HZN: Significant Increase in WZ12-8E Project Reserves

HORIZON OIL LIMITED

• The WZ12 -8E project 2P developed oil recovery before subtracting production has increased over 150%, from 1.95 mmbbls gross (Horizon net 0.49 mmbbls) to 4.89 mmstb gross (Horizon net 1.24 mmbbls).
• The six Phase 1 wells and four Phase 2 wells have resulted in production of 1.20 mmbbls gross (Horizon net 0.32 mmbbls) in the six months to 31 December 2022.
• WZ12 -8E project has outperformed pre-drill expectations, averaging ~9,500 bopd gross (Horizon net ~2,500 bopd) in January 2023.

2023-02-09 09:18:00

HZN: Completion of WZ12-8E Phase 2 drilling programme

HORIZON OIL LIMITED

1. The completion of WZ12-8E Phase 2 drilling campaign marks the end of a 10-month Block 22/12 campaign that has successfully drilled and completed ten WZ12-8E development wells, one WZ12-8E water disposal well, two WZ6-12 development/appraisal wells, one exploration/appraisal well, in addition to workovers in five WZ6-12 wells.
2. Total Block 22/12 oil production averaged over 19,000 bopd gross (Horizon net over 5,100 bopd) during December 2022 and on 9 January 2023 was 19,803 bopd gross (Horizon net 5,337 bopd) made up of 10,002 bopd gross from the original Beibu fields and 9,801 bopd gross from the WZ12-8E Phase 1 and Phase 2 wells.
3. Strike drilling rig has completed a highly efficient drilling operation for the Block 22/12 Joint Venture and has now been released.

2023-01-17 09:37:00