? 2 phase development in 40 - 60 m water depth utilising CNOOC...

? 2 phase development in 40 - 60 m water depth utilising CNOOC platform facilities, export pipeline and terminal on Weizhou Island
? Phase 1 platforms WZ 6-12 and WZ 12-8W connected by pipeline to PUQB utility platform; forecast completion cost within initial US$300m budget
? Three well exploration program prior to development drilling increased 2P reserves by 18% to 28 mmbo; new reserves incorporated in Phase 1 development for US$50m incremental cost
? WZ 6-12: 10 wells on production, currently ~11,000 bopd gross
? WZ 12-8W: 5 well batch drilling operations underway; scheduled completion September 2013
? Forecast field peak production 16,000-18,000 bopd at end 2013
? Horizon Oil net peak production ~4,500 bopd
? Oil sales to Chinese refineries - currently priced at US$4 discount to Brent
? Phase II development plan for WZ 12-8E field scheduled for completion in August 2013