• Second well in Mereenie Development program successfully drilled and cased
• Well to boost Mereenie gas rates, enabling supply of additional gas volumes under NT Government Gas Sales Agreement
• Drilling program completed safely, on time and within budget

Horizon Oil Limited is pleased to announce that the WM30 well, the second well in the Mereenie Development program, has been 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, praised the successful completion of the two-well drilling program, which was carried out safely, on time and within budget through the hottest months of the year. The drilling of this infill campaign so soon after completing the Mereenie acquisition is a tremendous outcome and assists in further unlocking the value potential seen in the Mereenie asset.

The successful completion of the WM30 well, together with the WM29 development well, is expected to boost Mereenie gas rates and enable the Joint Venture to supply additional gas volumes into the recently executed Northern Territory Government Gas Sales Agreement.