Firm expands portfolio

HORIZON Oil Ltd has expanded its portfolio interests in PNG with the A$28 million acquisition of Eaglewood Energy BVI.
The deal gives Horizon an interest in the Ubuntu gas-condensate discovery that lies adjacent to the Ketu-Elevala-Tingu fields.
Along with it is an increased 80 per cent interest in permit PPL 574 where the Nama-1 wildcat failed to deliver in 2016.
Horizon also gains 100 per cent interest in permit PPL 430 to the south, along a proposed pipeline.