PRODUCTS AND TECHNOLOGIES, MARKET OUTLOOK
Horizon Petroleum Ltd. | December 06, 2022
Horizon Petroleum Ltd. is pleased to report the results of a recent independent reserve and resource evaluation on the Lachowice conventional natural gas field in the Bielsko-Biala concession in southern Poland. The Reserves Report has an effective date as of October 01, 2022 and was prepared in compliance with the standards set out in National Instrument 51-101 of the Canadian Securities Administrators and the Canadian Oil and Gas Evaluation Handbook.
Discussion of Reserves and Resources
Horizon holds the rights to a 100% interest in two conventional oil & natural gas concessions in Poland known as Bielsko-Biala and Cieszyn through two wholly owned Polish subsidiary companies which the Company acquired from San Leon Energy. The full details of the acquisition are described in our Annual Financial Statements and Management Discussion and Analysis. The Company has also re-engaged with the Polish Ministry of the Environment to complete the Transformation Process as described in the Annual Financial Statements and Management Discussion and Analysis. In summary a transformation of the concessions to the new Polish concession laws ("Transformation Process") is required by the Polish government as a result of the implementation of amendments to Poland's geological and mining laws. An application for the Transformation Process was submitted to the Polish government in December of 2016 for the Primary Concessions, however, it is not yet complete. The licenses for the Primary Concessions expired in April and August of 2018, however, as the Transformation Process for the Primary Concessions had already commenced they are effectively in suspension pending a decision by the Polish government on the Transformation Process. The timing of completing the Transformation Process has been severely impacted by travel and work restrictions imposed to combat the Covid-19 pandemic, as well as by the Company's lack of financial resources. Completing the Transformation Process will involve negotiations with the Polish Government to finalise: (i) the work programs to be conducted, and (ii) the value of the concession fees and guarantees that will be paid to the Polish government.
APEX Global Engineering Inc. prepared the Reserves Report with an effective date of October 01, 2022. APEX assigned the Probable Reserves and Contingent and Prospective Resources to the Lachowice field, which at 10,561 acres represents approximately 4% of the total lands to be held under the concessions (see Table 1 below). The reserves and resources assigned are subject to significant risks. Please refer to the Risks section at the end of this press release.
History and Development Plan
The Lachowice field is at an early stage of conventional natural gas development. Lachowice-1, Lachowice-7 and Stryszawa-2K are the primary wells of interest on the field and, despite being essentially vertical in their design and utilizing sub-optimal drilling and completion methods for naturally fractured formations, tested at rates of up to 5.8 MMcf/d, 8.9 MMcf/d, and 2.5 MMcf/d, respectively. Each of these wells was drilled and tested, with reservoir depths of 3,000-4,000 meters targeting a naturally fractured carbonate reservoir of Middle Devonian age. The natural gas is sweet, with up to 91% methane and 7 bbls/MMcf of condensate.
Following receipt of the Reserves Report, Horizon is currently in the process of finalizing its development plan. In general, it is currently anticipated that the development plan would begin with the re-entry of an existing wellbore. Provided Horizon successfully closes the Acquisition and is successful with the Transformation Process, it is targeting to re-enter and test a well in the first half of 2024, with first production to occur into a temporary compressed natural gas unit Q2, 2024, with natural gas sales initially facilities constrained at approximately 1.5 MMcfe/d. If well capability is higher, incremental production and sales can be realized with the addition of more temporary facilities and trucking. The wells will produce natural gas under primary drive via the natural fractures and the matrix porosity within the reservoir. The project is considered pre-development and is expected to cost approximately US$7.5 million to first production.
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PRODUCTS AND TECHNOLOGIES, RAW MATERIALS
Eurofins | December 05, 2022
Eurofins Agro Testing announces the launch of Soil Carbon Check as part of Soil Health Solutions, a new suite of testing solutions that will support the agricultural sector to transition to more sustainable farming practices. The Soil Carbon Check test will provide insights into the levels of carbon storage in fields, which supports the reduction of CO2 in the atmosphere. Through targeted soil management, farmers and growers can sequester increased levels of carbon and contribute to climate protection. Data garnered through the Soil Carbon Check test reports can be used to support sustainability claims and carbon credits, as proof of sustainable farming and as credentials for other partners in the agri-food chain.
The '4 per 1,000' initiative launched at the UN Climate Change Conference in Paris in 2015 aims to boost carbon storage in agricultural soils by 0.4% each year to help mitigate climate change and increase food security. The amount of carbon that is stored in soil is as much as three times the amount of carbon sequestered by above-ground biomass. Increasing the amount of carbon stored in soil will contribute to the reduction of global warming; the more CO2 stored in soil as organic carbon, the less CO2 that is released into the atmosphere.
Soil Carbon Check provides customers with information on how much carbon is sequestered in their soil, how stable their soil carbon is and how it can be improved, and tracks how the carbon content of soil changes over time. In addition to Soil Carbon Check, the suite of tests offered by Soil Health Solutions provide insights into physical soil health potential contaminants in soil, biological soil health and chemical soil health. Further information is available here.
About Eurofins – the global leader in bio-analysis
Eurofins is Testing for Life. Eurofins is the global leader in food, environment, pharmaceutical and cosmetic product testing, and in discovery pharmacology, forensics, advanced material sciences and agroscience Contract Research services. Eurofins is also a market leader in certain testing and laboratory services for genomics, and in the support of clinical studies, as well as in BioPharma Contract Development and Manufacturing. The Group also has a rapidly developing presence in highly specialised and molecular clinical diagnostic testing and in-vitro diagnostic products.
With over 61,000 staff across a decentralised and entrepreneurial network of 940 laboratories in 59 countries, Eurofins offers a portfolio of over 200,000 analytical methods to evaluate the safety, identity, composition, authenticity, origin, traceability and purity of a wide range of products, as well as providing innovative clinical diagnostic testing services and in-vitro diagnostic products.
The Group’s objective is to provide its customers with high-quality services, innovative solutions and accurate results on time. Eurofins is ideally positioned to support its clients’ increasingly stringent quality and safety standards and the increasing demands of regulatory authorities as well as the requirements of healthcare practitioners around the world.
In 2020 and 2021, Eurofins reacted quickly to meet the global challenge of COVID-19, by creating the capacity to help over 20 million patients monthly who may have been impacted by the pandemic with our testing products and our services and directly supporting healthcare professionals working on the front line to fight the virus. The Group has established widespread PCR testing capabilities and has carried out over 40 million tests in its own laboratories, is supporting the development of a number of vaccines and has established its SAFER@WORK™ testing, monitoring and consulting programmes to help ensure safer environments, travel and events during COVID-19.
Eurofins has grown very strongly since its inception and its strategy is to continue expanding its technology portfolio and its geographic reach. Through R&D and acquisitions, the Group draws on the latest developments in the field of biotechnology and analytical chemistry to offer its clients unique analytical solutions
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PRODUCTS AND TECHNOLOGIES, MARKET OUTLOOK
TotalEnergies | December 06, 2022
TotalEnergies and Air France-KLM have signed a Memorandum of Understanding for the delivery of more than one million cubic metres/800,000 tonnes of Sustainable Aviation Fuel by TotalEnergies to Air France-KLM Group airlines over the 10-year period from 2023.
This sustainable aviation fuel will be produced by TotalEnergies at its biorefineries. It will be made available to Air France-KLM Group’s airlines, mainly for flights departing from France and the Netherlands.
The sustainable aviation fuels reduce CO2 emissions by at least 80% on average over the entire lifecycle, compared with their fossil equivalent.
Air France-KLM has implemented a strict sourcing policy and is committed to purchasing only SAFs that do not compete with human food or animal feed, that are RSB* or ISCC** certified for sustainability, and that are not derived from palm oil.
With the signing of this MoU, Air France-KLM and TotalEnergies confirm their collaboration and their goal of furthering the development of a more responsible aviation sector.
A long-standing partnership in support of aviation sector decarbonization
Air France-KLM Group and TotalEnergies have been collaborating on the use of sustainable aviation fuel for nearly 10 years. Their partnership began with “Lab Line for the Future” in 2014, a two-year experiment during which 78 flights between Paris-Orly and Toulouse and between Paris-Orly and Nice were powered by 10% SAF supplied by TotalEnergies.
In January 2020, Air France and TotalEnergies participated, alongside Safran and Suez, in the Call for Expression of Interest launched by the French government aimed at developing sustainable aviation fuel production in France.
“Biofuel development is one of our Company’s strategic priorities. This new partnership with Air France-KLM exemplifies the excellence of industry and French aerospace in committing to a more sustainable aviation sector. By directly reducing the carbon intensity of the energy products used by our air transport customers, we are actively working with them to achieve net-zero emissions by 2050, together with society,” said Patrick Pouyanné, Chairman and CEO of TotalEnergies.
“Air France-KLM is fully committed to advancing SAF production in Europe and around the world. This Memorandum of Understanding with TotalEnergies is another building block in the development of French production that can meet the airlines’ needs, marking a milestone in the successful decarbonization of our business. We continue to step up our efforts to reduce the impact of our operations as quickly as possible, and we look forward to working with TotalEnergies to accelerate our efforts to reduce the impact of our operations as quickly as possible,”
Benjamin Smith, Chief Executive Officer of Air France-KLM
TotalEnergies and sustainable aviation fuels
TotalEnergies is developing sustainable aviation fuels. These are biofuels made from waste and residue sourced from the circular economy synthetic fuels for aviation. These sustainable aviation fuels will significantly reduce CO2 emissions from air transport. TotalEnergies aims to produce 1.5 million tonnes of sustainable aviation fuel by 2030.
TotalEnergies and aviation
With nearly 280 airlines supplied at more than 300 airports worldwide, TotalEnergies is one of the leaders in aviation refuelling in France, Europe and Africa. The Company offers a comprehensive range of products and services to meet the needs of each of its customers: business and leisure aviation, the aerospace industry, airports, airlines, etc.
About TotalEnergies
TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to energy that is ever more affordable, cleaner, more reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.
About Air France-KLM
A global player with a strong European base, Air France-KLM is a leading airline Group in terms of international traffic on departure from Europe. It offers its customers access to a worldwide network, covering over 310 destinations thanks to Air France, KLM Royal Dutch Airlines and Transavia, mainly from its hubs at Paris-Charles de Gaulle and Amsterdam-Schiphol.
Together with its partners Delta Air Lines and Virgin Atlantic, Air France-KLM operates the largest transatlantic joint venture, with more than 340 daily flights in 2019.
Air France-KLM is also a member of the SkyTeam, the alliance dedicated to providing passengers with a more seamless travel experience at every step of their journey 18 member airlines working together across an extensive global network.
Recognized for 18 years as an industry leader in sustainable development, the Air France-KLM Group is determined to accelerate the transition to more sustainable aviation. Since 2003, the Air France-KLM Group has been a member of the United Nations Global Compact. The aim is to make a significant contribution to the UN Sustainable Development Goals in connection with the Group’s activities.
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