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The two projects include the Maari Field and nearby Manaia prospect in PEP 38413 offshore New Zealand, in which the company has a 10% interest, and the cluster of oil discoveries in Block 22/12 offshore China, in which Horizon has a 30% interest.
Horizon has hired prominent consulting firm RISC to assess the reserves of the projects and their upside potential in order to minimise risk to the shareholders. The study will also provide critical advice on capital requirements and other development issues.
On current planning, Block 22/12 is planned to begin production in mid 2005. The joint venture on the field expects to drill three-to-four wells in late 2003 with the five discovered field sizes varying from five to 25 mmbo recoverable.
Maari, to come on line at the end of 2005, has an estimated proven plus probable reserves of around 35 million barrels of oil.
