The United Kingdom is currently in a deficit position with respect to domestic natural gas supplies due to declining production from existing fields. Accordingly, there is a requirement to import expensive, often environmentally “challenged” and potentially interruptible natural gas supplies. This position will further deteriorate in the future without new domestic natural gas discoveries.
Over the past eight years, Horizon Acquisition’s United Kingdom subsidiaries - Horizon Energy Partners Limited and Horizon Energy Acquisition Limited - have assembled a substantial, contiguous petroleum license position in the United Kingdom sector of the North Sea of approximately 500,000 acres. The licenses contain very large potential natural gas resources. Horizon Acquisition has conducted thorough geotechnical evaluation and analysis, developed high-quality prospects and is preparing to commence exploration drilling in the near future. Recently drilled nearby exploration and appraisal wells have all been hydrocarbon discoveries.
If the prospects developed by Horizon Acquisition are drilled and culminate in commercial discoveries, they will likely have a material impact on mitigating the United Kingdom’s natural gas shortfall and help provide energy security for the United Kingdom, as well as providing increased employment and tax revenue.