Horizon Reports in Increase in PNG Gas Condensate Field

Horizon Oil has upgraded its reserves at its Stanley gas-condensate field in Papua New Guinea’s Western Province by 30%, with the success of the Stanley-2 and Stanley-4 appraisal wells.

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.

Horizon (50%) and partner and Talisman Energy (50%) are targeting first production is targeted for early 2014.