Header Ads

Horizon Oil to focus on onshore oil, gas in PNG

HORIZON Oil says the company has a very large oil and gas play onshore in Papua New Guinea.
In an interview with Finance News Network, chief executive officer Brent Emmett said the Australian Securities Exchange (ASX)-listed public company has a market cap of about $80 million ( K192 million)
“Our largest shareholder is IMC, a Singapore family company who have a 30 per cent interest,” Emmett said
“We have a mix of exploration, producing and development assets in Southeast Asia – that’s our geographic focus area.
“Our producing assets deliver about 4000 barrels of oil a day net to the company.
In addition to those, we have a very large oil and gas play onshore Papua New Guinea.”
Emmett said in China, the company has two producing fields in the Beibu Gulf. These fields produce about 3000 barrels of oil a day net to Horizon Oil.
“We have a 27 per cent interest in the project.
“In New Zealand, we have the Maari and Manaia fields offshore the North Island.
“We have a 10 per cent interest in those fields. We developed the fields and they came on-stream in 2009.
“And these fields produce about 10,000 barrels of oil per day (1000 barrels of oil per day net to Horizon Oil). Combined with our producing reserves in China and New Zealand, we have a total of about 116 million barrels of oil equivalent.
“Two-thirds of this is gas, and the gas lies in Papua New Guinea.
We consider this to be a very important focus and balance for us going forward.”
– Finance News Network
Powered by Blogger.