Participants in PMP 38160 are:
|Horizon Oil International Limited
|OMV New Zealand Limited
|Cue Taranaki Pty Ltd
* See market announcement of the transaction dated 6 November 2017 regarding acquisition of a further 16% interest in Maari/Manaia fields
Gross production from the Maari and Manaia fields over the year was 3,043,037 bbls. Horizon Oil’s net working interest share was 304,304 barrels, with 2017 sales of 319,147 bbls at an average realised price of US$50.63/bbl (excluding hedging), resulting in revenue of US$16.2 million.
Cumulative gross production from the Maari and Manaia fields from first oil to 30 June 2017 is 34.6 million barrels.
Production at Maari/Manaia was temporarily suspended from late November 2016 until early January 2017 to complete scheduled repairs and maintenance of the water injection riser and also implement integrity measures to further protect the field flowlines. Concurrent with these scheduled operations, temporary repairs were undertaken to the wellhead platform structure and subsequently permanent repairs were completed.
Reconfiguration works of certain wellhead pipework in preparation for the installation of production enhancing multiphase pumps were carried out in the first half of financial year 2018.
The installation of the multiphase pumps and a workover of the Manaia MN-1 well are forecast to materially increase the field production rate.