• Horizon Oil's second well in the Mereenie Development program, WM30, was drilled and cased
• WM30 is expected to boost Mereenie gas rates, enabling the Joint Venture to supply additional gas volumes
• The drilling program was completed safely, on time and within budget

Horizon Oil Limited (Horizon) is pleased to advise that WM30, the second well in the Mereenie Development program, was drilled and cased across the shallower Stairway and Pacoota-1 Formations, with the casing shoe set at 1245 metres TVDRT. Air-drilling continued to 1331 metres TVDRT through the primary Pacoota-3 reservoir target, and the well was successfully completed. The WM30 tie-in is expected to be completed toward the end of February. Together with the WM29 development well, WM30 is expected to boost Mereenie gas rates, enabling the Joint Venture to supply additional gas volumes into the recently executed Northern Territory Government Gas Sales Agreement (GSA). Horizon CEO, Richard Beament, commented that this is a great outcome for the Mereenie JV with the successful completion of the two-well drilling program. The drilling program was completed safely, on time and within budget through the hottest months of the year. The drilling of a two-well infill drilling campaign so soon after completing the Mereenie acquisition is a tremendous outcome and assists in further unlocking the value potential seen in Mereenie.

The WM30 tie-in is expected to be completed toward the end of February. Together with the WM29 development well, WM30 is expected to boost Mereenie gas rates, enabling the Joint Venture to supply additional gas volumes into the recently executed Northern Territory Government Gas Sales Agreement (GSA).