• Maari Joint Venture receives 10-year permit extension from New Zealand Petroleum & Minerals Department
• Extension secures production, allows time to mature enhancement opportunities and plan decommissioning
• Production at Maari field increased to over 5,600 bopd in August, highest in over 5 years

Horizon Oil has announced that the Maari Joint Venture has received approval from the New Zealand Petroleum & Minerals Department (NZPAM) for a 10-year extension of the PMP 38160 (Maari) permit. The extension will extend the permit term from 1 December 2027 to 1 December 2037, providing the joint venture with sufficient time to continue economic production, mature production enhancement opportunities, and plan for the orderly decommissioning of the Maari Project. Horizon CEO Richard Beament welcomed the permit extension, stating that it provides certainty and stability for the joint venture and all stakeholders. He noted that the extension comes at a time when energy security in New Zealand is under increased focus and that it closely follows recent changes made by the New Zealand Government to oil and gas legislation aimed at reinvigorating sector investment. Production at the Maari field increased to more than 5,600 bopd in August, the highest monthly rate in over five years, following recent well workovers, highlighting the strength of the field's performance and reinforcing the value of the permit extension. The extension not only secures an extended timeframe to continue producing safely and efficiently from the field but also allows the joint venture time to mature production enhancement opportunities and plan responsibly for the project's eventual decommissioning. Beament emphasized that the outcome is a strong endorsement of the Maari Joint Venture's ongoing collaboration with the New Zealand Government and demonstrates the collective commitment to managing mature assets prudently for the benefit of all stakeholders.

The 10-year permit extension provides Horizon Oil and the Maari Joint Venture with the certainty and stability needed to continue economic production, mature production enhancement opportunities, and plan for the orderly decommissioning of the Maari Project.