Horizon Energy has Retained Gneiss Energy Limited as its Corporate Financial Adviser

Source: www.gulfoilandgas.com 7/16/2021, Location: Europe

Horizon Energy has retained Gneiss Energy as its corporate financial adviser to secure $5.25 million in funding to acquire and interpret the Phase 1 3D seismic survey recently acquired and processed by ION Geophysical over its licences in the core of the new Zechstein oil play in the Mid North Sea High ('MNSH'), as well as conduct further technical work, in preparation for drilling an exploration well in 2022 / 2023.

The play is the subject of increased industry activity. Horizon’s licences are 5 km east of and on trend with the 2019 Ossian Zechstein oil discovery made by Spirit Energy and ONE-Dyas, and Shell farmed-in to Deltic Energy’s licence in 2019 and is drilling an analogous play in Q2 2022.

Multiple structural prospects have been mapped on Horizon’s licences on existing 3D and 2D seismic data, with over 270 mmbbls P50 prospective recoverable resources identified.

A stratigraphic upside case exists comprising in excess of 1,000 mmbbls P50 prospective recoverable resources. There are also prospective exploration opportunities in the deeper Carboniferous and Devonian sections.

The acquisition of the Phase 1 ION 3D seismic will provide 3D seismic coverage over a material portion of the Horizon’s licences, enabling high-quality interpretation of the main prospective reservoir, de-risking existing prospects and identifying additional prospects. Phase 2, scheduled to be delivered in mid-2022, will fully cover the remainder of the licences.

Horizon will seek to farm-out its licences after acquiring the ION 3D seismic in return for a carry for drilling.


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