Today would be a good day to announce the start of production!!!
Looking for a strong rebound???
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Today would be a good day to announce the start of production!!!
Looking for a strong rebound???
Well, there it is. See HZN for announcment.
61M barrels 2P, isnt that a bit higher than previously forecast? Production just getting under way now.
thanks LCM....
can you please post the full market announcement...
I cant open it... cheers...
:cool:
.^sc
Sorry Governor.
Can't get it to work. Try the ASX website if you can't access it.
http://www.stocknessmonster.com/news...E=ASX&N=208101
Ann link...:)
Looks as though the markets ignoring this news at the moment. HZN had the offer taken out at 13c, but no follow through. hmmm.
Just the way things are at the moment I suppose.
hey FD,
Our flat recently got a silly lap top, my flatmate borrowed it from a firend for a few months...and it doesnt open up market releases (acrobat)...
so if you could post the actual content here, that would be appreciated...
remember the F last week... hahaha... thats fixed now...;)...
:cool:
.^sc
sorry, shrewdy, can't seem to do it. will keep trying until someone beats me to it. very frustrating for you.
-j
25 February 2009
The Manager, Company Announcements
Australian Stock Exchange Limited
Exchange Centre
20 Bridge Street
Sydney NSW 2000
HORIZON OIL (HZN): MAARI DEVELOPMENT DRILLING UPDATE – 25 Feb 09
Horizon Oil Limited advises further good progress on the development drilling program
since the last drilling update provided to shareholders on 23 January 2009. In that
update it was reported that the first oil production well, the MR3P8, had been
successfully drilled and equipped for production. The MR3P8 has now been hooked up
to the production facilities and final preparations are underway to flow first oil to the
FPSO Raroa.
Since the last update, the second production well, the MR4P9, was drilled to a depth of
1,950 m and 10-3/4” casing run to 1,946 m. The Ensco 107 rig was then skidded to the
third production well location, the MR5P12, the well drilled to a depth of 2,090 m and
10-3/4” intermediate casing set at 2,085 m. At this point, the mud system was changed
from water-based to synthetic oil-based and the rig skidded back to the MR4P9 slot.
The 9-½” horizontal section of the MR4P9 was drilled to a total measured depth of
4,323 m. The lower completion assembly consisting of wire-wrapped screens was
successfully installed in the horizontal section, of which over 2,000 m was good quality,
oil-filled reservoir. Subsequently the upper completion assembly was run on 6-5/8”
tubing and the heat-tube installed. The MR4P9 will now be hooked up to the
production facilities, prior to commencing production to the FPSO scheduled for the
second week of March.
The rig completed operations on MR4P9 at 2200 hrs on 23 February 2009 and skidded
back to the third production well slot in the current phase, MR5P12, where drilling of
the 9-½” horizontal completion section is underway.
The Maari Oil Field is located in PMP 38160, in the offshore Taranaki basin, New
Zealand. Oil production will ramp up towards the expected initial gross rate of 35,000
barrels of oil as the development wells are progressively drilled and turned to the FPSO.
The proven and probable (2P) production profile forecasts recoverable volumes of 61
million barrels of oil from the Moki reservoir over the 22 year term of the Petroleum
Mining Permit.
The participants in the development are:-
Horizon Oil International Limited
(a wholly owned subsidiary of Horizon Oil Limited) 10%
OMV New Zealand Limited 69%
Todd Maari Limited 16%
Cue Taranaki Pty Ltd 5%
Yours faithfully,
B D Emmett
Chief Executive Officer
For further information please contact:
Mr Brent Emmett
Telephone: (+612) 9332 5000
Facsimile: (+612) 9332 5050
Email: exploration@horizonoil.com.au
Or visit www.horizonoil.com.au