Horizon Oil Limited (AU:HZN) has released an update.
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Horizon Oil Limited has successfully completed the acquisition of a 25% stake in the Mereenie oil and gas field, which is expected to significantly boost its daily production and reserves. The $42.5 million deal, effective from April 1, 2023, was funded through a new debt facility with Macquarie Bank. Horizon’s CEO expresses confidence in the asset’s potential to enhance cash flow and support the energy transition, with further development plans in the pipeline.
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