- Horizon Oil (HZN) begins workover and drilling operations in the WZ6-12 zone of its Block 22/12 contract area in the Beibu Gulf, China
- This work has been designed to reinstate and enhance production from existing wells and test an undrilled fault block of Weizhou reservoir sands
- Additionally, Horizon is considering drilling a WZ6-12 North field development well towards the end of the program, with a final decision expected in the coming weeks
- Drilling of WZ6-12 follows the completion of the WZ12-8E well, which targeted an unrisked best estimate gross prospective resource of 5.1 million barrels of oil equivalent
- Horizon Oil is up 1.85 per cent with shares trading at 13.8 cents at 2:17 pm AEST
Horizon Oil (HZN) has begun workover and drilling operations in the WZ6-12 zone of its Block 22/12 contract area in the Beibu Gulf, China.
This work has been designed to reinstate and enhance production from existing wells and to test an undrilled fault block of Weizhou reservoir sands.
Work is expected to wrap up around the end of September.
Additionally, Horizon said it was considering drilling a WZ6-12 North field development well towards the end of the program, with a final decision expected in the coming weeks.
“It is pleasing to have secured the COSL Strike rig for a further campaign targeting additional production growth following the success of the WZ12-8E phase-one drilling program,” CEO Richard Beament said.
The drilling of WZ6-12 follows the completion of the WZ12-8E well, which targeted an unrisked best estimate gross prospective resource (2U) of 5.1 million barrels of oil equivalent.
Horizon successfully drilled this well to a measured depth of 3957 metres and intersected the targeted tertiary stacked sandstones and basement.
Further, it also intersected two minor oil columns of roughly true vertical depths of 3.6 metres and two metres.
The well has now been plugged and abandoned.
Horizon Oil was up 1.85 per cent with shares trading at 13.8 cents at 2:17 pm AEST.