On 12 February 2020 Horizon Energy completed the acquisition of a 40% interest in licences P2329, P2427 and P2486 and a 30% interest in P2300 from Simwell Resources. Horizon also acquired a further 10% interest in P2300 from Comtrack Ventures. Operator of the licences, Ardent Oil Limited has been farming out the acreage.   A highly prospective Upper Permian Zechstein (âZ2â) play fairway has been interpreted within the acreage. The play has broad similarities with established analogues further east in Poland and Germany. A total of 12 leads have been mapped with individual most likely prospective resources of 165 Bcf, all 12 leads approximately contain 2 Tcf. The leads are a combination of structural and stratigraphic trapping, and the play fairway is identified on isopach maps of the Z2 Zechstein interval. Reservoir objectives consist of the Hauptdolomite carbonate buildups deposited in high energy shoals / barriers or reefal facies. Zechstein carbonates have been encountered in nearby wells and flowed hydrocarbons from intervals 40 â 60 m thick. Porosities of 6 â 20% have been recorded. The Stassfurthalite of the Z2 cycle provides top seal for the Hauptdolomite leads. Depths to the top of the Hauptdolomite are approximately 2,100 â 2,300 m subsea. Dinantian or early Namurian deep marine shales are the most likely sources of gas. Reservoir performance and trap integrity are considered the main risk.  Following completion of the deals, interest in P2329, P2427 and P2486 is held by Ardent Oil Ltd (25% + operator), Horizon Energy subsidiaries Horizon Energy Partners Ltd (45%), Horizon Energy Acquisition Ltd (20%) and Simwell Resources Ltd (10%). Interest in P2300 will be held by Ardent Oil Ltd (50% + operator), Horizon Energy Partners Ltd (20%), Horizon Energy Acquisition Ltd (20%) and Simwell Resources Ltd (10%).
United Kingdom, P2427