Horizon Oil Ltd. reported production results for the second quarter ended December 31, 2011. During the quarter, the company's working interest share of production from Maari and Manaia fields was 116,022 barrels of oil. Crude oil sales were 114,324 barrels at an average realized price of $114.01 per barrel. Cumulative oil production from the fields through 30 January 2012 was 17.3 million barrels. The company reported capital expenditure of $127,000, production revenue of $13.0 million and net debt of $46.0 million. The operator of the WZ6-12 and WZ12-8W development, China National Offshore Oil Corporation (CNOOC), continued to make good progress and the facilities were 24% built at the end of the quarter. Over 60% of the total development cost has now been committed by contract and the forecast cost to completion is within the $300 million estimate contained in the overall development plan (ODP).