Following a key announcement from the company this morning, it may be a good time for investors to take a look into Horizon Oil (OTCMKTS:HZNFF) a bit more closely. The company announced that that as many as four oil wells in the Beibu Gulf in China had been completed, drilled and brought into production successfully. It indicated the completion of the Phase 2 of the drilling program.
On Friday, HZNFF stock ended flat at $0.0834 with more than 1K shares, compared to its average volume of 891 shares. The stock moved within a range of $0.0834 – 0.0834 after opening trade at $0.0834.
In addition to that, following the development the Strike drilling rig had also been released from Block 22/12. The announcement from Horizon Oil was a significant one and it is going to be interesting to see if it leads to any major move for the company’s stock through the rest of the week or not.
The completion of the operation marked the end of an initiative that had lasted for as long as ten months and could be said that it was a major milestone for the company. The total oil production from the aforementioned block came in at 19,000 bopd gross for the month of December 2022 and that reflected a rise of as many as 4466 bopd since the previous announcement on October 24, 2022.