The National, Monday November 23rd, 2015
HORIZON Oil Ltd has undertaken significant reduction, re-scoping or re-scheduling of exploration and development expenditure while ensuring that planning for important development projects in China and Papua New Guinea continues.
This is so that the benefits from expected lower development costs as a result of lower oil prices are captured.
Chairman Fraser Ainsworth made the statement during the company’s annual general meeting in Sydney, Australia, last Friday.
“The board believes that the company has acted swiftly and decisively to implement adjustments to our plans and strategies in response to these lower oil prices,” he said.
Horizon Oil is a petroleum exploration and production company, with a geographic focus on the Asia-Pacific region.