HZN 1.82% 5.6¢ horizon oil limited

tunisia starts some price action

  1. 20,609 Posts.
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    HORIZON OIL NL 2002-12-11 ASX-SIGNAL-G

    After some dissappointments of late HZN should be looking forward to an exciting 12 months.
    China is the biggie but Tunisia could get the ball rolling again.
    Yes I hold


    HOMEX - Brisbane

    +++++++++++++++++++++++++
    SUMMARY

    Horizon Oil NL ("Horizon") announces that it is currently moving a
    rig on location to begin drilling of the Chott Fejaj No 3A re-entry
    well in Tunisia in late December 2002. The operation involves the
    deepening of air existing well by 700 m to a total depth of 4250 in
    and should take approximately 25 days to complete. The primary
    targets are zones of Triassic and Paleozoic age that produce
    prolifically in Tunisia and neighbouring Algeria and Libya.

    Mean reserves potential is estimated to be 600 billion cubic feet of
    gas, with upside of several trillion cubic feet. Horizon is operator
    and will have a 14.29% interest in the prospect. The company may, at
    its option, increase this interest to 21.79% after the well is
    drilled, by payment of 7.5% of prior costs.


    cheers

 
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