About Horizon Oil


Horizon Oil is an ASX-listed oil and gas exploration, development and production company, incorporated and domiciled in Australia. 

 

Horizon Oil’s portfolio is comprised of petroleum interests in China, New Zealand and Papua New Guinea. 

 

The producing assets in the Beibu Gulf of China (Block 22/12) and the Maari/Manaia Fields offshore New Zealand (PMP 38160) generate stable and significant cash flow which will continue at current levels into the next decade. 

 

Horizon Oil also has a substantial acreage holding of some 8,000 sq km in the forelands of Western Province of PNG, which includes the Stanley field (PDL 10), the Elevala/Tingu and Ketu fields (PRL 21) and the Ubuntu field (PRL 28).  These fields contain material, appraised and independently certified gas-condensate resources and the company is currently working with its joint venture partners to aggregate these resources for a planned 1.5 million tonnes per annum LNG scheme, called Western LNG (WLNG).

 

 

Timeline:

      • 2017
      • 6 Mar – Appoints Greg Bittar to board of directors
      • 12 Jan – Significant production milestone at Beibu Gulf fields

 

      • 2016
      • 20 Sep – Redemption and cancellation of US$58.8 m convertible bonds
      • 15 Sep – Refinancing and debt reduction arrangements finalised
      • 6 Sep – Approval of IMC financing proposal
      • 1 June – Resolution passed on Convertible Bond extension
      • 23 May – Extension to the date of maturity of the Convertible Bonds to 19 Sept 2016
      • 2 February – Appoints Sandra Birkensleigh to board of directors

 

        • 2015
        • November – Fraser Ainsworth retires
        • June – Maari Growth Projects successfully completed
        • May – Production starts at MR7_Maari
        • May – Execution and financial close of US$120 million cash advance facility
        • Mar – Production starts at MR6A Maari Growth Project

 

      • 2014
        • 4 Dec – Spud of Nama-1 exploration well, PNG
        • 2 Dec – First oil from the Maari Growth Projects
        • 13 Oct – Second oil discovery in WZ 12-10-1 Exploration Well, BG, Offshore China
        • 29 Sep – Oil discovery in WZ 12-10-1 Exploration Well, BG, Offshore China
        • 16 June – Stanley 5 spudded
        • 2 June – Grant of Stanley Gas Project PDL
        • 29 April – HZN/ROC proposed merger
        • 14 April – Stanley project approval

 

    • 2013
    • 2 Oct – Significant discovery with Tingu-1 exploration well
    • 1 Sep – Manaia-2, exploration/appraisal well, offshore New Zealand spudded
    • 28 Aug – Successful completion of retail entitlement offer
    • 26 Aug – Tingu-1 exploration well spudded
    • 19 Aug – Beibu Gulf project, development drilling campaign completed
    • 23 May – Form strategic alliance with Osaka Gas in PNG
    • 22 April – Doubles PNG acreage position
    • 22 March – First production from Beibu Gulf, China
    • 16 March – Added to S&P/ASX 200 Index
    • Farmed out of PEP 51313 for full carry through drilling of Whio-1
    • Pre-FEED for Elevala/Ketu development in PRL 21
    • 2012
    • Second successful well at WZ 6-12-A6 deviated step-out exploration well, China
    • Oil discovery at WZ 6-12N-1 exploration/appraisal well, Beibu Gulf, China
    • Maari field reaches 20 million barrels milestone
    • Ketu-2 appraisal/development flowed gas on testing
    • Execution and finalisation of US$160 million reserves based lending facility
    • Commence drilling of Ketu-2 appraisal/development well in PNG
    • Final Investment Decision for Stanley field development, PNG
    • 2011
    • Increases acreage position (PPL 259), Western Province, PNG
    • Successful drilling of Elevala-2 appraisal/development well in PNG
    • 30% upgrade to Stanley field resources in PNG
    • Successful completion of bookbuild for US$80 million convertible bond issue
    • Acquires additional interests in Block 22/12, China
    • Final Investment Decision for WZ6-12 and WZ12-8 West oil fields in Beibu Gulf
    • of Beibu Gulf Overall Development Plan
    • 2010
    • PRL 4 spudded
    • Maari field reaches 10 million barrel milestone
    • Admitted to S&P/ASX 300 Index
    • First cargo of crude oil from Maari offloaded in April
    • 2008
    • Announces farmin into PEP 38494 – Matariki (subsequent modifications to licensing terms have absorbed PEP 38494 into PEP 51313 and has agreed to farm-in to this permit for a 30% stake)
    • Achieves financial close on a revolving corporate debt facility with BOSI
    • Conducts successful production test of the Stanley 1 well (PRL 4 – PNG) with a view to commercialisation of the fields gas and condensate reserves
    • Maari wellhead platform successfully installed offshore New Zealand
    • 2007
    • Construction of the Maari wellhead platform underway
    • 2006
    • Achieves financial close on a project debt facility from BOSI with respect to the Maari field development
    • Wei 6-12S discovery made in Beibu Gulf (offshore China)
    • 2005
    • Announces FID with respect to the Maari field offshore New Zealand along with its co-venturers
    • 2003
    • Acquired 10% interest in PMP 38160 (Maari)
    • 2002
    • Name changed to Horizon Oil Limited

Latest Announcement