icon
icon
icon
icon
Upgrade
icon

Horizon Petroleum Secures Final Concession Documentation for Polish Operations

AInvestFriday, Oct 18, 2024 8:15 pm ET
1min read
Horizon Petroleum Ltd. (TSXV: HPL.H) has announced the receipt of final concession documentation for the Bielsko-Biala and Cieszyn concessions in Poland, marking a significant milestone in the company's European expansion strategy. This development signals the culmination of a comprehensive transformation process, which has seen Horizon navigate the complexities of Poland's geological and mining laws to secure these strategic assets.

The final concession documentation, received from the Polish Ministry of Climate and Environment, confirms the award of the concessions to Horizon's two wholly owned subsidiary companies in Poland. This paves the way for the signing of the concession agreements and the commencement of exploration and development activities in the concessions.

The Bielsko-Biala and Cieszyn concessions are located in southwest Poland and are expected to play a pivotal role in Horizon's European acquisition and development strategy. The Lachowice gas development project within the Bielsko-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 164bcf and over 1200mbbls of condensate. The evaluation of the Cieszyn concession is yet to be completed.

The receipt of the final concession documentation is a testament to Horizon's commitment to fulfilling the rigorous requirements of the transformation process. The company's team in Poland has worked diligently with the Ministry to ensure the successful completion of the applications. This achievement clears the way for the final approval of the licenses by all required authorities of the Polish government and the signing of the concession agreements.

The signing of the concession agreements is expected to have a significant impact on Horizon's operational timeline and cash flow. The company anticipates commencing exploration and drilling activities in the concessions in the near future, which will contribute to its production and cash flow goals for 2025. The receipt of the final concession documentation also has the potential to positively influence Horizon Petroleum's market valuation and investor sentiment, as it demonstrates the company's progress in securing strategic assets in Europe.

In conclusion, the receipt of the final concession documentation for the Bielsko-Biala and Cieszyn concessions is a significant achievement for Horizon Petroleum. This development not only secures the company's position in the Polish energy market but also underscores its commitment to increasing energy independence and security in Europe. As Horizon continues to explore and develop its concessions, investors can expect to see a positive impact on the company's financial projections and market valuation.
Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.