Drillsearch's new growth and Horizon Oil, page-2

Note

Develop funding requirements - still working on it 3 years on

Sensible weighing - in context of market is sensible still sensible?

Return cash to shareholders rather than more capital investment

This company is ripe to deliver. We need a team who will.

Read on in hope:

At Horizon Oil's annual general meeting on 22 November 2012, shareholders were advised of the board's intention to sell part of the Company's PNG position in view of:

• - the Company's substantial future growth and development funding requirements, particularly as a result of the recent appreciation of the potential for a large integrated petroleum liquids and LNG project in PNG;
  
  
• - the relatively high interests held in the PNG licence areas and the board's objective of achieving a sensible weighting of interests within the overall asset portfolio; and
  
  
• - the firm intention to return part of future cash flow to shareholders, rather than invest it entirely in the future capital program.