New well producing for Horizon

HORIZON Oil said yesterday its latest Maari growth development well in New Zealand had started production, with the initial capacity to pump out about 7800 barrels of oil per day.
New well producing for Horizon New well producing for Horizon New well producing for Horizon New well producing for Horizon New well producing for Horizon

The company said production began on Saturday from the Mangahewa Formation with the well intersecting a reservoir with a high net-to-gross. It is thought that the well is expected to meet or exceed pre-drill expectations and materially contribute to field production.

Maari now produces about 14,000bopd, but an optimal production rate would be determined after several weeks of production, taking into consideration matters relating to reservoir management.

There are underdeveloped reserves at Maari and nearby Manaia fields which could be developed by Horizon and its joint venture partners.

Horizon Oil holds 10% interest in PMP 38160, while Cue Taranaki has a 5%, Todd Maari with 16% and OMV New Zealand with 69% interest.

In addition to its Chinese and NZ operations, Horizon Oil is also involved in a number of petroleum licences in Papua New Guinea, including the Stanley field (PDL 10) and Elevala/Kutu (PRL 21).

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