Page 11 - Euroil Week 34 2019
P. 11
EurOil INVESTMENT EurOil
Horizon wraps up stalled Polish takeover
POLAND
Horizon rst penned the deal in 2017.
CANADA’S Horizon Petroleum has closed the purchase of two concessions from Ireland’s San Leon Energy in Poland, and aims to complete the acquisition of three more permit areas within 60 days.
The Toronto-listed explorer struck a deal with San Leon in September 2017 to acquire its 100% interests in the Bielsko-Biala, Buchowice, Cieszyn, Kotlarka and Prucise blocks spanning more than 3,000 square km. It agreed to pay an initial $0.9mn cash payment as well transfer C$1mn ($750,000) of its shares.
A er being quali ed by Polish authorities to explore for oil and gas in May, Horizon has now wrapped up the purchase of two of the conces- sions, it said on August 21. One of them is Biel- sko-Biala, which holds the Lachowice discovery containing 36bn cubic feet (1bn cubic metres) of proven undeveloped gas, and 171 bcf (4.84 bcm) in best-estimated contingent resources. It did not name the second concession.
“ e closing of the acquisition shows Hori- zon continues to make progress on its business
plan of developing a natural gas production company focused on opportunities in Europe,” the Toronto-listed rm said.
Horizon is planning a phased development at Lachowice. It aims to sink a well in the second quarter of next year, in order to produce up to 3mn cubic feet per day (31mn cubic metres per year) of gas by early the next year. It will add two more boreholes in late 2021, ramping up daily production to 17.5 mmcf per day (181 mcm per year) by the rst quarter of 2022. Drilling will continue, li ing output to an eventual 30 mmcf daily (850 mcm per year).
In August last year Horizon entered into a letter of intent (LoL) with an unidenti ed European company on joint development of Lachowice once its takeover was complete. Under the accord, this partner is set to cover all capital expenses required to bring the nd on stream. Horizon also works in south-west France, where it holds a licence for the Ledeuix gas discovery.
Week 34 29•August•2019 w w w . N E W S B A S E . c o m P11
