Mr. Peter Clutterbuck reports

COMPANY PROVIDES UPDATE ON ITS ACTIVITIES IN SUB SAHARAN AFRICA

Horizon Petroleum PLC provides the following update on its activities in securing oil and gas assets in sub-Saharan Africa.

Horizon has recently joined a bidding group with Niger Delta Exploration & Production PLC and its subsidiary Niger Delta Petroleum Resources Ltd. This enables Horizon to bid for opportunities in Nigeria that are only available to indigenous Nigerian companies and their partners. This consortium is well placed to bid on sales of proven oil fields from international oil companies (IOCs), and for marginal fields.

Peter Clutterbuck, chief executive officer of Horizon Petroleum, commented as follows: "Consistent with our objectives of selecting top-quality indigenous companies to work with in proven hydrocarbon provinces, we have assessed a large number of operators in Nigeria, and are delighted to be working with Niger Delta as our selected partner. Niger Delta has been operating since 1992, and is Nigeria's first indigenous marginal field operator in production. It holds interests in several petroleum assets in Nigeria, and is expanding rapidly. Niger Delta's experience in operating in Nigeria, including its effective community relations projects, opens up opportunities in proven and producing reserves that would not otherwise be available to us. The Niger Delta basin has enormous remaining untapped potential which we also intend to develop with our partners."