Horizon Oil, an oil and petroleum exploration and development company based in Sydney, announced Aug. 26 it had spudded its Tingu-1 well in Papua New Guinea's Western Province. Company officials say if the well is successful, the Tingu prospect may be about the size of the Elevala field, which is estimated to hold about 400 billion cubic feet of gas and 22 million barrels of condensate, Upstream Online reported.
The well is located about 5.7 miles from the Elevala-2 appraisal well and is expected to take about 45 days to reach its targeted depth of 10,541 feet, according to the source.
Horizon is currently carrying out front-end engineering and design work in the Elevala and Ketu gas and condensate fields, Proactive Investors reported. However, the company said contingency is being made in the design to add Tingu to its development scope should the Tingu-1 well be a successful discovery.
Along with prospects in Papua New Guinea and offshore New Zealand, Horizon Oil has assets under development in China, according to its website.