Horizon has been a participant in the petroleum contract for Block 22/12 since 1999, with foreign joint venturers Roc Oil and Majuko Corporation.  The block is located in the Beibu Gulf of the South China Sea, in approximately 40 metres of water. First production from Block 22/12 occurred in 2013 from the Weizhou 6-12 and Weizhou 12-8 oil fields. Near-field exploration and appraisal opportunities provide upside potential. China National Offshore Oil Corporation (CNOOC) operates the producing fields.