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HORIZON PETROLEUM LTD. ?ANNOUNCES TERMINATION OF LETTER OF INTENT AND PROVIDES UPDATE
HORIZON PETROLEUM LTD. ‎ANNOUNCES TERMINATION OF LETTER OF INTENT AND PROVIDES UPDATE ...
About this update from Horizon Petroleum Ltd.
[{"type":"text","content":"\n \n \n \n HORIZON PETROLEUM LTD. ‎ANNOUNCES TERMINATION OF LETTER OF INTENT AND PROVIDES UPDATE\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n /Not for distribution to U.S. Newswire Services or for dissemination in\n \n the United States of America\n \n . Any ‎failure to comply with this restriction may constitute a violation of U.S. Securities laws.‎/\n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n March 16, 2023\n \n \n /CNW/ - Horizon Petroleum Ltd. (\"\n \n Horizon\n \n \" or the \"\n \n Company\n \n \") (TSXV: HPL.H) announces that the proposed transaction for a certain European oil and gas company first announced on ‎January 12, 2023, has been terminated. The Company could not reach final agreeable terms with the vendor.\n \n \n Trading in the Horizon shares on the NEX Board has been halted at the request of the Company and is expected to resume ‎on the NEX once the resumption review process has been completed by the NEX.‎\n \n \n Horizon is currently working with the Polish government to complete the Transformation Process in\n \n Poland\n \n as outlined below and looks forward to commencing operations in\n \n Poland\n \n as soon as the process is complete. Horizon holds the rights to a 100% interest in two conventional oil & natural gas concessions in ‎Poland, known as Bielsko-Biala and Cieszyn, through two wholly owned Polish subsidiary companies ‎which the Company acquired from San Leon Energy. The full details of the acquisition are described ‎in our Annual Financial Statements and Management Discussion and Analysis. The Company has  re-engaged with the Polish Ministry of the Environment to complete the Transformation ‎Process as described in the Annual Financial Statements and Management Discussion and Analysis. In ‎summary, a transformation of the concessions to the new Polish concession laws (\"\n \n Transformation ‎Process\n \n \") is required by the Polish government as a result of the...