Horizon gets PNG, Maari boost

THE sale of a 50% stake in PRL 4 in Papua New Guinea and the production start-up from the OMV-operated Maari oil field in New Zealand has had a huge impact on Horizon Oil’s balance sheet.

Horizon posted a net profit of $US56.6 million ($A63.78 million) for the half-year ended December 31, 2009, due to a $US54.1 million gain on the sale of the stake in PRL 4 to Talisman Energy.

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