Horizon increases PNG position

Horizon advised in January that it had acquired a 50 per cent operator’s interest in PRL 26 (Ubuntu field) adjacent to PRL 21, along with:

  • An additional 3.15 per cent interest in PRL 21 (Elevala/Tingu and Ketu fields) as a result of Mitsubishi Corporation divesting its upstream assets in PNG
  • Exchanged a 20 per cent interest in PRL 28 for a 20 per cent interest in PRL 40 (Puk Puk and Douglas fields) in a trade with Kumul Petroleum Holdings, PNG’s national oil company.

As a result of these transactions, Horizon holds material working interests in the appraised fields that will comprise the proposed 1.5 MMt/a Western LNG gas aggregation project.

Horizon and partner Repsol between them operate all the licences involved and, in combination, will own about 70 per cent of the total gas resources.

Horizon’s upstream acreage and resource position for the Western LNG project is now complete, which will enhance its capacity to advance the project.

Send this to a friend