2 Oct 2013drilling result▲ Good
Partner Kina repeats Horizon's Tingu-1 discovery: liquids-rich gas column and gas-water contact in the Elevala Sandstone, probably connected to Elevala. Kina holds 15%. Duplicates Horizon's announcement.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
2 Oct 2013drilling result▲ GoodMajor
Tingu-1 found a liquids-rich gas column and gas-water contact in the Elevala Sandstone, probably connected to the Elevala field. Total depth was 3,235 m. Horizon says it could add about 100 mmboe of contingent resources. Horizon is 45%, falling to 27% after the Osaka sale. A flow test follows.
27 Sept 2013drilling progress report▼ Bad
Manaia-2 is still at 754 m. Rig equipment problems and bad weather have caused further delay since the last report. No result yet.
26 Sept 2013drilling progress report▲ Good
Tingu-1 cut a core over 3,098-3,126 m, including the main Elevala Sandstone target, with elevated gas readings. Drilling continues to 3,213 m, with logs due early next week. Shows only, not yet a confirmed discovery.
26 Sept 2013drilling progress report● Neutral
Kina repeats Horizon's 26 September Tingu-1 update: core cut over 3,098-3,126 m with elevated gas readings, logging results due early next week. Duplicates Horizon's own notice.
20 Sept 2013drilling progress report● Neutral
Cue's third Manaia-2 report: still at 754 m after the 13⅜-inch casing was run and cemented, preparing to drill ahead. No result yet. Horizon holds 10%.
18 Sept 2013drilling progress report● Neutral
Partner Kina reports Tingu-1 (PRL 21, PNG) at about 2,300 m with 9 5/8-inch casing being set. Drilling is on expectations, with about 45 days planned in total. No result yet.
13 Sept 2013drilling progress report▼ Bad
Manaia-2 is at 754 m, with preparations under way to run 13⅜-inch casing. Adverse weather suspended operations for a significant period, delaying the 16-inch hole section until 10 September. No result yet.
6 Sept 2013drilling progress report● Neutral
Cue's first Manaia-2 report: the well is at 189 m, with the conductor pipe run and cemented without incident. Preparing to drill 16-inch hole. Routine early progress; no result yet.
2 Sept 2013drilling spud● Neutral
Partner Cue reports Manaia-2 spudded on 1 September in PMP 38160, with Kan Tan IV, to 2,850 m over about 30 days. The undeveloped zones could add 11 million barrels of gross reserves. Horizon holds 10%. Duplicates Horizon's own notice.
2 Sept 2013drilling spud● NeutralMajor
Manaia-2 spudded on 1 September, as flagged, the first well of a year-long Kan Tan IV campaign. It targets the Moki and F-sand reservoirs in PMP 38160, with a planned depth of 2,860 m in about 30 days. Horizon holds 10%; Whio-1 follows in early 2014.
26 Aug 2013drilling spud● NeutralMajor
Tingu-1 spudded on 26 August in PRL 21, PNG, targeting 3,213 m over about 45 days. Success could match Elevala's 2C contingent resource of about 400 bcf gas and 22 mmbbl condensate, and would be added to the development design.
1 Aug 2013drilling scheduled● Neutral
Partner Cue says the Kan Tan IV rig is loaded for shipping to New Zealand. Manaia-2 is due to spud in the second half of August, with Whio expected in Q1 2014. Horizon holds 10% of Maari.
13 Nov 2012drilling result▲ GoodMajor
Third Beibu Gulf well, WZ6-12-A7, found 10.4 m of oil pay in the Sliver prospect; deeper Liushagang sands were water-wet with oil shows. The CEO expects a meaningful reserves increase from the three-well programme. Development drilling to start shortly.
5 Nov 2012drilling result▲ Good
Operator ROC reports the WZ6-12-A6 well hit 58 m of net oil pay, the second successful Beibu Gulf exploration well, drilled ahead of schedule. Third well A7 is now drilling.
5 Nov 2012drilling result▲ GoodMajor
WZ6-12-A6 confirmed the extent of the WZ6-12 South field with 58 m of oil pay, the second success in the Beibu Gulf programme. Horizon holds 55%, reducing to 26.95% if CNOOC participates. The well will be equipped as a producer.
18 Oct 2012resource reserve update▲ GoodMajor
RISC audit puts Maari/Manaia remaining gross reserves at 88.4 mmbo (P50) and 40.8 mmbo (P90). Horizon's 10% share is 8.8 mmbo; about 19 mmbo already produced. A 2013-14 drilling and water injection programme is planned, with the CEO expecting over 100 mmbo ultimately.
16 Oct 2012drilling spud● Neutral
ROC began drilling the WZ6-12-A6 well on the WZ6-12 South field at 20:00 on 15 October, in 29 m of water, to a planned 2,914 m MD. Horizon holds 55% through two subsidiaries in the exploration programme.
16 Oct 2012resource reserve update▲ Good
Kina, a 15% PRL 21 partner, says Horizon's audited resource figures suggest final numbers will exceed its earlier estimate of 916 bcf and 53.8 mmbbl. If Tingu-1 succeeds, Kina sees over 1,200 bcf and 75 mmbbl. Largely repeats Horizon's update.
12 Oct 2012resource reserve update▲ GoodMajor
RISC-audited PRL 21 contingent resources (2C) are 795 bcf gas and 40 mmbbl condensate, about double the pre-drilling estimate, plus 552 bcf prospective (Tingu, Toro). Horizon holds 45%. Supports fast-track liquids stripping and a mid-scale LNG study; this supersedes Kina's earlier estimates.
10 Oct 2012drilling result▲ GoodMajor
WZ6-12N-1 in Beibu Gulf is an oil discovery: 59 m net oil pay in 79 m of sand, including new zones above and below the 2002-found T31C. Horizon holds 55%, falling to 26.95% if CNOOC joins. To be developed with the existing project.
2 Oct 2012drilling spud● Neutral
Operator ROC began the Beibu Gulf exploration programme on 1 October, spudding WZ6-12N-1 to about 1,600 m. Up to four wells are planned, with development drilling to follow subject to NDRC approval, expected shortly. Horizon holds 55% in exploration wells (Horizon and Petsec subsidiaries).
27 Aug 2012resource reserve update▲ Good
Kina said the PRL 21 operator deemed the previously published liquids contingent resource economic for a liquids stripping operation. Kina's Pmean figures were 54.1 MMBO of liquids and 932 bcf of gas, and it saw about 1 tcf of gas and a possible 1 mtpa LNG option, with first liquids targeted for Q1 2015.
27 June 2012resource reserve update▲ GoodMajor
Kina's consultant estimates Ketu mean contingent resource of 375 bcf gas and 21.8 mmbbl condensate, and says PRL 21 condensate now exceeds 50 mmbbl. Horizon will start concept studies in late 2012; Tingu-1 likely in 2013. These are Kina's figures, not Horizon's.
23 Apr 2012drilling result▲ GoodMajor
Ketu-2 testing recovered liquids-rich gas with no water from the Elevala sandstone; the well will be completed as a future producer or gas injector. The CEO says gas column over 50 m and lateral extent at least 9 km should lead to a material resource upgrade.
23 Apr 2012drilling result▲ Good
Kina repeats the Ketu-2 result: liquids-rich gas, no water, well to be completed and flow tested. Kina's managing director says gas was confirmed to the base of the interval drilled, which bodes well for commerciality.
20 Apr 2012drilling progress report▲ Good
Ketu-2 reached 3,787 m in basement. Logging data indicate a gas zone in the Elevala sandstone, in line with prediction, and a 27 m core was cut. Appears to confirm the gas accumulation extends about 9 km from Ketu-1; confirmation awaits further logs.
20 Apr 2012drilling progress report▲ Good
Kina repeats Horizon's Ketu-2 report: total depth 3,787 m, gas zone indicated in the Elevala sandstone, pending logs. Kina calls results encouraging and expects to comment on resource size later.
3 Apr 2012drilling progress report● Neutral
Partner Kina repeats Horizon's Ketu-2 progress: 2,550 m, casing set, Elevala sandstone expected 8-10 April. Nothing new beyond Horizon's report.
3 Apr 2012drilling progress report● Neutral
Ketu-2 in PRL 21 has reached 2,550 m and set casing; the target Elevala sandstone is expected around 8-10 April. Planned depth is 3,824 m. No result yet.