Horizon Oil Gives Drilling Update on Tingu-1 Well at PRL 21

Australia-listed Horizon Oil Limited reported Thursday that a core has been cut in the Tingu-1 exploration well in Petroleum Retention License (PRL) 21, Western Province, Papua New Guinea over the interval 10,164-10,256 feet (3,098-3,126 meters), which includes the primary target Elevala Sandstone. Elevated gas readings were recorded over the objective zone.

The current operation is tripping out with the core, after which the well will be drilled to a planned total depth of 10,246 feet (3,213 meters), and a comprehensive suite of wireline logs and pressure measurements run.

Horizon Oil will advise on the significance of the gas shows when the well logging is completed, expected to be early next week.

Tingu-1 was spud Aug. 26 with Parker Rig 226. The well 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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