HORIZON OIL (HZN) ADVISES SIGNIFICANT PRODUCTION MILESTONE AT BEIBU GULF FIELDS

HORIZON OIL (HZN) ADVISES SIGNIFICANT PRODUCTION MILESTONE AT BEIBU GULF FIELDS

Having reached the 13.9 million barrel cumulative production milestone, the fixed tariff for all future production will reduce to US$0.50 per barrel and the total per barrel operating cost will reduce accordingly. Not only does Horizon Oil receive the benefit of reduced operating cost for its 26.95% working interest share of oil production, the additional effect is an increase in funds in the cost recovery pool under the Petroleum Contract, to which the Company currently has a 55% entitlement. The net result is an expected increase in cash flows to Horizon Oil of approximately US$0.5 million per month. The Beibu Gulf fields continue to produce in line with or above forecast levels, at a current rate of 8,500 bopd gross. CNOOC has done a commendable job in operating the fields safely and efficiently to date. Source / More on: Horizon Oil Oil and Gas Press Oil and Gas News Undiluted !!! “The squeaky wheel gets the oil” Follow us: @OilAndGasPress on Twitter | OilAndGasPress on Facebook ]]>

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