Horizon provides Beibu update

Hong Kong: Horizon Oil has said that the WZ 6-12-A6 deviated step-out exploration well in the South China Sea, the second of a three-well exploration/appraisal program that is being drilled before the Block 22/12 development drilling program begins, has successfully confirmed the extent of the WZ 6-12S field.

Horizon Oil holds a 55% interest in the well through its wholly-owned subsidiaries Horizon Oil (Beibu) Limited and Horizon Oil (Nanhai) LLC, which reduces to 26.95% upon the election of CNOOC to participate in any discoveries made.

The well has penetrated a total of 58 m of oil pay (vertical thickness) in multiple zones in the Weizhou formation, the thickest individual pay interval being 38 m. The well is a deviated well drilled from the WZ 6-12 wellhead platform and will be equipped as a production well.  [05/11/12]

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