CALGARY,
AB, Aug. 6, 2024 /CNW/ - Horizon Petroleum
Ltd. (the "Company" or "Horizon") (TSXV: HPL) is pleased
to report that further notifications have been received from the
Polish Ministry of Climate and Environment (" the Ministry")
concerning the Transformation Process Applications for two
concession licence areas: Bielsko-Biala and Cieszyn (the
Concessions) located in southwest Poland. As noted in its May 14, 2024 press release, the applications have
been made through the Company's two wholly owned subsidiary
companies in Poland.
The Company has been advised by the Ministry that they have
received clearance from the relevant Government Agencies to grant
the two Concessions to the Company's subsidiary in Poland. Given the timeline provided by the
Ministry the Company expects the formal grant and signing of the
Concession by end August or early September.
The Company will inform the market when the final licences are
signed.
Once the licences are formally awarded and the agreements
signed, the Company plans to immediately apply for re-instatement
as a Tier 2 issuer on the TSX-Venture Stock Exchange.
Dr. David Winter CEO of Horizon commented, " We are pleased that
with the signing of the Concessions, Horizon will be able to start
work towards its goal of initial production and cash flow from the
Lachowice gas discovery in the Bielsko-Biala Concession in 2025.
The signing of the concession agreements will also allow the
Company to book approximately 33 Bcfe of Net Probable reserves with
a Net Present Value ("NPV") (discounted at 10%) of approximately
CAD $ 100 million. The Company will
also recognise 156 Bcfe of Risked 2C contingent resources of
natural gas with a NPV (discounted at 10%) of approximately
CAD$ 530 million."
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 in Europe. The Management
and Board of Horizon consist of oil & gas, business and finance
professionals with significant 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 Concessions and completion of the
transformation process and the furtherance of Horizon's European
acquisition and development strategy. There is no assurance the
Concession will be granted or the transformation process will be
completed.
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.
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SOURCE Horizon Petroleum Ltd.