Horizon Oil Limited (ASX:HZN) Commences Mereenie Infill Drilling
Infill Drilling Operations Begin
Horizon Oil Limited (ASX:HZN) has commenced infill drilling operations in the Mereenie Field, located in Northern Territory, Australia. The Ventia 101 rig was mobilised for a two-well campaign, with the West Mereenie-29 well spudded on 5 December 2024. The drilling program is anticipated to run for approximately two to three months.
Production Highlights
The drilling campaign comprises two crestal gas production wells, West Mereenie-29 and -30 (WM-29 & WM-30). This initiative is expected to increase near-term gas production rates from the existing fields, potentially adding up to 6TJ/d (gross) of additional production for sale under the recently established NT Government Gas Sales Agreement.
Executive Comments
Richard Beament, CEO of Horizon, stated, “It is pleasing to be targeting increased gas production rates from Mereenie in support of the domestic market. The drilling of a two-well infill drilling campaign so soon after completing the Mereenie acquisition, along with the signing of a long-term strategic gas supply agreement with the NT government, are tremendous outcomes and assist in further unlocking the value potential we see in Mereenie. This drilling program demonstrates the continuation of our strategy of investing in production growth.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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