The facility provided by ANZ, Commonwealth Bank of Australia, BNP Paribas and Standard Chartered Bank has reached a financial close.

Horizon's production and development assets underpin the facility and its New Zealand oil production was a key lure for this reserves-based finance.

The Stanley condensate project aims to produce 140 million cubic feet of wet gas per day to result in the initial recovery of about 4000 barrels of condensate per day using a two-train refrigeration plant in the field.

First production is targeting the end of 2013.

Stanley contingent resources were independently certified to be 361 billion cubic feet of gas and 11.4 million barrels of condensate in November but in January Horizon said its final investment decision approval allowed these condensate resources to be classified as reserves.

Horizon and Canada-based Talisman Energy each own a 50% stake in petroleum retention licence 4 (Stanley field), with the latter pursuing a strategy to aggregate 2-4 trillion cubic feet of gas in the wider region.

Horizon expects a petroleum development licence for the Stanley project to be awarded in the September quarter.

Once this milestone is achieved, equal owners Horizon and Talisman will have their stakes scaled back to 38.75% each as the PNG government will earn a 22.5% stake.

The lending facility will also be used for further expansion at the Maari/Manaia fields in New Zealand and for exploration in its acreage in offshore China.