HIGHLIGHTS
- Production for quarter 306,349 bbls; calendar YTD production 1,381,093 mmbo
- Production revenue including hedge gains for quarter US$23.8 million (sales of 266,647 bbls); 2014 calendar year revenue US$127.0 million
- Maintenance of strong operating income levels, despite falling oil prices, resulting from hedging gains and lower operating expenditure
- Block 22/12, offshore China: 7 million barrels cumulative oil production milestone achieved; preliminary estimate of recoverable reserve potential of WZ 12 -10-1 and WZ 12-10-2 discovery wells in the order of 10 mmbo with early integration into field development under evaluation
- Maari growth projects program proceeding with MR8A development well completed and brought on production in the quarter and MR7A development well drilling ahead
- Stanley development project, PNG: Value Engineering review process initiated by joint venture to ensure optimisation of project design, execution and timing in light of market conditions for oil prices and anticipated cost deflation
- Elevala/Tingu and Ketu development planning progressed with project selection process incorporating current market conditions (oil prices and project costs); continued productive engagement with government and landowners stakeholders
- Development licence to be offered in early 2015 to certain PNG LNG project participants in respect of P’nyang gas field, approximately 70 km north of Stanley, Elevala/Tingu and Ketu gas fields, presenting a potential additional commercialisation pathway for Horizon Oil’s substantial Western Province gas resources
- Nama prospect, PPL 259, PNG: The Nama-1 well was spudded on 4 December. While gas shows were detected, analysis indicated poor quality sands in the prospective zones. The well was plugged and abandoned.
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