Horizon Oil Limited (ASX:HZN) Completes WM30 Well in Mereenie Development Program
Operational Achievements
Horizon Oil Limited successfully drilled and cased the WM30 well in the Mereenie Development Program, reaching 1245 metres TVDRT. Drilling continued through the Pacoota-3 reservoir target to 1331 metres TVDRT, and the well was successfully completed. The WM30 tie-in is expected to be completed toward the end of February.
Project Impact
Together with the WM29 development well, WM30 is expected to boost Mereenie gas rates, enabling the joint venture to supply additional gas volumes under the recently executed Northern Territory Government Gas Sales Agreement.
Executive Comments
CEO Richard Beament added:
“This is a great outcome for the Mereenie JV with the successful completion of the two well drilling program. With the second well scheduled to be tied in over the coming weeks, incremental gas volumes from these wells can be sold under the recently executed NT Government GSA. We would like to congratulate and thank the operator, Central Petroleum, and their drilling contractor, Ventia, for an outstanding job. The drilling program was completed safely, on time and within budget through the hottest months of the year. The drilling of a two well infill drilling campaign so soon after completing the Mereenie acquisition is a tremendous outcome and assists in further unlocking the value potential we see in Mereenie.”
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.
This article was generated using GPT-4o mini, a Large Language Model (LLM), to generate summaries of investing news. While AI is generating the content, we know better than to blindly trust our future robot overlords, and every article is edited and fact-checked by an editor holding the appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content of everything published by The Capital Club.