Horizon Oil Says Thailand Booster Gas Compressor Online

MT Newswires Live08:09

Horizon Oil (ASX:HZN) said the Nam Phong booster gas compressor project in Thailand has been commissioned and is online, according to a Wednesday filing with the Australian bourse.

The booster gas compressor entered service Sept. 4, and initial operating results have been "highly encouraging," the company said.

Total Nam Phong gas field gross sales are currently about 10.3 terajoules per day, up 84% compared with average sales before the compressor startup, per the filing.

Gas sales from Nam Phong are priced under a long-term, oil-linked gas sales contract, and given recent high oil prices, the increased production volumes are expected to immediately translate into higher revenue and cash flow generation for the Nam Phong joint venture, said Horizon CEO Richard Beament.

The company has an effective 60% interest in the Nam Phong gas field.

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