The company has called an announcement made in the Australian Financial Review today that it has received the development licence and that it would make a formal announcement today, "premature".

While the company has received approval for the Stanley project from the PNG National Executive Council and has been offered and has accepted a petroleum development licence and pipeline licence, the company is not set to make its formal announcement until it has acquired formal receipt of the licenses from the minister for petroleum and energy.

The granting of the development licence will trigger payments of $77 million from Horizon's Japanese partner Osaka Gas, which is buying into the project.