From Yahoo Finance: 2025-04-30 07:37:00

Horizon Oil has begun an infill drilling operation in Block 22/12 in Beibu Gulf, China. A drilling rig from COSL will drill a well to convert contingent resources into reserves by June 2025. The operation targets extracting additional oil from an established field, with projected net production of 100,000 barrels by contract’s end.

The drilling campaign aims to yield 400,000 barrels of oil, with a total incremental production rate of 500 barrels per day. Horizon Oil plans to finance the drilling costs using its cash reserves. CNOOC, the project operator, estimates completion within a month of drilling commencement.

Horizon Oil CEO Richard Beament expressed optimism about the production growth potential from Block 22/12. The company signed a deal to acquire interests in Thai gas fields, expanding its portfolio. In a separate development, CNOOC initiated production at the Wenchang 9-7 Oilfield Development Project in South China Sea, employing advanced technologies for enhanced oil recovery.

Read more: Horizon Oil commences infill drilling operation in Block 22/12 in Beibu Gulf, China