Under terms of the deal, Horizon Oil will also contribute to 10% of the costs of the Maari-2 appraisal well, which is currently being drilled with the Ocean Bounty semi-submersible drilling rig.
Horizon Oil estimates proven plus probable reserves in the Moki Formation of the Maari Field to be 35 million barrels of oil (mmbo). There is potential for a further 16 mmbo in other sands at Maari and Manaia Field.
The Maari Field is located in offshore Taranaki Basin, about 35km south of the giant Maui gas field in water depths of approximately 100m.
After the farmout deal, OMV has now a 69% interest in the permit, Todd Petroleum Mining Co 21% and Horizon Oil 10%.
