Horizon upgrades Stanley reserves

HORIZON Oil has penned in a 30% upgrade in reserves at its Stanley gas-condensate field in Papua New Guinea’s Western Province on the back of the successful Stanley-2 and Stanley-4 appraisal wells.
Horizon upgrades Stanley reserves Horizon upgrades Stanley reserves Horizon upgrades Stanley reserves Horizon upgrades Stanley reserves Horizon upgrades Stanley reserves

Independent assessor RISC estimated the field held mean contingent recoverable resources of 361 billion cubic feet of gas and 11.4 million barrels of condensate along with in-place estimates of 531Bcf of gas and 15.9MMbbl of condensate.

The estimate was made on detailed geological and engineering evaluation of the data accumulated during drilling and will form a major part of the final investment decision.

Horizon plans to develop Stanley as a condensate recovery project with condensate exported via pipeline and river tanker.

Gas produced will be available for local consumption though the balance of the dry gas is expected to be marketed in the future to regional industrial consumers or into a large-scale gas aggregation project.

First production is targeted for early 2014.

The partners in PRL4 are operator Horizon (50%) and Talisman Energy (50%).

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