Horizon Petroleum Corporate Update in Poland

Source: www.gulfoilandgas.com 8/23/2023, Location: Europe

Horizon Petroleum Ltd. ("Horizon") (HPL) is pleased to announce that it has submitted its formal Transformation Process Documentation to the Polish Ministry of Climate and Environment for two concession licence areas: Bielsko Biala and Cieszyn (the Concessions). The submission has been made through the Company's two wholly owned subsidiary companies in Poland and both were submitted this week for the Ministry's review, feedback and eventual approval. The Bielska Biala Concession contains the significant Lachowice gas discovery and development area.

The Transformation ?Process is fully described in the Annual Financial Statements and Management Discussion and Analysis but in summary, a 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. The Transformation Process had been initiated by Horizon's predecessor company in Poland, San Leon Energy and had been stalled during the COVID pandemic.

Key elements of the Documentation 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 work programs, concession fees and work guarantees that will be paid to the Polish government.?

The Lachowice gas development project within Bielska 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 164 bcf and over 1,200 mbbls of condensate. These results were disclosed by press release dated December 5th, 2022.

Dr. David Winter CEO of Horizon commented "Submission of the documentation for the two concessions in Poland marks a significant milestone in moving Horizon towards its goal of commencing operations, production and cash flow from its assets in Poland. Our experienced team in Poland have worked hard to finalize the required submissions and we look forward to working with the Polish Ministry toward a successful outcome."

The Company continues to evaluate a number of natural gas production and development M&A opportunities in Europe with a goal to establish a production and cash flow base to provide funding for development activities. We will update shareholders in due course.

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