Business
Horizon Petroleum Provides a Corporate Update and Confirms European Natural Gas Focus
Calgary, Alberta--(Newsfile Corp. - November 10, 2022) - Horizon Petroleum Ltd. (TSXV: H...
About this update from Horizon Petroleum Ltd.
[{"type":"text","content":"Horizon Petroleum Provides a Corporate Update and Confirms European Natural Gas FocusCalgary, Alberta--(Newsfile Corp. - November 10, 2022) - Horizon Petroleum Ltd. (TSXV: HPL.H) (the \"Company\" or \"Horizon\") 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 ope...