Horizon Oil announced it has acquired stakes in two Thailand gas fields by purchasing 75% of an Exxon Mobil subsidiary. (Source: Shutterstock)
Horizon Oil announced it has acquired stakes in two Thailand gas fields by purchasing 75% of an Exxon Mobil subsidiary.
Horizon said it will pay $30 million up front for the interest in Exxon Mobil Exploration and Production Khorat Inc. (EMPEKI), with another $7.5 million in extra payments over the next six years if certain conditions are met. Matahio Energy will own the remaining 25% of EMPEKI as part of a consortium agreement with Horizon.
The company will hold a 7.5% working interest in the Sinphuhorm conventional gas field and a 60% interest in the Nam Phong conventional gas field. Matahio will operate the Nam Phong field on behalf of the consortium.
Sinphuhorm, in northern Thailand, was discovered in 1983 and began production in 2006. Nam Phong, 35 miles south of Sinphuhorm, was discovered in 1981 and began production in 1990.
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