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.
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.
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 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.
For Horizon Petroleum Ltd.
Dr. David Winter, +1 403 984 2444
President & CEO
David R. Robinson, +1 403 399 9047
VP Business Development
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Tilaa tiedotteet sähköpostiisi
Haluatko tietää asioista jo ennen kuin ne uutisoidaan? Kun tilaat tiedotteemme, saat ne sähköpostiisi yhtä aikaa suomalaisen median kanssa. Tilauksen voit halutessasi perua milloin tahansa.
Lue lisää julkaisijalta Business Wire
Pierre Fabre & Array BioPharma Announce a 62% Observed OS at One Year from the Phase 3 BEACON CRC Safety Lead-In of the Combination of Encorafenib, Binimetinib and Cetuximab in BRAF-Mutant CRC at the ESMO GI Congress23.6.2018 14:00 | Tiedote
Not intended for UK- and US-based media Pierre Fabre and its partner Array BioPharma Inc. today announced updated safety and efficacy results, including OS, from the safety lead-in of the Phase 3 BEACON CRC trial evaluating the triplet combination of encorafenib, a BRAF inhibitor, binimetinib, a MEK inhibitor and cetuximab, an anti-EGFR antibody, in patients with BRAF V600E -mutant metastatic colorectal cancer (CRC). The results showed that, at the time of analysis, the OS data were fully mature through 12.6 months and that the median OS had not yet been reached. The one-year overall survival rate for this cohort was 62%. These data were presented in an oral presentation on Saturday, June 23, at the ESMO 20th World Congress on Gastrointestinal Cancer in Barcelona, Spain. The median progression-free survival (mPFS) for patients treated with the triplet was 8 months [95% CI 5.6-9.3] and is similar between patients receiving one prior line of therapy and patients receiving two prior lines
Compelling Data for LONSURF® (trifluridine/tipiracil) in Metastatic Colorectal Cancer Presented at ESMO’s World Congress on Gastrointestinal Cancer by Servier and Taiho23.6.2018 11:10 | Tiedote
Servier and Taiho Pharmaceutical Co., Ltd. today announced that the TASCO-1 trial demonstrated promising results for LONSURF® (trifluridine/tipiracil) in combination with bevacizumab in patients with previously untreated metastatic colorectal cancer (mCRC) who are not suitable for intensive treatment, with a median progression-free survival (PFS) of 9.2 months (ranging from 7.6 to 11.5 months). A second non-comparative arm in the trial, evaluated the outcome of patients treated with the current standard of care of capecitabine in combination with bevacizumab. The median PFS of this arm was 7.8 months (ranging from 5.5 to 10.1 months). “Colorectal cancer is the third most common cancer in the world. While there has been some progress in treatment, there are still few options for patients with metastatic disease who are not suitable for intensive treatment,” said Professor Eric Van Cutsem, Head of Digestive Oncology at the University of Leuven, Belgium. “These compelling results suggest
Softomotive and Accelerate RPA Partner to Help Enterprises Achieve Faster Time to Value from RPA22.6.2018 18:13 | Tiedote
Softomotive, a world–class Robotic Process Automation (RPA) technology provider offering best time to value and affordability for all sizes and types of enterprises, is pleased to announce a strategic partnership with AccelerateRPA, a high calibre professional services provider of trained and certified RPA Consultants within Robotic Process Automation. This partnership means that customers and end users of Softomotive’s software, will have additional knowledgeable and professional guidance available to help achieve significant value quickly from their investment in RPA. Companies who are looking to implement Softomotive’s RPA product suite (WinAutomation and ProcessRobot software) will now have direct access to AccelerateRPA’s highly skilled consultants and Developers. Further, AccelerateRPA has also become a licensed reseller of Softomotive’s products, offering customers a single point of contact for delivering both RPA software and services. Ashley Hudson, Director of AccelerateRPA,
Ascend Performance Materials Announces Price Increase for Intermediate Materials22.6.2018 17:00 | Tiedote
Ascend Performance Materials announced today a price increase for its intermediate materials. The price increase will take effect globally on July 1, 2018, and includes the following terms: Material Price Increase Terms Hexamethylene diamine (HMD) $0.17/lb. • As contracts allow. • Non-contract business – price determined on an order-by-order basis. Acrylonitrile (AN) $0.20/lb. • As contracts allow. • Non-contract business – price determined on an order-by-order basis. Customers should contact their local sales representative for additional information. About Ascend Performance Materials Ascend Performance Materials is a global premium provider of high-quality plastics, fibers and chemicals and is the world’s largest integrated producer of PA66 resin. Headquartered in Houston, Texas, Ascend has eight global locations, including five fully-integrated manufacturing facilities located in the southeastern United States, all dedicated to the innovation and safe production of nylon 6,6. With
Different Countries, Different Customs: Get Ready for the Motorbike Holidays with Moto-tyres.co.uk22.6.2018 16:41 | Tiedote
Pack your bags, close the boot and get away on holiday? When you start your holidays on a motorcycle, you usually have to consider a few things more when getting ready for your trip. The right preparation is therefore a must. So that nothing stands in the way of a smooth journey, Moto-tyres.co.uk has put together some tips for your next trip. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180622005345/en/ Different countries, different customs: get ready for the motorbike holidays with Moto-tyres.co.uk (Photo: Business Wire) Whether a weekend trip or extended adventure, it all depends on the right equipment. Functional clothing, protectors and rain protection are a must on long trips. Wearing a suitable motorcycle helmet is a legal requirement almost everywhere. However, there are also very different rules and regulations for motorbike equipment and accessories depending on the destination, and you should familiarise yoursel
Boehringer Ingelheim bolsters biologics research and development with 230 million euro investment in new development center22.6.2018 15:00 | Tiedote
Today Boehringer Ingelheim announced a 230 million euro investment into a new Biologicals Development Center (BDC) at the company’s Research and Development site in Biberach, Germany during the foundation stone laying for the new center. “The BDC is another key building block supporting the company’s long-term strategy for increasing the pipeline’s share of biologicals. This is particularly driven by two of our core areas, immune oncology and immunology,” says Dr. Fridtjof Traulsen, Corporate Senior Vice President Development at Boehringer Ingelheim. “The share of new biological entities in Boehringer Ingelheim’s research pipeline has been consistently increasing over the past few years and has now reached forty percent.” The BDC will help to maximize synergies by integrating biologicals analytical and process development as well as manufacturing for clinical studies into one seamless unit, while at the same time increasing development capacity. Following a staggered launch beginning i
Uutishuoneessa voit lukea tiedotteitamme ja muuta julkaisemaamme materiaalia. Löydät sieltä niin yhteyshenkilöidemme tiedot kuin vapaasti julkaistavissa olevia kuvia ja videoita. Uutishuoneessa voit nähdä myös sosiaalisen median sisältöjä. Kaikki STT Infossa julkaistu materiaali on vapaasti median käytettävissä.Tutustu uutishuoneeseemme