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HZN 6.1¢

tui's big but look at bosavi (c santos)

  1. Bosavi about to spud in PNG. HZN has a 50% working interest (I expect that they may try to farm down somewhat during the drilling) and I think that the operator (with the other 50%) is Santos.

    Announcement says estimated mean potential of 150 million barrels and upside to over 1000 million barrels.

    Is high risk, though, like most PNG drilling (so do your due diligence well).

    Two other wells currently drilling (Tunisia - targeting gas and New Zealand - targeting oil)

    I hold.

    Cheers
    OG


    part of HZN announcement 15 January 02 follows:
    -------------------------------------

    PNG - PPL 206; BOSAVI-1 WELL

    Preparations are underway to drill Bosavi-1. The helirig, Century 21,
    has been moved to the location and is 85% rigged up. It is
    anticipated that the Bosavi-1 will commence drilling early next week.

    BACKGROUND

    Foreland and frontal thrust (foothill) terrains around the world have
    delivered billions of barrels of oil, exceeding the volumes found in
    adjacent foldbelts. Examples include: Alaskan North Slope, Colombian
    Llanos, Venezuela, Canada, and Iran/Iraq. The PNG foothill belt is
    geologically analogous to these basins but has not yet delivered a
    commercial discovery despite the existence of a proven hydrocarbon
    system. Historically, seismic and field mapping have been ineffective
    in the area but new techniques, recently applied, have yielded good
    results and a new phase of exploration is about to commence.

    The permit is highly prospective, with PPL 206 situated on likely
    hydrocarbon migration routes from the north. Several wells in and
    around the permits have contained good oil and gas shows. However,
    many of the wells were drilled off-structure and the hydrocarbon
    potential of the area is relatively untested. Bosavi-1 will be
    drilling a very large structural closure based on new, improved
    seismic located in a favourable position to capture hydrocarbons. The
    productive Toro, Hedinia and Iagifu reservoirs of the foldbelt fields
    extend over the Bosavi feature and sands within the Koi Iange are
    secondary targets. The Bosavi prospect has a mean potential of 150
    million barrels and upside to over 1000 million barrels.

    Horizon has a 50% working interest in PPL206.

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