Horizon Oil Granted Stanley Gas Project Development License

Horizon Oil said that the Nixon Duban, PNG’s Minister for Petroleum and Energy, granted the Stanley Gas Project development license (PDL 10) and pipeline license (PL 10) to Horizon Oil (Papua) Limited and its fellow licensees.

At the successful conclusion of the Stanley Gas Project Development Forum, in a formal ceremony attended by Boka Kondra, Member for North Fly, Western Province Governor, Ati Wobiro and other dignitaries, Horizon Oil was presented the development and pipeline licences by Minister Duban.

The grant of the development and pipeline licence enables the commencement of development activities including the drilling of the Stanley-3 and -5 development wells, site preparation and facilities construction.

As previously announced, the grant of the Stanley Gas Project development licence was the final condition precedent in respect of Horizon Oil’s sale of 40% of its PNG petroleum interests to Osaka Gas of Japan. Under the terms of the agreement, the Company will receive the first milestone payment (~US$78million) of the aggregate US$204 million within 10 business days.

The completion of the Osaka Gas transaction will satisfy a material condition precedent to the Company’s proposed merger with Roc Oil Company Limited by way of a scheme of arrangement, announced on 29 April2014.

Press Release, June 2, 2014; Image: Horizon Oil



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