The initial discovery well in
Horizon owns a 50% shareholding interest in Ardent Oil Denmark (“Ardent’). Ardent’s primary asset is an exploration license awarded by the Danish government containing the Jarnsaxa prospect. The project is a large, fractured-basement prospect analogous to several recent world-class discoveries. It has been mapped and interpreted on a recent-vintage, high-quality 3D seismic data. Ardent is currently reprocessing 125 square miles of the 3D data set to focus specifically on the fracture system and to select an ideal initial drilling location.
In early July, the acquisition of a new 670 square kilometer multi-client 3D seismic survey, of which Horizon was the primary sponsor, was completed. The survey is currently being processed. The final PSTM data set is expected to be completed in the next several months. Advanced processing on the new data set is being considered to enhance the PSTM imaging and further lower the exploration risk. Arrangements for drilling an initial well will commence upon delivery of the processed data.
This news release contains forward-looking and other statements that are not historical facts. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward looking statements. These forward-looking statements, projections and statements are subject to change and could differ materially from final reported results. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. Petro River assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Additionally, Petro River undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect to the matters discussed above. Readers should also carefully review the “Risk Factors” in Petro River’s annual report on Form 10-K, its quarterly reports on Form 10-Q, and other reports filed with the
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