CALGARY,
AB, Aug. 23, 2023 /CNW/ - Horizon Petroleum
Ltd. (the "Company" or "Horizon") (TSXV: HPL) is pleased to
announce that it has submitted its formal Transformation Process
Documentation to the Polish Ministry of Climate and Environment for
two concession licence areas: Bielsko Biala and Cieszyn (the
Concessions). The submission has been made through the Company's
two wholly owned subsidiary companies in Poland and both were submitted this week for
the Ministry's review, feedback and eventual approval.
The Bielska Biala Concession contains the significant
Lachowice gas discovery and development area.
The Transformation Process is fully described in the Annual
Financial Statements and Management Discussion and Analysis but in
summary, a transformation of the concessions to the new Polish
concession laws ("Transformation Process") is required by
the Polish government as a result of the implementation of
amendments to Poland's geological and mining laws. The
Transformation Process had been initiated by Horizon's predecessor
company in Poland, San Leon Energy
and had been stalled during the COVID pandemic.
Key elements of the Documentation are: (i) the geological work
programs to be conducted by the Company for each concession; (ii)
the value and timing of the key elements of the geological work
programs; (iii) providing evidence to support the Company's
operational abilities; (iv) evidence of the financial capacity of
the Company to carry out the geological work programs; (v) the
value of the work programs, concession fees and work guarantees
that will be paid to the Polish government.
The Lachowice gas development project within Bielska Biala
concession has been independently evaluated to contain probable
reserves of 34 bcf of natural gas with 261mbbls of condensate as
well as 2C Risked Contingent Resources of 164 bcf and over 1,200
mbbls of condensate. These results were disclosed by press release
dated December 5th,
2022.
Dr. David Winter CEO of Horizon commented "Submission of the
documentation for the two concessions in Poland marks a significant milestone in moving
Horizon towards its goal of commencing operations, production and
cash flow from its assets in Poland. Our experienced team in Poland have worked hard to finalize the
required submissions and we look forward to working with the Polish
Ministry toward a successful outcome."
The Company continues to evaluate a number of natural gas
production and development M&A opportunities in Europe with a goal to establish a production
and cash flow base to provide funding for development activities.
We will update shareholders in due course.
About Horizon Petroleum
Ltd.
Calgary-based Horizon is
focused on the appraisal and development of natural gas reserves
and clean energy sources to increase energy independence and
security initially in Europe. The
Management and Board of Horizon consist of oil & gas, business
and finance professionals with significant and extensive
international experience.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This press release contains "forward-looking statements" or
"forward-looking information" (collectively referred to herein as
"forward-looking statements") within the meaning of applicable
securities legislation. Such forward-looking statements include,
without limitation, forecasts, estimates, expectations and
objectives for future operations that are subject to a number of
assumptions, risks and uncertainties, many of which are beyond the
control of Horizon. Forward-looking statements are statements that
are not historical facts and are generally, but not always,
identified by the words "expects", "plans", "anticipates",
"believes", "intends", "estimates", "projects", "potential" and
similar expressions, or that events or conditions "will", "would",
"may", "could" or "should" occur or be achieved. This press release
contains forward-looking statements pertaining to, among other
things entering into the Definitive Agreements and completion of
the transaction, and the furtherance of Horizon's European
acquisition and development strategy.
Forward-looking information is based on current expectations,
estimates and projections that involve a number of risks, which
could cause actual results to vary and in some instances to differ
materially from those anticipated by Horizon and described in the
forward-looking information contained in this press
release.
Although Horizon believes that the material factors,
expectations and assumptions expressed in such forward-looking
statements are reasonable based on information available to it on
the date such statements were made, no assurances can be given as
to future results, levels of activity and achievements and such
statements are not guarantees of future performance.
Further steps will include adding professionals with operating
and management experience in Poland as we prepare for our first operations
as well as further acquisitions. We will update the market as we
make further additions to the management team.
SOURCE Horizon Petroleum Ltd.
