Horizon Oil has acquired a 90% stake in two petroleum prospecting licences onshore Papua New Guinea, the Australia-listed company said on Monday.
Together with the recent award of a 50% interest in PPL 430, these additions have more than doubled the company’s acreage position in PNG from 3900 square kilometres to about 7900 square kilometres.
Horizon was awarded PPL 430, comprising eight blocks over 649 square kilometres, in a 50/50 joint venture with Canadian company Eaglewood Energy earlier this month.
Horizon
