Horizon Reports Oil Discovery at WZ 12-10-2 Well in Beibu Gulf Block 22/12

Horizon Oil Limited disclosed Monday that drilling of the second of a two exploration well program in the Beibu Gulf Block 22/12 offshore China has been completed. The WZ 12-10-2 well is located is located in 118 feet (36 meters) of water 1 mile (1.6 kilometers) east northeast of the existing WZ 12-8W platform and about 2 miles (3.2 kilometers) west southwest of the recently drilled WZ 12-10-1 oil discovery. The well spudded at 2300 hrs China Standard Time Oct. 3 with the jackup HYSY 935 -- formerly COSL 935 (300' ILC).

The current exploration well, WZ 12-10-2, discovered high porosity net oil pay of around 36 feet (11 meters) true vertical depth in the Jiaowei T42 formation. The well was drilled to a total measured depth of 5,216 feet or 1,590 meters (4,534 feet or 1,382 meters total vertical depth subsea or TVDSS), where granite basement was intersected, as prognosed.

Wireline evaluation logging programs, including pressure measurements, fluid sampling, formation imaging and sidewall coring, have been run and confirmed the oil pay in the Jiaowei T42 reservoir has favorable reservoir porosities of about 31 percent and oil gravity of approximately 29 degree API.

The well has been plugged and abandoned and the rig will be released shortly. The 2014 Beibu exploration drilling program has been successfully completed with no safety or environmental incidents.

Further work will now be undertaken to evaluate both the extent of the structure and reserves, and assess the most effective route for integrating these additional oil resources into the existing Beibu project.

Participating interests in the Beibu Gulf Project are:

  • Exploration
    • Horizon Oil (Beibu) Ltd and Petsec Petroleum LLC (wholly owned by Horizon Oil Limited) - 55 percent
    • CNOOC - 0 percent
    • Roc Oil (China) Company - 40 percent
    • Oil Australia Pty Ltd. (Majuko Corp.) - 5 percent
  • Production and Development
    • Horizon Oil (Beibu) Ltd. and Petsec Petroleum LLC (wholly owned by Horizon Oil Limited) - 26.95 percent
    • CNOOC - 51 percent
    • Roc Oil (China) Company - 19.6 percent
    • Oil Australia Pty Ltd. (Majuko Corp.) - 2.45 percent

Horizon Oil’s CEO, Brent Emmett, commented:


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