Horizon Oil Limited
(ASX:HZN) has doubled its real estate in Papua New Guinea.
The oil producer has increased its holdings in PNG from 3,900 square kms to about 7,900 square kms.
Horizon says the acreage is an attractive proposition given its proximity to a planned pipeline connection.
Horizon Oil and its joint venture partners are seeking to establish a reserve base of about 2-to-4 trillion cubic feet of gas.
The company says an aggregated resource base at the lower end of the range has already been identified, with plans to explore its acreage position.
Horizon Oil reported a net loss of $6.5 million for the first half of fiscal 2013.
