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Horizon Oil announces sale of PNG assets

Horizon Oil announces sale of PNG assets

Horizon Oil has agreed to sell all of the shares in its wholly owned subsidiary Horizon Oil (PNG Holdings) to Arran Energy Investments, resulting in the transfer of its entire asset portfolio in Papua New Guinea. On completion of the transaction, Horizon will cease to have any operations in PNG.

Arran Energy is a privately owned Australian company and an existing co-venturer with Horizon in PNG. The Arran Energy Group’s assets in PNG currently include operated working interests in PDL 10 (Stanley) and PRL 40 (Puk Puk/Douglas) and non-operated interests in PRL 21 (Elevala/Ketu) and PRL 28 (Ubuntu).

On completion, Horizon will receive cash consideration of USD 3.5 million, subject to customary completion adjustments. 

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Source: Energypedia

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