Horizon Oil

Latest Horizon Oil News

• Horizon reported May 4 that, since the last report, 7" liner was run and set at a measured depth of 1,804 m. A 5½" chrome completion string was run and a Christmas Tree installed on the wellhead.
• The lower 9 m of the Elevala sandstone was perforated and opened directly to flare.
• The Ketu-2 well spudded with Parker Rig 226 on 6 March 2012 and is being operated by the Company's wholly owned subsidiary, Horizon Oil (Papua) Limited.

• Kina Petroleum Limited announces that the operator of PRL 21 has successfully recovered gas across the target zone within the Elevala Sandstone.
• The Ketu-2 well spudded with Parker Rig 226 on 6 March 2012 and is being operated by Horizon Oil (Papua) Limited.

• The Ketu-2 well spudded with Parker Rig 226 on 6 March 2012 and is being operated by the Company's wholly owned subsidiary, Horizon Oil (Papua) Limited.

• When the next PPL 259 exploration well is drilled, expected in Q4 of this year, Horizon will fund their 25% interest and pay USD $5.0mm of Eaglewood's drilling costs.

• Kina can now confirm that Diamond Gas Niugini, a wholly-owned subsidiary of Mitsubishi Corp, will acquire a 7.5% undivided interest in PRL 21 and a 7.5% undivided interest in the PRL 21 JOA dated Nov 2 2011.

• The value indicated by this transaction and the recent success of the Elevala-2 well drilled by Horizon Oil in the immediate vicinity are positive for the back in option.

• Horizon Oil has executed a farmin agreement with Eaglewood Energy to earn a 25% interest in PPL 259 in Western Province, Papua New Guinea.

• New seismic is currently being recorded over the Elevala, Tingu and Ketu structures and this will be integrated into the existing mapping before the resource volumes are revised.
• The plan now is to set plugs in the sidetrack well bore and suspend the well for possible use in the future.

• A number of New Guinea Energy's prospects are already in the process of being de-risked by current drilling activities in adjacent properties.
• New Guinea Energy has 101 leads and prospects and total gross prospective resources of 6,000 million barrels of oil equivalent.

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