Horizon takes stake in 3 Thai concessions

Horizon Oil Limited advises that it has today signed a farm-out arrangement with Pearl Energy Limited, a wholly owned subsidiary of Aabar Energy PJSC, to acquire 20% participating interests in three exploration concessions in the Gulf of Thailand.

Under the terms of the transaction, Horizon Oil will pay 40% of the seismic and drilling costs of the initial three-year work programs for Blocks G1/48, G3/48 and G6/48 to earn a 20% participating interest in each of the three concessions.

Pearl will remain as operator of the concessions following the transaction, which is conditional upon the approval of the Thai authorities.