Past year: ▲ 5%(19.5c – 28.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
20 Mar 2012resource reserve update▲ Good
Partner Kina's consultant puts Elevala mean recoverable contingent resources at 480 bcf gas and 28 mmbbl condensate, against Horizon's pre-drill 302 bcf and 19.3 mmbbl. This is Kina's estimate, not Horizon's certified figure.
6 Mar 2012drilling spud● Neutral
Partner Kina reports the same Ketu-2 spud on 6 March 2012. Notes Kina's 15% share and its aim of defining the gas-water contact. Nothing new beyond Horizon's announcement.
6 Mar 2012drilling spud● NeutralMajor
Ketu-2 spudded 6 March 2012 in PRL 21, to appraise the Ketu gas/condensate accumulation 8.9 km southeast of Ketu-1. Planned depth 3,824 m, about 45 days. Follows the Elevala-2 success; Horizon holds 45% and operates.
23 Feb 2012farm in farm out agreement● Neutral
Forwards Talisman's news that Mitsubishi will enter nine of its PNG licences, including PRL 4 and PRL 21, in a deal valued at about US$280m. Horizon's own interests are not stated as changing here; details to follow.
24 Jan 2012farm in farm out agreement▲ GoodMajor
Horizon agrees to earn 25% of PPL 259 in PNG's Western Province from Eaglewood, reimbursing about US$2.5m of past costs and carrying Eaglewood to a US$6.375m cap. Horizon will operate. Extends its acreage around the Stanley and Elevala/Ketu hubs; subject to government approvals.
20 Jan 2012drilling result▲ Good
Partner Kina's report of the Elevala-2 sidetrack: it reached 3,630 m and found the gas-water contact, giving a gas column over 50 m and an Elevala structure full to spill point. Result is high side of expectations; resources (302 bcf, 19.3 mmbbl pre-drill) await new seismic.
20 Jan 2012drilling result▲ GoodMajor
Horizon's own report: the Elevala-2 sidetrack found the gas-water contact, giving a gas column over 50 m and a structure full to spill point, high side of expectations. Resource revision (302 bcf, 19.3 mmbbl pre-drill) awaits new seismic. Well to be suspended; rig moves to Ketu-2.
4 Jan 2012drilling progress report● Neutral
Partner Kina Petroleum (15% of PRL 21) re-issues the 4 January Elevala-2 sidetrack report, with the same results and plans. Nothing new.
4 Jan 2012drilling result▲ GoodMajor
Elevala-2 reached 3,293 m and confirmed an 18 m gross gas/condensate interval, slightly thicker than Elevala-1, with no water. The Toro was dry. A sidetrack is under way to find the field's northern limit before Ketu-2.
19 Dec 2011drilling progress report▲ Good
Elevala-2 has confirmed a gas/condensate zone in the Elevala sandstone, about 15 m thick, encountered about 20 m down-dip of Elevala-1 with no water seen. Drilling continues toward the Toro. A positive early sign, but pay and volumes are not yet confirmed.
9 Dec 2011drilling progress report● Neutral
Elevala-2 is at 2,426 m, setting casing, with the first appraisal target expected around 18-20 December. Ketu-2 is to follow. No new results.
15 Nov 2011drilling spud● NeutralMajor
Elevala-2 spudded on 14 November 2011 in PRL 21, targeting the Elevala gas/condensate discovery and the deeper Toro, planned to 3,500 m. Horizon holds 45% and operates. This is the first well under the new licence.
14 Nov 2011resource reserve update▲ GoodMajor
Independent audit by RISC lifts Stanley mean recoverable contingent resources to 361 bcf gas and 11.4 mmbbl condensate, about 28% above pre-drill. This delivers the expected upgrade. Still contingent until FID; first production targeted for early 2014.
3 May 2011drilling result▲ GoodMajor
Stanley-4 in PRL 4 reached 3,340 m, finding 35 m of net gas pay in the Toro (about 50% more than Stanley-2) and 10 m in the Kimu. The Kimu gas-water contact is deeper than expected. Preliminary results only.
3 Feb 2011drilling result▲ GoodMajor
Stanley-2 found 23 m net gas pay in the Toro, in line with expectations, plus a second zone (Kimu sandstone) with 43 m net gas pay. The CEO says results meet development criteria and expects a material resource increase; no firm decision yet. Sidetrack and Stanley-4 follow.
24 Jan 2011drilling progress report▲ Good
Stanley-2 has passed through the Toro sandstone at 3,122 m, with very preliminary logs showing 26 m of net gas pay, in line with Stanley-1. A second gas-bearing zone sits below it. Definitive results await final logging.
6 Jan 2011drilling progress report● Neutral
Stanley-2 in PRL 4 is progressing to plan at 2,102 m measured depth, preparing to run 9 5/8-inch casing. The Toro reservoir is still expected near 3,000 m; planned total depth is 3,270 m. No result yet.
6 Dec 2010drilling spud▲ GoodMajor
Horizon spudded Stanley-2 in PRL 4, PNG, on 5 December 2010 as operator. It appraises a gas field found in 1999, with most likely resources of about 300 bcf gas and 9 million barrels condensate. Planned depth 3,270 m; interest 50% subject to ministerial approval.
19 Oct 2009farm in farm out agreement▲ GoodMajor
Horizon agreed a farm-in with Todd Exploration to hold 30% of PEP 51313, next to Maari and Manaia. The 2,628 sq km permit replaces PEP 38494 and has a 5-year work program. Horizon earns in by reimbursing Todd's prior costs and funding part of its seismic costs.
15 Oct 2009drilling result▲ GoodMajor
Horizon confirms Manaia-1 completed as an oil producer, drilled to 7,943 m with 1,524 m of Mangahewa reservoir. Pre-drill oil in place of 50-60 million barrels is unchanged. It will be tied to Maari and produced intermittently; a southern and western acreage announcement is promised.
9 Oct 2009drilling result▲ Good
Cue says Manaia-1 is a successful oil appraisal well and M2A has a 660 m net oil pay. Most likely oil in place is 30-40 million barrels at M2A and about 58 million barrels at Manaia. Production is to follow in coming months. Largely repeats the same-day OMV news.
9 Oct 2009drilling result▲ Good
Cue reports M2A was suspended as an oil producer with 660 m net oil reservoir. Manaia-1 reached 7,945 m, with a 1,524 m horizontal section showing hydrocarbons throughout. Both wells will be tied into Maari; Manaia oil is produced when spare capacity exists. Horizon holds 10%.
9 Oct 2009drilling result▲ GoodMajor
Operator OMV says the Manaia-1 appraisal well succeeded and Manaia will go to commercial production, tied into Maari facilities. It was the longest well in New Zealand. The M2A producer is also drilled, with production expected by year end. Horizon will give a fuller update.
18 Sept 2009drilling progress report● Neutral
Cue's weekly report: the M2A producer at Maari reached 1,842 m and casing was about to be run. The well is planned at 27 days, with the Manaia reservoir section to follow. No result yet. Horizon holds 10%.
11 Sept 2009drilling progress report● Neutral
Cue reports Manaia-1 casing was set at 6,385 m, then the well was suspended so the rig could drill the M2A producer at Maari, planned for 27 days. The Manaia reservoir section will be drilled afterwards.
4 Sept 2009drilling result▲ GoodMajor
Cue reports Manaia-1 intersected the target Mangahewa sandstone at 6,324 m, on prognosis. Logging data is interpreted to contain hydrocarbons. Casing is next, then a 1,000 m horizontal section. Not yet tested. Horizon holds 10%.
28 Aug 2009drilling progress report● Neutral
Cue's weekly report: Manaia-1 reached 4,633 m, where the bottom hole assembly failed and was replaced. Drilling is about to resume. No result.
21 Aug 2009drilling progress report● Neutral
Cue's weekly report: Manaia-1 reached 4,292 m and is cementing a plug to cure lost circulation. Plan is to drill to about 6,500 m. No result yet.
14 Aug 2009drilling progress report● Neutral
Cue's weekly report: Manaia-1 reached 1,658 m with 13 3/8 inch casing run and cemented. No new result.
4 Aug 2009drilling spud● NeutralMajor
Partner Cue reports the Manaia-1 appraisal well began drilling on 1 August 2009, reaching 267.6 m. It is an extended-reach well from the Maari platform, planned at about 45 days. Horizon holds 10%.
