Horizon Oil Limited (AU:HZN) has released an update.
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Horizon Oil has successfully completed the acquisition of a further 25% stake in the Mereenie gas field, a strategic asset that has significantly bolstered its reserves and production capabilities. The deal, financed by a A$63 million debt facility from Macquarie Bank, will see Horizon Oil’s total 2P reserves jump by 41% to 23mmboe. New Zealand Oil & Gas CEO Andrew Jefferies expressed enthusiasm for the asset’s potential to contribute to Australia’s gas supply amidst the energy transition.
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