Horizon Oil Updates on Elevala and Ketu Fields, PNG

Horizon Oil, operator of Petroleum Retention Licence (PRL) 21, provided the following revision of the resource estimates for the Elevala and Ketu fields and the Tingu prospect located within PRL 21 in the Western Province of Papua New Guinea.

The independent audit has been carried out by RISC, a leading independent petroleum advisory firm.

The resource estimates are based on the results of drilling the Elevala-2 and Ketu-2 wells, well testing and acquisition of core and fluid samples. The new data has confirmed the extent of the fields, good reservoir quality in Elevala and the high liquids content, with condensate-gas-ratios of 50-60 barrels (bbl)/million standard cubic feet (mmscf) with a low inert gas content.

In addition, potential upside has been quantified within the Toro sandstone in Elevala and in the Elevala and Toro sandstones in the adjacent Tingu prospect.

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LNG World News Staff, October 12, 2012; Image: Horizon Oil