In December last year, the PNG Petroleum Minister William Duma refused to renew Block PRL 5 because the joint venture owners at the time — understood to have been Horizon, Talisman Energy and Santos — had not met their work commitments.
Horizon argued that it had satisfied the licence conditions and began legal proceedings in the PNG courts.
The company said last week the legal proceedings had been settled and a new five-year licence had been issued over the disputed acreage, now renamed PRL 21.
To
