PNG Transaction investigation completed

  • Jun 09, 2020 AEST
  • Team Kalkine

Horizon Oil Limited (ASX:HZN) announced that the investigation into the company’s payment for acquiring an interest in Western Province of Papua New Guinea (PNG) in 2011 has been concluded. The forensic review of all aspects of transaction conducted by Herbert Smith Freehills and Deloitte with the overnight of an independent board committee confirmed that the quantum of purchase price paid was in line with the market practice and is comparable to other relevant transaction during the same time frame.

The 2011 transaction was undertaken to advance HZN’s legitimate business interest in PNG. This needed closure for the stated allegations will help the company to regain the lost confidence of the shareholders.

 


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