HZN. Re Chott Fejaz they have no doubt missed the secondry target, however they lost circulation right on the proposed primary target depth, if they fixed their circulation problems it might be possible they found what they were looking for, I am not willing to concede that this is a miss yet by any stretch of the imagination.This structure is huge and with the well being only 12 Kms from existing pipelines the potential remains staggering.
The news from Marri was outstanding, it is now the largest undeveloped oil field in N.Z, I have no doubt it is commercial and with a surprise to the upside after the results of Marri 2. The timing is perfect with the Maui field to the north winding down in the next few years the J.V would be able to lease existing floating production storage and offloading (FPSO) facilities. This one will go into production imo.
Horizons exploration programme was fully funded through to and including China, this did not include Maari so they now have an approx. 3 million AUD shortfall.
Investors and punters will make their own decisions but for what it is worth (not much I know LOL ) here is my call :-
Horizons problem will not be funding an exploration programme, it will be funding 21 odd % of a Tunisian gas well, 30 odd % of an oil field in China, 10 % of an oil field in N.Z and just maybe the rank outsider will be a 20 % interest in an elephant in PNG. So how much does that add up to and what is it worth per share ?
And finally the short term cash question will be solved by Oasis excercising its Feb 03 options providing Horizon with a little more than 3.3 million AUD ( which coincidently makes up for the shortfall metioned earlier )
Cheers and good luck to those that hold
Doddgey
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