Horizon Oil Limited (ASX:HZN) Announces Completion of WM29
Completion of WM29 Well
Horizon Oil Limited (ASX:HZN) has successfully completed the WM29 well, the first in its Mereenie Development program. This well was drilled and cased across the shallower Stairway and Pacoota-1 Formations, reaching a casing shoe at 1,213.4 metres TVDRT. Air-drilling continued to 1,326.3 metres TVDRT, successfully reaching the primary Pacoota-3 reservoir target. The tie-in for WM29 is expected to be completed by the end of January.
Commencement of WM30 Well
The company has commenced drilling the WM30 well, which spudded on 16 January at 08:00 Northern Territory time (ACST). This second development well is positioned at a crestal location to the west of WM29 and aims to enhance gas production from the Mereenie Field. The drilling plan incorporates insights gained from theWM29 well, targeting increased gas rates.
Future Outlook
Both WM29 and WM30 are anticipated to boost gas production and enable the Joint Venture to deliver additional gas volumes under the new Northern Territory Government Gas Sales Agreement.
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