Horizon Petroleum Ltd. ("Horizon") (TSXV: HPL) is pleased to report that further to its press release dated August 6, 2024 it has received from the Polish Ministry of Climate and Environment (" the Ministry") the draft concession licenses confirming the award of the concessions Bielsko-Biala and Cieszyn (the Concessions) located in southwest Poland. The Ministry has provided the formal notification of the anticipated award to the local authorities in the Concession areas. The local authorities have a statutory period of 14 days to provide any input and comment. Immediately after the 14 day statuary period the Concessions are expected to be finalised and formally awarded and signed by the Ministry. As noted in its May 14, 2024 press release, the applications have been made through the Company's two wholly owned subsidiary companies in Poland which will be party to the concession licenses.
Consequently, the Company has commenced its application for re-instatement as a Tier 2 issuer on the TSX-Venture Stock Exchange. The re-instatement will occur once the Company satisfies the Tier II Issuer qualification criteria which is expected with the formal award of the Concessions and the closing of the previously announced interim financing.