2009-08-17-2008-05-01

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Estimated Price
0MM
Description

To acquire 28.92% interest in petroleum retention license 4, 10.7% in PRL 5.

A subsidiary of Horizon Oil Ltd. (Australia: HZN) plans to acquire a 28.92% interest in Papua New Guinea petroleum retention license (PRL) 4 and 10.7% interest in PRL 5 from Austral Pacific Energy Ltd., Wellington, New Zealand, (Australia: NZSX, Amex: AEN) for an undisclosed price. Austral plans to use the proceeds to accelerate loan repayments under the company's debt facility with Investec. Austral chief executive Jewell says, "Now is a good time to reduce the company's debt profile, strengthen the balance sheet, and retain its focus on the growth of production from our core assets including the Cheal field development, Kahili gas development and Cardiff appraisal."