Following up on a transaction announced on 19 September 2017, Horizon Petroleum Ltd. informed in a set of recent disclosures that it had concluded the acquisition of the full interests in four assets it had purchased from San Leon Energy (SLE): the contracts 69/2009/p Cieszyn and 32/2009/p Bielsko-Biala (both areas in western Carpathians), as well as the applications Kotlarka and Prusice in southwestern Poland. The closure of the transaction for the fifth asset â the Bukowice application â is expected within next 2-3 months.  Horizon Petroleum has completed a pre-qualification procedure and was admitted by the Polish Government into the group of the countryâs certified operators on 1 May 2019. The company is expecting to be able to commence soon the exploration and production activities in the Bielsko-Biala concession, containing the Lachowice natural gas discovery.  Background Information    On 19 September 2017, SLE announced it has entered into definitive agreement with Horizon Petroleum for the purpose of divesting 100% interests in the 69/2009/p Cieszyn and 32/2009/p Bielsko-Biala contracts (in western Carpathians), as well as SLEâs applications Bukowice, Kotlarka and Prusice. The financial considerations of the transaction for the permits Cieszyn and Bielsko-Biala involve a direct cash payment of USD 1 million (first tranche of USD 100,000 completed), payment of CND 1 million worth of common shares of Horizon Petroleum and a 6% net profits interest on each concession. The consideration for the acquisition of the three applications in southwestern Poland is EUR 10,000 per concession, plus a 6% net profits interest on each concession. Closing of the acquisition is subject to a number of conditions, including certain approvals by the government of Poland. The acquisition of the application areas is conditional on the conclusion of the deal for the Cieszyn and Bielsko-Biala blocks. SLE is the sole rightholder of the tracts in southern Poland, held through various subsidiaries (Cieszyn and Bielsko-Biala blocks are held by Energia Karpaty Zachodnie Sp. z o.o.).  Targets of exploration in the Cieszyn and Bielsko-Biala contracts relates to shallow structural/stratigraphic traps in the Miocene successions in the western sector of the area and sub-thrust (Palaeozoic, e.g. Devonian) structures at mid-range depths in the eastern sector of the area.    Targets of exploration in the Bukowice, Kotlarka and Prusice areas include the Lower Permian (Rotliegend) siliciclastic series and Upper Permian carbonates (Zechstein Limestone). The area may also hold potential within the Lower Carboniferous (Namurian) interlayered black shales of marine origin and fine to medium coarse sandstones developed in culm facies (resource play), discordantly lying over the Westphalian deposits. The Lower Carboniferous marine black shales are considered to be the source rock for the many nearby fields with the reservoirs in the overlying Rotliegend series. The presence of the Carboniferous series with the thickness of up to several hundred metres was established in the well Siciny IG-1, drilled in 1978.
Horizon Petroleum Ltd. informed in a set of recent disclosures that it had concluded the acquisition of the full interests in four assets it had purchased from San Leon Energy (SLE): the contracts 69/2009/p Cieszyn and 32/2009/p Bielsko-Biala (both areas in western Carpathians), as well as the applications Kotlarka and Prusice in southwestern Poland. The closure of the transaction for the fifth asset â the Bukowice application â is expected within next 2-3 months.