Bosavi Well On Papua New Guinea Comes Up Dry

Horizon Oil reports that the Bosavi No. 1 well on PPL 206 has been plugged and abandoned. The well was drilled to a depth of 1501 meters through the objective Toro, Hedinia and Iagifu sandstones and encountered negligible hydrocarbon shows. Horizon has plans to drill the Kapul in PPL 227 later this year. Horizon thinks that the combination of the Bosavi and Kapul will provide a definite test of the prospectivity of the PNG foreland. The Bosavi well test results have no impact on the potential of Kapul which is an independently mapped and sourced structure.

Sanots Niugini Exploration Limited is the operator; Horizon Oil owns a 20% interest and Aviva has a 2% interest.