CALGARY,
AB, May 14, 2024 /CNW/ - Horizon Petroleum
Ltd. (the "Company" or "Horizon") (TSXV: HPL) is
pleased to report that it has received notifications 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). As noted in previous press releases, the
applications have been made through the Company's two wholly owned
subsidiary companies in Poland.
The Company has received written notification that the Ministry
has formally initiated the final administrative proceeding to
submit the applications to various key government agencies for
their review, approval and clearance so that the award and signing
of the concession agreements can proceed. Official notification
means also that formal requirements of the applications have been
met.
The Company wishes to emphasize that although we consider this
to be a critical milestone in the process, there remains several
key administrative steps by the Polish state that have still to be
completed in order for the concession agreements to be signed.
The Company will inform the market when further updates are
available.
The Transformation Process is fully described in the Annual
Financial Statements and Management Discussion and Analysis but in
summary, the 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.
Key elements of the Applications 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 concession fees and
guarantees that will be paid to the Polish government.
The Lachowice gas development project within Bielsko 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 164bcf and over 1200mbbls
of condensate. The evaluation of the Cieszyn concession is
yet to be completed.
Dr. David Winter CEO of Horizon commented "the Company is
pleased to receive this latest notice from the Ministry and
considers this a significant milestone in moving Horizon towards
its goal of production and cash flow from its assets in
Poland in 2025. The Company
and it's team in Poland have
worked diligently with the Ministry to fulfill the rigorous
requirements of the Transformation Process Applications. The
official Notice that the applications are considered complete
clears the way for the final approval of the licences by all
required authorities of the Polish government and the signing of
the concession agreements to proceed."
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.
SOURCE Horizon Petroleum Ltd.