Horizon Spuds Tingu-1 Well in PRL 21 in Papua New Guinea

Australia-listed Horizon Oil Limited reported that the Tingu-1 exploration well in Petroleum Retention License (PRL) 21, Western Province, Papua New Guinea, was spud at 0030 hrs local time Aug. 26. The current operation is drilling the 24 inch conductor hole. The well is being drilled with Parker Rig 226 and is anticipated to take about 45 days to drill to a planned total depth of 10,541 feet (3,213 meters).

Tingu-1 is located 5.7 miles (9.2 kilometers) north west of the Elevala-2 appraisal well, itself a stepout from the Elevala-1 discovery well, which both found condensate-rich gas in the Early Cretaceous Elevala Sandstone.

If successful, Tingu prospect has the potential to be about the same size as Elevala field (2C contingent resource of approximately 400 billion cubic feet of gas and 22 million barrels of condensate). Horizon Oil, as operator of PRL 21, is currently carrying out FEED (front end engineering and design) of the Elevala and Ketu field development. Contingency is being made in the design to add Tingu to the development scope in the event that Tingu-1 is a discovery.


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