Horizon Terminates P3GE Deal

Australian explorer Horizon Oil revealed on September 11 that it has terminated a US$55mn deal to sell half of its exploration assets in Papua New Guinea (PNG) to Thai oil and gas company P3 Global Energy (P3GE) due to P3GE not having made the necessary payments by the closing date of July 31 2009. In the announcement Horizon also revealed that it is currently in discussions with another party on the sale of part of its interests in PNG and expects to announce the results in the week starting September 14.

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