The issue of one new share for each four existing shares raised $6.33 million to be spent on exploration, appraisal and pre-development activities as well as the company's new venture activities.
The potential developments include the Maari Field offshore New Zealand and the 12-8 field in Block 22/12 in the Beibu Gulf offshore China.
A P50 estimate of the Maari Field comprises 5mmbbo, with a net present value to Horizon Oil of a Maari development being around $35 million.
Independent consulting firm RISC estimates Block 22/12 to have a P50 net value to Horizon Oil of about $35 million, which means the combined fields have the potential to turn the company from a small explorer to a significant oil producer with substantial cash flow.
