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Horizon Oil restarts production at the Maari oil field

Horizon Oil (ASX:HZN) has restarted production at the Maari oil field in New Zealand, following a shutdown for repairs to the production facilities.
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Horizon Oil restarts production at the Maari oil field

The company has a 10% interest in the oil field, operated by OMV New Zealand.

At the time of shutdown, the Maari/Manaia field was producing 10,000 barrels of oil per day from 10 producing wells.

The wells are being reinstated in a controlled and phased manner with the objective of having all wells on production shortly.

Initial production is likely to be enhanced somewhat due to natural pressure build up which will accelerate recovery of the production.

The total cost of the repair amounts to US$25 million.

Horizon’s share of the cost is US$2.5 million, about half of which is expected to be recovered through insurance.

The company’s share price has increased by 70% during the past three months, last trading at $0.063.

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