|Horizon Oil interest|
|PPL 372 (operator)||95%|
|PPL 373 (operator)||100%|
|PPL 430 (operator)||100%|
|PPL 574 (formerly PPL 259) (operator)||20%|
Horizon Oil operates and holds working interests in the exploration licences containing the prospective acreage surrounding its gas condensate fields noted above. The largely underexplored acreage provides the potential for expansion gas volumes for Western LNG.
The Company increased its working interests in the exploration licences during the year as a result of the acquisition of Transform Exploration’s interests in PPLs 430 and 574.
Key activities for the year in the licence areas included extensive seismic data analysis and reinterpretation, together with further development of the substantial prospects and leads inventory. This activity has increased the Company’s level of confidence in several prospects, in particular, the ‘Elevala-Extension’ prospect in PPL 574.