Horizon is part of a Roc Oil-led joint venture, which is finalising a development plan for the Wei-12-8-West oil field in the Beibu Gulf, offshore China, south-west of Hong Kong.
The consortium of Australian companies includes Roc, Horizon Oil, Petsec Australia and Oil Australia, a First Australian Resources subsidiary.
The prospect has a mean unrisked potential of 19 million barrels of recoverable oil and is one of a cluster of prospects surrounding the Wei 6-12-1 discovery well, drilled earlier by the joint venture.
Horizon, which holds a 30% stake in Block 22/12, says key issues still under discussion with operator China National Offshore Oil Corporation (CNOOC) were: a subsurface development well plan; downstream processing tariff for the use of existing CNOOC facilities and pipeline; and marketing arrangements for the produced crude.
