Horizon Petroleum enters into agreement for West African Farm-in; appoints new President & CEO and announces Private Placement
Jersey, Channel Islands. Horizon Petroleum plc (“Horizon”, or the “Company”) (TSXV: HPL) announces that it has entered into a letter agreement (the “Agreement”) with a significant international resource company (the “Partner”), to farm-in to an offshore exploration block in West Africa. Under the Agreement, the Company and the Partner have agreed to the primary terms under which Horizon can earn a 50% working interest in the block, and which will be contained within a definitive agreement to be entered into between the Company and the Partner.
The Company will release further information on this West African farm-in, when available, and able to do so under the confidentiality terms of the Agreement. The Company and the Partner are currently awaiting formal approval from the host country for entering into the next exploration phase under the production sharing contract covering the block.
Furthermore, Horizon reports that Dr. David Winter, Executive Director, has agreed to assume the role of President and Chief Executive Officer of the Company, replacing David R. Robinson, the Interim Chief Executive Officer. Mr. Robinson will continue in his role of Vice President, Business Development, of the Company.
Dr. Winter has over 28 years of international oil and gas industry experience in Latin America, the Middle East, North Africa, South East Asia and North America. He is a Co-Founder and Director of privately-held Miramar Hydrocarbons Ltd., as well as a Co-Founder and Director of Canacol Energy Ltd., a publicly traded oil and gas company listed on both the Toronto and Colombia stock exchanges. Prior to founding Miramar, David was Founder, CEO & President of Excelsior Energy Limited, a Canadian publicly traded company focused on exploration and appraisal activities in Canada’s oil sands. David acquired his extensive international oil and gas experience from senior management roles at Calvalley Petroleum, where he was Senior Vice President, Exploration and Production, and at Alberta Energy Company, where he was Vice President, International Exploration. He has also held senior management and technical positions with Canadian Occidental, Sun Oil and BP. Dr. Winter holds a BSc (Hons), MSc and PhD in Geology.
Commented Mr. Yogeshwar Sharma, Chairman of the Company, “As the Company moves into its next stage of growth, the Board is delighted with the appointment of Dr. Winter as the Company’s CEO, and wishes to acknowledge Mr. Robinson’s significant contribution to Horizon since the reorganisation, and renewed focus on development opportunities in West Africa.
Furthermore, the Company announces its intention to undertake a non-brokered private placement for aggregate gross proceeds of up to $2,000,000 (CDN), through the distribution of units at $0.05 per unit; each unit consisting of one share plus ½ warrant with each whole warrant exercisable at $0.075 per share for 24 months. The private placement will be subscribed for by management, Board members, and family, plus consultants, close associates, and others.
Funds raised under the private placement will be used to advance the West African farm-in, and for general working capital purposes. Finders’ fees may be payable on a portion of the private placement.
For further information, please contact:
Dr. David Winter
President & CEO
+1 403 984 2444
email David Winter
David R. Robinson
VP Business Development
+1 403 399 9047
email David Robinson
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