Horizon Oil Limited (AU:HZN) has released an update.
Horizon Oil Limited has announced a productive quarter, successfully completing an infill drilling program in Block 22/12 and acquiring a 25% interest in the Mereenie oil and gas field, which now has a long-term gas supply agreement with the Northern Territory Government. Despite routine maintenance impacting production, the company maintained robust revenues of US$111.5 million and strong net operating cash flow, ending the quarter with substantial cash reserves after paying a significant interim dividend to shareholders.
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