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Tuesday, 07 October, 2008, 07:10 GMT | more prices >>

Horizon gets busy in 2008



By Upstream staff 

Horizon Oil is preparing to enter the installation and development drilling phases at its Maari field development project and hopes to benefit from tapping substantial reserves amid current high oil prices, the company’s boss said today.

Australian-listed Horizon expects first oil in mid-August, based on the anticipated arrival of the Ensco 107 jack-up in mid-June, the company said in its quarterly report.

Horizon has a 10% stake in the permits PMP 38160 and PMP 38413 in the Maari Field, in the offshore Taranaki basin.

While development of Horizon’s fields in Block 22/12, offshore China, should begin once a final investment decision is reached around mid-year.

The company also intends to pursue the commercialisation of its large gas resource in Papua New Guinea and is planning to carry out a production test of the Stanley-1 discovery well before mid-year.

Meanwhile, Horizon expects to kick off a five-well drilling program in the Gulf of Thailand during in the third quarter.


Friday, 01 February, 2008, 03:43 GMT  | last updated: Friday, 01 February, 2008, 03:49 GMT

On the horizon: Bright prospects this year for the Australian player
 

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