Ann: Repsol announces sale of PNG interests, page-17

Horizon Oil : Repsol announces sale of PNG interests
06/12/2018 | 01:53am


Horizon Oil Limited ABN 51 009 799 455

Level 6, 134 William Street, Woolloomooloo NSW Australia 2011

Tel +61 2 9332 5000, Fax +61 2 9332 5050 .horizonoil.com.au

12 June 2018

The Manager, Company Announcements ASX Limited

Exchange Centre 20 Bridge Street Sydney NSW 2000

HORIZON OIL (HZN)

Repsol announces sale of Papua New Guinea interests

Repsol has announced that it has agreed to sell its shares in the Repsol entities holding its Papua New Guinea assets to Balang International Pte. Ltd (Balang), subject to customary conditions precedent for a transaction of this nature. Relevantly, this includes Repsol's approximately 40% interest in the Elevala / Ketu and Stanley fields, being the foundation fields for the standalone gas aggregation project, Western LNG.

Attached to this announcement is Repsol's announcement of 11 June 2018 (Port Moresby).

Balang is part of the China Changcheng Natural Gas Power Co. Ltd Group (Changcheng Group) which has investments in the natural gas and power sectors in the Asia Pacific Region, including in the People's Republic of China.

Provided the conditions precedent to the transaction are satisfied or waived, Horizon Oil welcomes Balang and the Changcheng Group as its new joint venture partner in Papua New Guinea.

Yours faithfully,

Brent Emmett

Chief Executive Officer

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