Horizon Petroleum Ltd. (the “Company” or “Horizon”) (NEX: HPL.H) is pleased to provide a corporate update and share its strategy and focus in Europe.
Our vision is to build a profitable, intermediate sized energy company that produces natural gas and oil in a manner that meets the environmental standards in the jurisdictions in which Horizon may operate.
Our strategy is to evaluate, acquire and develop previously discovered gas and oil resources in the proven gas basins located onshore Europe and in the greater Mediterranean Region with an initial focus on the Lachowice gas field (the “Lachowice Field”) in south-western Poland.
At present, Horizon is advancing its discussions with the Polish Government with the intent to complete the transformation process to convert the concessions held by its wholly owned Polish subsidiaries to the new Polish concession laws (the “Transformation Process”) (more fully described in our Financial Statements and MD&A). Provided that Horizon is successful in completing the Transformation Process, the Company’s goal is to commence operations in a phased development of the Lachowice Field.
The Company is currently updating its NI 51-101 compliant Reserve and Resource report for the Lachowice gas development and will disclose the results publicly once completed.
The current energy crisis in Europe has underscored the importance of natural gas in the energy matrix. Natural gas has been recognised by the European Union as a key source of energy during the transition to cleaner sources of energy. The Company sees significant opportunity in Eastern and Central Europe to develop previously discovered natural gas accumulations that remain undeveloped thereby increasing domestic production and reducing dependence on imports of Russian natural gas, imports of liquified natural gas (LNG) and the use of coal in power generation.
Our acquisition strategy will be focused on assets that provide low risk potential for both near term production and free cashflow to generate high rates of return. The Company recognises that many of these accumulations are contained in reservoirs that are geologically complex. Horizon plans to bring its technical and operating expertise and experience gained in complex field developments in Canada and around the world to develop these accumulations commencing with the Lachowice Field. We plan to employ more advanced 3D seismic acquisition/processing and drilling/completion technologies than those available in the 1970’s to 1980’s when many of the wells were drilled.
We think it is important to build a portfolio of assets with reserve and production potential to build the Company’s asset value and cashflows. We are actively screening, evaluating and pursuing business development opportunities with the intention of adding reserves and production potential in Europe and in the greater Mediterranean region. We aim to reduce geopolitical risk by targeting assets in a number of jurisdictions and geological basins.
We recognize the importance of transitioning to a lower carbon economy, however, we believe there is an important role for natural gas and oil as transitional energy sources; the importance being underscored by the current energy crisis in Europe.
About Horizon Petroleum Ltd.
Calgary-based Horizon is focused on the appraisal and development of oil & gas reserves in Europe. The Management and Board of Horizon consist of oil & gas professionals with significant international experience in the appraisal, development and exploration for oil and gas fields.
For further information about the Company, please contact:
Dr. David Winter
President & CEO
+1 403 619-2957
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”, “vision” 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 Horizon’s vision for the Company, including the ability to create a profitable, intermediate sized energy company; proposed strategy, including but not limited to the European acquisition and development strategy; the Transformation Process, including the ability of Horizon to complete the Transformation Process; the commencement of operations in the Lachowice Field, Horizon’s development plans; and the ability to employ more advanced technologies successfully.
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. The forward-looking information contained in this press release involve risks and uncertainties relating to, among other things, availability of funds required to complete the Transformation Process or to conduct operations on the Lachowice Field; uncertainty with respect to the requirements for completion of the Transformation Process; the outcome of negotiations with the Polish Government in connection with the Transformation Process and the Lachowice Field; the availability of finds required to execute on Horizon’s strategies, or of financing on reasonable terms; political uncertainty and potential regulatory changes in Poland and the other jurisdictions in which Horizon is evaluating opportunities; timeliness of government and other regulatory authorities, including in Poland; the ability to successfully identify, evaluate, acquire and develop gas and oil reserves; changes in oil and gas prices; the ability to successfully operate in geologically complex reservoirs, if acquired; and potential defects in title, including with respect to the concessions in Poland. 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.
The forward-looking information contained in this release is made as of the date hereof and Horizon undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The foregoing statements expressly qualify any forward-looking information contained herein.