Horizon due stakes in Gulf of Thailand blocks

March 3, 2008
Horizon Oil will pay 40% of the seismic and drilling costs of an initial work program to earn 20% participating interests in three Gulf of Thailand blocks under a farmout from Pearl Energy.

By OGJ Editors
HOUSTON, Mar. 3 -- Horizon Oil Ltd. will pay 40% of the seismic and drilling costs of an initial work program to earn 20% participating interests in three Gulf of Thailand blocks under a farmout from Pearl Energy Ltd., Singapore.

Pearl, a subsidiary of Aabar Energy PJSC of Abu Dhabi, will remain operator of Blocks G1/48, G3/48, and G6/48 and retain a 40% interest in each. Northern Gulf Petroleum Pte. Ltd., a private Thai company, holds 40% interests.