Oz Horizon Oil Closes PNG Assets Sale
Sydney-listed Horizon Oil said on December 3 it had completed the sale of its assets in Papua New Guinea (PNG) to Arran Energy for US$3.5mn.
The closure of the deal, announced in October, marks Horizon's exit from the country. Horizon has transferred assets containing 19.4mn barrels of liquids and 599bn ft3 of raw gas in 2C contingent resources.
Arran is a privately-owned Australian company and is an existing co-venturer with Horizon in PNG. Its assets in the country include an operated interests in licences PDL 10 (Stanley field) and PRL 40 (Puk Puk/Douglus fields),and non-operated interests in PRL 21 (Elevala/Ketu fields) and PRL 28 (Ubuntu field). Horizon has a 30% stake in Stanley, 30.15% in the Elevala/Ketu fields, 30% in Ubuntu and 20% in the Puk Puk/Douglus fields.