Horizon Oil has officially completed its acquisition of a 25 per cent interest in the Mereenie field, located in the Northern Territory.
In February 2024, Horizon Oil announced it had executed a sale purchase agreement with Macquarie Mereenie to acquire a 25 per cent non-operated participating interest in the OL4 and OL5 development licences, which contain the producing Mereenie conventional oil and gas field.
The acquisition was executed together with New Zealand Oil and Gas, a Mereenie joint venture partner, who acquired a further 25 per cent participating interest.
Horizon chief executive officer Richard Beament said the acquisition was a significant addition to the company’s portfolio.
“Based on current production rates at Mereenie, the acquisition will materially increase Horizon’s net daily production by approximately 1,100 boepd, and more than doubled the Company’s 2P reserves position at 30 June 2023,” he said.
“The asset provides the Company with material exposure to both the Northern Territory and East Coast gas markets, both of which are forecast to have significant supply side opportunities.
“With domestic gas recognised as key to the energy transition, Mereenie has a strong part to play in providing essential energy to miners and other industrial users to support the energy transition.”
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