AGM re China and NZ

  1. 1,317 Posts.
    I went to a very interesting AGM in Sydney last week where transformation of Bigh into Horizon Oil was completed with agreement to the name change. Was a bit disappointed to learn that apparently there will be no further drilling on Makino or Huinga until mid 03 and that next appraisal and exploration wells on Beibu offshore China are scheduled for Novemebr 03. (See Bligh's drilling schedule included in 48 page CEO presentation). I was expecting things to happen a bit more quickly than that.
    Next drills for Horizon are Chott Fejaz (November) and the huge Bosavi prospect in PNG (January). Possible trading strategy would be to wait until Chott Fejaz results are in and if a duster buy lower sps for the run up to Bosavi. Expect an announcement on a Horizon farm out of this well which will cost $US 9 million and they don't want to stick with their current 48% exposure. BLO have some other projects in the works which will be announced in due course. JBC
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