshore Thailand, which contains the producing Nam Phong conventional gas field.

The acquisition will see Matahio acquiring 25% of the shares in EMEPKI with Horizon holding 75%. Matahio will manage EMEPKI’s employees and take on effective operatorship of the Nam Phong field on behalf of the consortium upon completion of the transaction.

This strategic acquisition marks a key milestone in Matahio’s growth trajectory, setting a path for entry into a third geography alongside its existing operations in New Zealand and the Philippines.

The transaction is expected to be completed in the second quarter of 2025, subject to standard closing conditions. Until then, EMEPKI will continue operating as usual under its current management.

Announcing the acquisition, Matahio’s chief executive officer Wai-Lid Wong said, “This acquisition reinforces Matahio’s commitment to expanding our upstream business in Southeast Asia. To do so via a collaboration with Horizon upholds our ethos of progressive energy. Matahio and Horizon are dedicated to ensuring a seamless transition while maintaining the high standards of safety, reliability, and operational excellence that have defined EMEPKI’s legacy.”

He added that the acquisition reflects Matahio’s confidence in Thailand’s energy sector and the company’s ambition to contribute meaningfully to its sustainable development.

“We look forward to collaborating with all stakeholders, including local partners and regulators, to complete the transition and quickly focus our attention on delivering sustainable value creation. This acquisition will allow us to meaningfully deploy and enhance our capabilities as well as leverage EMEPKI’s established infrastructure, experienced workforce, and proven track record in the region,” said Wong.

Wong thanked the senior leadership at Horizon for working closely with them to realise the acquisition, stating that Horizon’s prior experience in Thailand, its strengths as a non-operator, and the excellent collaborative working relationship their teams had developed while working on this deal boded well for the consortium.

Matahio reaffirmed its commitment to EMEPKI’s employees, recognising their dedication which has played a vital role in the company’s success, and assured regulators and the industry that it would seek to maintain a stable work environment during the transition period.