Horizon Oil Finds Gas in PNG

Horizon Oil has said that elevated gas readings were recorded in its Tingu-1 exploration well in Western Province, Papua New Guinea.

The company will advise on the significance of the gas shows when the well logging is completed, expected to be early next week, it said in a statement.

The well is located 9.2 km north west of the Elevala-2 appraisal well, itself a stepout from the Elevala-1 discovery well, which both found condensate-rich gas in the Early Cretaceous Elevala Sandstone.

If successful, Tingu prospect has the potential to be about the same size as Elevala field (2C contingent resource of approximately 400 billion cubic feet of gas and 22 million barrels of condensate), Horizon Oil added.

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