Horizon Oil Reports Gas/Condensate Discovery in PRL 21 in PNG

Horizon Oil announced Wednesday that its Sept. 26 report disclosed that a core had been cut in the Tingu-1 exploration well in Petroleum Retention License (PRL) 21, Western Province, Papua New Guinea (PNG) and encountered elevated gas readings over the primary target Elevala Sandstone. Since the time of that report the well has been drilled through the secondary target Toro Formation reservoir, where elevated gas readings were also encountered, and into basement at a total depth of 10,614 feet (3,235 meters) measured depth (MD), and the first suite of wire line logs, including pressure measurements, run.

The data from logs and pressure measurements confirm that Tingu-1 has penetrated a liquids rich gas column in the upper part of the Elevala Sandstone and has encountered a Gas Water Contact (GWC) in that reservoir, thereby achieving two of the primary objectives of the well; specifically, to prove hydrocarbons in the structure and to define the limits of the accumulation. Pressures indicate that the hydrocarbon column is similar in nature, with a consistent GWC, to the columns already proven at Elevala-2/2st1 and Elevala-1, located some 5.7 miles (9.2 kilometers) and 7.5 miles (12 kilometers) to the southeast of Tingu-1. This indicates that the Tingu and the Elevala accumulations are probably connected through the laterally pervasive Elevala Sandstone reservoir, overall substantially increasing the area of closure and the size of the resource base of the Elevala gas-condensate field and of PRL 21, which also includes the Ketu gas-condensate field.

The data from the Toro Formation indicate that a possible gas column has also been encountered in that reservoir. Further logging and sampling will be conducted to confirm this evaluation.

These results confirm that the exploration technology and methodology employed by the PRL 21 joint venture is successful and bodes well for the future potential of the area where Horizon Oil holds a significant acreage position containing a variety of highly prospective prospects and leads.

The current operation is finalizing logging operations, after which the well will be completed with a liner and production string.

The forward plan is to conduct a flow test, to obtain further information on reservoir and fluid properties for input to field evaluation and development planning.

Tingu-1 was spud Aug. 26 with Parker Rig 226. The well is located 5.7 miles (9.2 kilometers) northwest 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.


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