The junior said the funds – to be raised through the placement of 44 million shares at 33.5c each – would pay for its expanded 10-well offshore drilling program in China (Block 22-12), Thailand (Blocks G10-48 and G11-48) and New Zealand (Manaia).
Drilling is due to start in mid-December, with the Roc Oil-operated Wei 6-12W-1 well in Block 22-12.
This will be the first of four wells in the permit targeting mapped prospects, with a combined potential of more than 200 million barrels of oil-in-place.
Other partners in this all-Australian joint venture are First Australian Resources and Petsec Energy.
The $14.74 million placement has been made to existing and new major Australian and international institutional shareholders.
The 33.5c per share placement price represents a 3.4% discount to Horizon’s recent trading value.
