Business Wire

Horizon Petroleum Enters into Definitive Agreements to Acquire Concessions in Poland


Horizon Petroleum Ltd. (the “Company” or “Horizon”) (TSXV:HPL) is pleased to report that further to its press releases dated June 23, 2017, and July 26, 2017, it has entered into a series of definitive agreements (the “Agreements”) with Dublin-based San Leon Energy plc (“SLE”) regarding the purchase from wholly-owned subsidiaries of SLE and other SLE-controlled entities, of 100% interests in 2 oil & gas concessions in the Republic of Poland known as Cieszyn and Bielsko-Biala (the “Primary Concessions”), plus 100% working interests in 2 additional oil & gas concessions in Poland known as Prusice and Kotlarka, and another concession which is under application (together the “Secondary Concessions”). These concessions cover 3,030km2 and lie within the prolific Rotliegendes Basin and Carpathian Foldbelt, where Horizon intends to target undeveloped conventional natural gas discoveries. Gas infrastructure in these regions is quite extensive, and gas pricing is attractive; prices on the Poland Power Exchange (TGE) during 2017 have been in the range of US$4.50-$5.50 per mcf (thousand cubic feet).

The acquisition of the 5 concessions in Poland is a further step in Horizon’s strategy to target, acquire, develop and monetize conventional gas resources in Europe. The scale of the resources is such that they are highly material to junior independents such as Horizon which have the technical and operating expertise and experience to develop the geologically complex reservoirs.

Purchase Price

Horizon previously paid a non-refundable deposit of US$100,000 and advanced a loan of US$100,000 (the “Horizon Loan”), as part of this transaction.

The consideration for the acquisition of the Primary Concessions is:

1.   US$1,000,000 in cash, less the US$100,000 Horizon Loan, for a net cash payment of US$900,000.
2. C$1,000,000 in common shares in the capital of Horizon (“Horizon Shares”), based on Horizon meeting specific issuance terms. The Horizon Shares are to be issued at the lesser of a) C$0.20 per share, b) the lowest price per share at which Horizon completes an equity placement for a minimum of C$1 million, up to but not including the date of closing of the acquisition (the “Completion Date”), and c) the volume weighted average price per Horizon Share for the period of 10 trading days immediately prior to the Completion Date. If Horizon is unable to meet the specific issuance terms by the Completion Date, it will be required to pay to SLE the equivalent value of the Horizon Shares in cash.
3. A 6% net profits interest.

The consideration for the acquisition of the Secondary Concessions is €10,000 per concession, plus a 6% net profits interest.

Bielsko-Biala (Lachowice) Concession

Located within the Carpathian thrust – fold belt in southern Poland, the Bielsko – Biala Concession occupies an area of 805km2 (~200,000 acres). In 1984, the Polish Oil & Gas Company (POGC) drilled the Lachowice-1 well in the southern part of the concession and encountered 184m of Devonian gas bearing carbonates (no water column). By the mid 1990s, a further seven wells had been drilled on the highly compartmentalised structure and of the five that penetrated the naturally fractured carbonates and sandstones of Devonian age, all encountered gas columns and gas shows.

The Lachowice field is at a late stage of the appraisal/early stage of the development life cycle. Lachowice-1, Lachowice-7 and Stryszawa-2K are the primary wells of interest on the field and, despite being essentially vertical in their design, showed test rates of up to 5.8mmcf/d in 1986, 8.9mmcf/d in 1995, and 2.5mmcf/d in 1997, respectively (90-95% methane); each of these wells was drilled and tested by POGC, with reservoir depths of 3,000-4,000 metres.

Some years after completion the wells were re-tested and despite not being remediated or acidised, they still flowed economic rates even though through sub-optimal completions (cemented and perforated liners) for a naturally fractured formation. These later cased-hole tests were on Lachowice-1 by Schlumberger in 1996 (~2.6mmscf.d) and on Lachowice-7 (~3.0mmscfg/d) by Apache in 1999.

A range of scaleable development options exist for Lachowice, from re-entry of the existing suspended well (Lachowice 7) through to a programme of multiple highly inclined wells and/or sidetracks. Horizon is targeting first production from Lachowice by the second half of 2018. Pipeline infrastructure, with ample capacity, is situated within about 10-km of the Lachowice gas discovery.

Cieszyn Concession

Neighbouring the Bielsko-Biala concession, the Cieszyn concession occupies a 325km2 area (~80,000 acres) of the Carpathian thrust – fold belt in southern Poland. This concession has seen significant historic exploration and whilst prospectivity exists at both Palaezoic and Tertiary levels, much of the activity has focussed on the relatively shallow (400 - 800m) Miocene aged sands trapped in thrust belt structures.

Numerous gas discoveries in the Miocene aged reservoirs have been made in and around the concession (Debowiec-Slaski, Kowale, Pogorz gas fields) and along trend in the Czech Republic (Horni Zukov, Bruzovice -Frydek, Pribor, Choryne gas fields). The quality of seismic imaging, and low exploration well cost, presents an attractive opportunity to define a future work programme to fully evaluate this concession.

The play fairway of Tertiary aged reservoirs trends eastwards into the northern part of the Bielsko-Biala concession. This is a significantly under-explored region, compared to Cieszyn, and can be the focus of future exploration programmes on the identification and testing of seismic amplitude anomalies in the prolific shallow Miocene aged formations.

Kotlarka and Prusice (plus new application) Concessions

Occupying 1900km2 (470,000 acres) within the prolific and proven Permian aged Rotliegendes Basin in SW Poland, these three concessions lie on trend with some of the biggest and most productive gas fields in Poland. Over 3 TCF (trillion cubic feet) of natural gas has been developed in the sandstones of the Rotliegendes Formation and the carbonates of the Zechstein Formation. An extensive gas production and pipeline infrastructure network with ample capacity has been built in the Basin. Nearby gas fields include the Zuchlow (850 BCF, or billion cubic feet), Zalecze (760 BCF), Rawicz (92 BCF), Borzecin (188 BCF), Bogdaj – Uciechow (635 BCF), and Wierzchowice (422 BCF) fields.

These concessions offer Permian exploration potential with newer seismic surveys required to help delineate numerous undeveloped discoveries/abandoned fields on the concessions themselves (including the Radziadz W, Henrykowice W and Dobrzen natural gas discoveries). The opportunity to test and evaluate newer/revised drilling practices that are widely employed in the Rotliegendes Basin in the Netherlands and Germany could assist in enhancing the reservoir productivity and improve ultimate recovery.

Closing Conditions

Closing of the acquisition of the Primary Concessions plus the Secondary Concessions is subject to a number of conditions, including certain approvals by the government in Poland, as well as the approval of the TSX Venture Exchange (the “TSXV”). Acquisition of the Secondary Concessions is further subject to the closing of the acquisition of the Primary Concessions. In its due diligence process, Horizon has reviewed testing and drilling performed on or around the Primary and Secondary Concessions; however, a formal resource report is not available at this time and Horizon intends to secure such a report as part of the TSXV approval process.

About Horizon Petroleum Ltd.

Calgary-based Horizon is focused on the appraisal and development of oil & gas reserves internationally. The Management and Board of Horizon consist of oil & gas 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 Definitive Agreements and completion of the transaction, the commercial opportunities and resources relating to the Concessions and the furtherance of Horizon’s European acquisition and development strategy.

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.

Certain of the "risk factors" that could cause actual results to differ materially from the Company's forward-looking statements in this press release include, without limitation, changes of laws or regulations; the ability to implement business strategies or to pursue business opportunities, whether for economic or other reasons; status of the world markets, prices and price volatility; state of capital markets and ability to raise capital; litigation; the commercial and economic viability of the extraction technology the ability to Horizon to locate or extract resources or develop on the Concessions, where discoveries past discoveries will not necessarily relate to future potential, reliance on suppliers, contractors, consultants and key personnel, risks associated with compliance with environmental protection laws and regulations.

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.

Contact information

For Horizon Petroleum Ltd.
Dr. David Winter, +1 403 984 2444
President & CEO
David R. Robinson, +1 403 399 9047
VP Business Development

Om Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Følg saker fra Business Wire

Registrer deg med din epostadresse under for å få de nyeste sakene fra Business Wire på epost fortløpende. Du kan melde deg av når som helst.

Siste saker fra Business Wire

Seoul Semiconductor’s SunLike Series LEDs Win Product of the Year Award from Elektronik Magazine23.3.2018 18:28Pressemelding

Seoul Semiconductor, a global innovator of LED products and technology, announced on March 23rd that its SunLike Series natural spectrum LED product won the Gold Award at the Elektronik Product of the Year 2018 Awards, hosted by Elektronik (, a leading German electronics publication. This press release features multimedia. View the full release here: Product of the Year Award from Elektronik Magazine (SunLike) (Photo: Business Wire) As a publication specializing in electrical and electronic components, “Elektronik” is a prestigious magazine with an illustrious history and the largest number of subscribers in Germany. Over the past 20 years, they have conducted annual surveys among their subscribers to find the “most creative and innovative products.” Based on these survey results, Elektronik selects the top product that with the most impact in its corresponding field, and confers the awards accordingl

Elliott Welcomes Imminent Bezeq Board Overhaul and New Era for Strong Independent Governance23.3.2018 16:05Pressemelding

Elliott Advisors (UK) Limited (“Elliott”), which advises funds which collectively hold a significant economic interest in Bezeq The Israeli Telecommunication Corporation Ltd. (“Bezeq” or the “Company”), welcomes the proposed governance reforms announced by Bezeq last night. In its initial letter to Bezeq Interim Chairman David Granot, dated January 16, 2018, Elliott outlined the urgent need to address the Company’s serious corporate governance issues, and called for changes at the Board level that result in “the right mixture of expertise, independence and integrity for the future.” Elliott stated then, and reiterates now, its belief that “there is significant value to be unlocked if the right steps are taken to improve its corporate governance.” Bezeq has strong business fundamentals, an exemplary workforce, and great potential. Following yesterday’s announcement, Elliott highlights the changes that have occurred since January 16th. Taken together, these amount to a revolution in the

Clovis Oncology Initiates Early Access Program for Rucaparib as Treatment and as Maintenance Therapy in Recurrent Ovarian Cancer in Europe23.3.2018 12:52Pressemelding

Clovis Oncology, Inc. (NASDAQ:CLVS) today announced the initiation of an early access program in Europe for rucaparib for treatment and as maintenance therapy in recurrent ovarian cancer. The program will be overseen and implemented by Caligor Coghlan, which specializes in early access to medicines. The program, to be known as the Rucaparib Access Program (RAP), will enable participation from certain countries in Europe, where permitted by applicable rules, procedures and regulatory authorities. The RAP protocol allows for rucaparib treatment of an individual patient with third-line or greater BRCA mutant epithelial, fallopian tube, or primary peritoneal ovarian cancer who has platinum-sensitive disease and is unable to tolerate further platinum-based chemotherapy or has platinum-resistant disease and needs treatment with single agent rucaparib. The RAP protocol will also provide access to rucaparib for maintenance therapy of an individual patient with recurrent epithelial ovarian, fal

CHMP Grants Positive Opinion for Clovis Oncology’s Rubraca® (rucaparib) Tablets23.3.2018 12:50Pressemelding

Clovis Oncology, Inc. (NASDAQ: CLVS) today announced that the European Union’s (EU) European Medicines Agency (EMA) Committee for Medicinal Products for Human Use (CHMP) has adopted a positive opinion recommending the granting of a conditional marketing authorization for Rubraca as monotherapy treatment of adult patients with platinum sensitive, relapsed or progressive, BRCA mutated (germline and/or somatic), high-grade epithelial ovarian, fallopian tube, or primary peritoneal cancer, who have been treated with two or more prior lines of platinum based chemotherapy, and who are unable to tolerate further platinum based chemotherapy. The European Marketing Authorization application for the treatment indication was based on objective response rate and duration of response results from two multicenter, single-arm, open-label clinical trials, Study 10 and ARIEL2, in women with advanced BRCA mutant ovarian cancer who had progressed after two or more prior chemotherapies. “The recommendation

Janssen Announces Positive CHMP Opinion for JULUCATM▼ (dolutegravir/rilpivirine)23.3.2018 12:46Pressemelding

The Janssen Pharmaceutical Companies of Johnson & Johnson today announced that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) has issued a Positive Opinion recommending marketing authorisation for JULUCA™ (dolutegravir 50mg [ViiV Healthcare UK Ltd]/rilpivirine 25mg [Janssen Sciences Ireland UC]). Dolutegravir/rilpivirine is a single-pill, two-drug regimen for the treatment of human immunodeficiency virus type 1 (HIV-1) infection in adults who are virologically suppressed (HIV-1 RNA <50 c/mL) on a stable antiretroviral regimen for at least six months with no history of virological failure and no known or suspected resistance to any non-nucleoside reverse transcriptase inhibitor (NNRTI) or integrase strand transfer inhibitor (INSTI).1 “We are delighted to be one step closer to bringing JULUCA™ to people living with HIV in Europe,” said Mathai Mammen, M.D., Ph.D., Global Head, Janssen Research & Development, LLC. “Building on our 25-year c

Aitheon Executives Educate World Leaders on Benefits, Challenges of AI at the Annual World Government Summit in Dubai23.3.2018 12:00Pressemelding

Aitheon, makers of the world’s first blockchain-powered platform to solve real problems by integrating AI, robotics, IoT, human specialists and cryptocurrency, announced today that executives from the company held a series of high-level briefings with world leaders at the Annual World Government Summit in Dubai. Briefings covered the benefits and challenges of AI, and revolutionary new solutions to world challenges made possible by transformative new technologies. (Read the full release at This press release features multimedia. View the full release here: Aitheon founder and CEO, Andrew Archer, and Chief Strategy Officer, Ryan Burleson, were invited to brief leaders at the Summit by Cyrus Hodes, Co-founder and Director of the AI Initiative, an undertaking of the Future Society at Harvard University’s Kennedy School. Archer and Burleson addressed a variety of AI-related topics, including the impact of AI on