HPL Horizon Petroleum Ltd

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." 

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.