Horizon Oil Increases Stake in PNG Licence

2 June 2011 (Last Updated June 2nd, 2011 18:30)

Australia's Horizon Oil has acquired an additional 10% stake in PRL 21, offshore Papua New Guinea, from its joint venture partner Elevala Energy. The transaction increases Horizon's stake in the PRL 21 licence to 45%. The joint venture partners plan to drill two wells, Eleva

Australia’s Horizon Oil has acquired an additional 10% stake in PRL 21, offshore Papua New Guinea, from its joint venture partner Elevala Energy.

The transaction increases Horizon’s stake in the PRL 21 licence to 45%.

The joint venture partners plan to drill two wells, Elevala-2 and Ketu-2, using the drilling rig Parker Rig 226.

The companies will also start a seismic programme on the Elevala and Ketu structures, according to upstreamonline.com.