HZN 0.00% 12.5¢ horizon oil limited

further expansion into thai prospects

  1. M1
    493 Posts.
    Horizon widens Thai vision

    By Upstream staff

    Photo by Reuters

    Australia’s Horizon Oil said it would take stakes in three exploration plays off Thailand under a deal with Pearl Energy, a unit of Abu Dhabi-based Aabar Energy.

    Horizon said today it had farmed into 20% stakes in exploration concessions on blocks G1/48, G3/48 and G6/48. Under the deal, it will pay 40% of seismic and drilling costs for the initial three-year exploration programmes on the blocks to earn its interest.

    Pearl will remain operator of the concessions. The deal is still subject to approval by the Thai authorities.

    Horizon and Pearl are already co-operating on the development of blocks G10/48 and G11/48 off Thailand.

    28 February 2008 03:22 GMT | last updated: 28 February 2008 03:22 GMT
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