Jersey, Channel Islands, November 12, 2013
Horizon Petroleum plc (“Horizon” or “the Company”) (TSX.V: HPL) provides the following update on its activities in securing oil and gas assets in Sub Saharan Africa.
Horizon has recently signed a Memorandum of Understanding with Grupo Suninvest-Investimentos, Participações E Empreendimentos S.A. (“Suninvest”) a well-respected, established and financially robust Angolan company, to evaluate onshore exploration potential and proven oil and gas assets. Suninvest has several existing joint ventures with major international businesses, primarily in infrastructure, and is now looking to extend its activities to the oil and gas sector in partnership with Horizon.
The Company continues to evaluate several other opportunities elsewhere in Sub Saharan Africa. The objective is to secure proven reserves that can be brought on production within a short period of time, with exploration upside.
To achieve its ambitious plans, the Company announces that it will undertake a non-brokered private placement (“Private Placement”) to insiders and new subscribers to raise up to $2 million. The funds will enable the Company to finalize one or more transactions.
The Private Placement will be completed by the Company issuing common shares at $0.12 per common share of the Company. The common shares will have the usual 4 month hold period.
Finder’s fees may be payable on a portion of the Private Placement.
Completion of the Private Placement is subject to a number of conditions and approvals including, but not limited to, the approval of the TSX Venture Exchange.
Peter Clutterbuck, CEO of Horizon Petroleum, commented as follows:
“We have made excellent progress in the last few months. We have screened over 40 petroleum opportunities across Sub Saharan Africa, most of which did not meet our criteria of materiality, value, quality and risk management. We have high graded the best of these and are currently evaluating several good opportunities that meet our investment criteria in our mission to become a leading petroleum exploration & production company in Sub Saharan Africa. The funds from the private placement will enable us to finalize certain transactions. We are confident that the assets we take forward will fit the criteria of the investment community, and we maintain continuous dialogue with major financial institutions to ensure that our selected projects are financeable.
Crucial to our evaluation is ensuring that we are working alongside quality partners. We are delighted to have established a partnership with Suninvest in Angola and we look forward to future developments in this hydrocarbon rich country”.
Peter Clutterbuck,
President and Chief Executive Officer
ON BEHALF OF THE COMPANY
“Peter Clutterbuck”
Peter Clutterbuck,
President and Chief Executive Officer
Neither the 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.