Horizon Oil starts drilling off China

Horizon Oil has reported that drilling has started on the first of two exploration wells in Beibu Gulf Block 22/12, offshore China.

The first well, WZ 12-10-1, is targeting the T42 and Weizhou West formations, adjacent to the WZ 12-8E field of the WZ 12-8 Development Area. The second planned well in the sequence is the WZ 12-10-2 well, located adjacent to the WZ 12-8W field.

Concurrently, the Development Area has been expanded to fully include the prospect, increasing the WZ 12-8 Development Area by 8.8 sq km to 66.6 sq km. Drilling from the jack-up rig HYSY 935 started at 10.30 pm China Standard Time on 10 September 2014 and the current operation is cementing 20” conductor casing at a depth of 120 m. Total depth planned for this vertical well is 1,539 m. The well is located 4.7 km east northeast of the existing WZ 12-8W platform and is in water depth of approximately 35 m.

Horizon Oil’s Chief Executive Officer, Brent Emmett, commented: “This exploration drilling program follows up on earlier exploration discoveries and the subsequent successful development of the WZ 6-12 and WZ 12-8W fields carried out in 2012 and 2013, which have already produced over six million barrels of oil. It targets incremental volumes to the WZ 12-8W field, which is on production, and the future WZ 12-8E development project, for which planning is well underway. In particular, if the WZ 12-10-1 well is successful, the WZ 12-8E development plan will be able to be modified to include the discovery. The expanded development block will provide the opportunity for further exploration and development activities.”

Participating interests in the Beibu Gulf Development Project are:

Exploration

– Horizon Oil (Beibu) Ltd and Petsec Petroleum LLC (wholly owned by Horizon Oil Limited) 55%;

– CNOOC Limited 0%;

– Roc Oil (China) Company 40%;

– Oil Australia Pty Ltd (Majuko Corp) 5%.

Production and Development

– Horizon Oil (Beibu) Ltd and Petsec Petroleum LLC (wholly owned by Horizon Oil Limited) 26.95%;

– CNOOC Limited 51.0%;

– Roc Oil (China) Company 19.6%;

– Oil Australia Pty Ltd (Majuko Corp) 2.45%.

Press Release, September 11, 2014

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