• Mereenie development well WM30 drilled and cased across Stairway and Pacoota-1 Formations
• WM30 tie-in expected to be completed by end of February
• Together with WM29, WM30 expected to boost Mereenie gas rates for NT Government Gas Sales Agreement

Horizon Oil Limited (Horizon) is pleased to announce that WM30, 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, even through the hottest months of the year. The drilling of the infill campaign so soon after completing the Mereenie acquisition is seen as a tremendous outcome that further unlocks the value potential of the Mereenie asset.

The successful completion of the Mereenie development wells WM29 and WM30 is expected to boost gas rates and enable the supply of additional gas volumes under the recently executed Northern Territory Government Gas Sales Agreement.