Horizon regains gas stake in Western province

AUSTRALIAN leading junior oil and gas company Horizon Oil Ltd has won its battle to regain interest in petroleum retention licence 5 (PRL), which holds the Elevala and Ketu finds located in the forelands of Western province.
According to upstreamonline, Horizon said on Wednesday that it had been awarded a 70% stake in the disputed acreage following an ongoing legal battle with the government.
Last year, Petroleum and Energy William Duma refused an application to extend PRL 5, in which Horizon held a 50%  stake at the time, arguing the Australian company and its partners had failed to fulfill the licence conditions.
However, Horizon argued that it had satisfied the licence conditions and began legal proceedings in PNG courts, seeking leave for a judicial review of the decision not to renew the licence.
The company also obtained a legal injunction to prevent any further dealings in regard to the acreage while its appeal against the government’s decision was being reviewed.