Company News Summary
Horizon Oil Provides June 2012 Quarterly Activities Report
Original announcement: 4th quarter activities report
Horizon Oil provided its June 2012 quarterly activities report, reporting production of 102,758 barrels of oil from the Maari/Manaia fields and oil sales of 117,049 barrels, generating revenue of US$13.5m. The 12% increase in Maari/Manaia production over the last quarter is due to improved pump run-time and water injection response. The company also reported that facilities for the Beibu Gulf development are 65% complete, with the offshore installation phase about to commence; participation of the Stanley field development in PRL 4 has now been confirmed by all joint venturers; and the Petroleum Development Licence application and preparation for the construction phase are both well advanced. The company had cash on hand of US$19.4m at the end of the quarter, with US$33.0m drawn down on the bank facility.
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