We missed out on the block mentioned below but Horizon has a long standing relationship with CNOOC and must be in the running for these South China Sea blocks as they become available.
Some history: Long term holders will recall when Horizon launched a TO for ROC. It was a great deal for shareholders but a dodgy little US company upped the bid, Horizon gave up and we lost the deal. HZN fell 17% on the news. Roc, Smart win PSC in South China Sea
Australia-based junior Roc Oil and Smart Oil Investment have together been handed operatorship of a shallow-water block off China. The pair will...itself covers 80 square kilometres, with water depths ranging from 40 to 80 metres. Roc has a 35% stake in the PSC, with Smart Oil on 25% and CNOOC on 40%. Roc and Smart Oil will pay for exploration work in the exploration phase, with CNOOC having the right to back in with a 51% stake in the development
HZN Price at posting:
15.0¢ Sentiment: Buy Disclosure: Held
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