Horizon Oil advises that it has acquired an additional 10% interest in Petroleum Retention Licence (PRL 21) from joint venture participant Elevala Energy Limited. This increases the interest held by Horizon Oil (Papua) Limited in PRL 21 to 45%.
Horizon Oil, as operator of PRL 4, recently completed the successful Stanley-4 appraisal/development well with Parker Rig 226. After Stanley-4, the tentative program for the rig is a well on PPL 269 on the Sepalosiphon prospect (to be operated by Talisman), then Elevala-2 and Ketu-2 in PRL 21, which will be operated by Horizon Oil. The joint venture will also shortly be embarking on a seismic program over the Elevala and Ketu structures to further define drilling locations.
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