Past year: ▲ 5%(19.5c – 28.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 May 2009drilling scheduled▲ GoodMajor
Partner Cue reports the Maari joint venture approved the Manaia-1 appraisal well, due to start mid-August 2009 after Maari development drilling. Manaia has mean oil in place of 58 million barrels. Horizon holds 10%. This is the appraisal flagged at the end of the Maari programme.
23 Mar 2009drilling progress report▲ Good
Maari: the two producers peak at over 26,000 bopd combined, so the first oil cargo is brought forward to the first week of April. Third well MR5P12 is being hooked up, and the rig is now drilling the first water injector.
11 Mar 2009drilling progress report▲ Good
Maari: MR3P8 flows over 10,000 bopd on natural flow and MR4P9 started on 9 March with similar characteristics. Third well MR5P12 found about 1,800 m of oil sand, due on stream early April. First cargo is contracted for April.
25 Feb 2009drilling progress report▲ Good
Maari: second well MR4P9 is completed with over 2,000 m of good oil-filled reservoir, to start flowing in the second week of March. First well MR3P8 is hooked up and about to flow first oil. 2P Moki volumes are 61 mmbbl.
23 Jan 2009drilling progress report▲ Good
Maari: first production well MR3P8 is completed with a 1,518 m horizontal section in clean oil-bearing sandstone. It will be hooked up, with production to the FPSO expected late February. The rig moves to the second well.
29 Dec 2008drilling progress report● Neutral
Maari: surface holes for the first three production wells finished on 24 December. The first well, MR3P8, was drilling at 1,532 m. First oil is still expected around mid-February 2009.
5 Dec 2008drilling progress report● Neutral
Maari: 24-inch conductors completed in nine slots ahead of schedule. The rig is preparing to batch-drill the first three production wells. First oil is still expected around mid-February 2009.
24 Nov 2008drilling progress report▲ Good
Maari: ten 30-inch stove-pipes installed ahead of schedule; 24-inch conductors next, then the first three production wells. First oil is still expected around mid-February 2009. Progress is as planned.
11 Nov 2008drilling spud▲ GoodMajor
Ensco 107 rig is finally positioned beside the Maari platform after prolonged weather delays. Development drilling of 5 oil and 3 water injection wells begins, with first oil about three months later. This ends the weather wait noted in earlier reports.
27 Oct 2008resource reserve update▲ GoodMajor
Stanley (PNG) plan shifts to a larger gas recycling and condensate stripping project: 140 mmcfd from two wells, over 4,000 bpd condensate, over 8 mmbbl over 10 years. Stanley 2P gas is 260 bcf. Ok Tedi power supply now doubtful; a decision awaits Stanley-2, with start-up possible in 2010.
3 Sept 2008farm in farm out agreement▲ GoodMajor
Horizon farms into New Zealand permit PEP 38494 (southern Taranaki, 5,341 sq km) with operator Todd Energy, earning 25% by funding 37.5% of the first well, probably on the Matariki prospect around mid-2009. The carry is capped at an agreed amount. It extends Horizon's Maari-area position.
19 Mar 2008drilling result▼ BadMajor
Operator ROC confirms Wei 6-12E-1A was plugged and abandoned on 14 March and the joint venture will not drill the Wei 12-2N-1 well in this programme. This resolves the open decision; Horizon holds 30% of Block 22/12.
19 Mar 2008drilling result● Neutral
Partner Petsec repeats the operator's news that Wei 12-2N-1 will not be drilled and Wei 6-12E-1A is abandoned. Nothing new for Horizon.
19 Mar 2008drilling result● Neutral
Partner FAR repeats the operator's news that Wei 12-2N-1 will not be drilled and Wei 6-12E-1A is abandoned. The rest covers FAR's own Louisiana Schwing #2 well. Nothing new for Horizon.
12 Mar 2008drilling result▼ Bad
CEO calls the dry Wei 6-12E-1A a disappointing result but says Wei 6-12 development is unaffected, with a final investment decision targeted mid-2008. The third well, Wei 12-2N-1, is likely to be dropped, citing rig equipment failures; the exploration phase ends September 2008.
11 Mar 2008drilling result▼ Bad
Partner Petsec repeats the operator's report that Wei 6-12E-1A found only minor residual oil shows and will be abandoned. Nothing new for Horizon.
11 Mar 2008drilling result▼ BadMajor
Wei 6-12E-1A reached 2,510 m with only minor residual oil shows and will be plugged and abandoned, the second dry hole in the Block 22/12 programme (Horizon 30%). Operator says Wei 6-12 development plans are unaffected; the Wei 12-2N-1 well decision is under review.
11 Mar 2008drilling result▼ Bad
Partner FAR repeats the operator's report that Wei 6-12E-1A had minor residual oil shows and will be abandoned; the rest covers FAR's own Louisiana well. Nothing new for Horizon.
4 Mar 2008drilling progress report● Neutral
Operator reports Wei 6-12E-1A drilled to 1,970 m and drilling ahead, total depth expected by end of week. The rest concerns ROC's other wells. No result yet.
4 Mar 2008drilling progress report● Neutral
Partner Petsec repeats the operator's update that Wei 6-12E-1A is at 1,970 m and drilling ahead. Nothing new for Horizon.
28 Feb 2008farm in farm out agreement▲ GoodMajor
Horizon signed a farm-in with Pearl Energy (Aabar subsidiary) for 20% of three more Gulf of Thailand blocks, G1/48, G3/48 and G6/48, by paying 40% of the initial three-year seismic and drilling costs. Pearl stays operator; subject to Thai approval. Extends the existing Pearl relationship.
27 Feb 2008drilling progress report● Neutral
Operator reports Wei 6-12E-1A has run and cemented casing at 986 m, preparing blowout preventer tests; total depth expected early March. Routine progress, no result.
27 Feb 2008drilling progress report● Neutral
Partner Petsec repeats the operator's update that Wei 6-12E-1A has casing cemented at 986 m. Nothing new for Horizon.
27 Feb 2008drilling progress report● Neutral
Partner FAR repeats the operator's update that Wei 6-12E-1A has casing set at 986 m; the rest covers FAR's own Louisiana well. Nothing new for Horizon.
25 Feb 2008drilling progress report▼ Bad
Wei 6-12E-1A is at 986 m after the stuck-pipe restart. Horizon says results are highly unlikely before the listed options expire on 28 February, so option holders will have to decide without the well result.
20 Feb 2008drilling progress report● Neutral
Partner Petsec repeats the operator's report that Wei 6-12E was re-spudded as Wei 6-12E-1A after stuck pipe. Nothing new for Horizon.
20 Feb 2008drilling progress report▼ Bad
Operator reports Wei 6-12E was re-spudded as Wei 6-12E-1A, two metres from the original hole, because of stuck drill pipe. Now at 253 m with total depth expected early March, later than first planned.
20 Feb 2008drilling progress report● Neutral
Partner FAR repeats the operator's report of the Wei 6-12E-1A re-spud after stuck pipe; the rest concerns FAR's own Louisiana well. Nothing new for Horizon.
13 Feb 2008drilling spud● Neutral
Horizon confirms Wei 6-12E-1 spudded 12 February, 1.7 km east of the Wei 6-12S oil discovery, after a weather delay moving the rig. Total depth of 2,520 m was expected around 22 February. Second well of the programme after the dry first well.
13 Feb 2008drilling spud● Neutral
Operator ROC reports Wei 6-12E-1 started drilling 12 February in Block 22/12 (Horizon 30%), targeting about 2,520 m by end February. Second well of the programme after the dry Wei 6-12W-1. Also covers ROC's non-Horizon wells.
