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Horizon Oil Limited (ASX: HZN) is involved in petroleum exploration, development and production.

The company, today on 4th April 2019, has updated that HZN and its joint venture partners have submitted a petroleum development licence application in respect of the Elevala and Ketu fields in March 2014 (APDL 12) following the conditions of the licence. It is noteworthy that the company has operations in the Elevala and Ketu fields in Papua New Guinea, holding a 30.15% stake.

The development plan, as it was submitted with APDL 12, depicts a step-by-step development. This is expected to commence with the condensate restoration and re-injection of dry gas. This step will be followed by gas sales at a later date once a gas commercialisation pathway has been established.

The PRL 21 licensees have received correspondence from the Papua New Guinea Petroleum Minister in respect of the stated plan for the fields.

The Minister has invited the licensees to put forth a new plan indicating that his office won't be approving the current form of the development plan submitted to the ministry.

Since the submission of application, the company has evaluated various potential gas commercialisation pathways, and new pathways have emerged, including the Western LNG, which is a separate greenfield development that would aggregate approx. 2.2 tcf of undeveloped gas in the foreland of the Western Province for export via a 490 km onshore gas; and condensate pipeline and a 1.5 to 2.0 MTPA liquefaction facility offshore Daru; and a third party access to the proposed P’nyang pipeline to be constructed as part of ExxonMobil’s PNG LNG expansion project in accordance with the state’s proposed Natural Gas Policy.

Considering the change in the petroleum investment climate that has taken place since 2014, and the progress of gas commercialisation opportunities, the company, together with the PRL 21 licensees, welcomes the opportunity to engage with the Minister on the development of the Elevala and Ketu fields. The company’s objective is to realise a commercialisation pathway for the Elevala and Ketu fields that is mutually acceptable to the state and the PRL 21 licensees, including facilitating an open dialogue with the State and the proponents of the PNG LNG expansion project on a commercialisation pathway for the fields by way of third-party access to crucial infrastructure.

On the stock-performance front, the stock has posted the YTD return of 15%. The company also has posted returns of -25.81% and 15% over the past six and three months, respectively. At the time of writing, i.e. on 4th April 2019 AEST 3:00 P.M, the stock of the company is trading at a price of A $0.110, down 4.34% during the day’s trade with a market capitalisation of ~A$149.73 million. The stock opened the trading day at A$ 0.115, which was also the intraday high, and touched the intraday low of A$0.110 with a daily volume of ~ 532,328. It had a 52-week high price of $0.165 and a 52-week low price of $0.096, with an average volume of 389,978 approximately.


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