Horizon Oil Looks to Offload Stake in PNG Gas Assets

Horizon Oil is in discussion to sell stake in its Papua New Guinea natural-gas assets, after drilling results beat expectations and highlighted the potential for a liquefied natural gas plant, Wall Street Journal has reported.

A deal could be worth around 250 million Australian dollars ($259 million) based on recent transactions in Papua New Guinea, which U.K.-based consultancy Wood Mackenzie estimates has reserves totaling at least 26 trillion cubic feet of natural gas, the WSJ new report said.

Sydney-based Horizon owns 50% of PRL 4 and 45% of PRL 21, which respectively contain the Stanley and Elevala/Ketu natural gas discoveries. It also owns smaller stakes in two adjacent blocks.