PRL 21, in which Horizon has a 30% stake, figures prominently in Kina's (KPL) recent quarterly. Kina has a 16.75% stake in PRL 21. This tenement is part of the planned Western Province project that will commercialise a number of world class gas assets including the Stanley field. KPL believe that the PRL 21 has significant liquids that can be brought on stream in the near term to take advantage of high oil prices. The liquids resource is viewed as offering near term value with early cash flow potential. Kina’s studies suggest that early development of PRL 21 is feasible, particularly when a project which commercialises liquids in the near term would be consistent with the development concept previously submitted to the government of PNG.
With Natural Gas Liquids correlated to the POO at 3 year highs and heading higher, the near term value from PRL 21 could be very useful for Horizon in further accelerating debt reduction and building capital for the Western Development project.
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