Horizon Oil Limited ( (AU:HZN) ) has shared an update.
Horizon Oil Limited has announced a strategic acquisition of interests in two gas fields in Thailand, acquiring a 7.5% stake in the Sinphuhorm field and a 60% stake in the Nam Phong field. This acquisition, valued at $30 million, is expected to enhance Horizon’s production capacity by approximately 2,000 barrels of oil equivalent per day and increase its reserves by 3.9 million barrels of oil equivalent. The deal, funded through a combination of debt and cash flow from the acquired assets, represents a re-entry into the Thai market and aligns with Horizon’s strategy for growth and diversification. The acquisition is anticipated to boost Horizon’s cash flow and production base, supporting its long-term distribution strategy and contributing to Thailand’s energy transition goals.
More about Horizon Oil Limited
Horizon Oil Limited is an energy company engaged in the exploration, development, and production of oil and gas resources. The company focuses on expanding its production base and diversifying its portfolio, particularly in Southeast Asia and Australasia.
YTD Price Performance: 11.11%
Average Trading Volume: 6,977
Technical Sentiment Signal: Sell
Current Market Cap: $219.4M
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