Sandnes, Norway 14 October 2024: Horisont Energi (EURONEXT: HRGI) is assessing
various options for moving the Polaris project forward, after being informed by
ORLEN Upstream Norway (formerly PGNiG Upstream Norway) that the company has made
the decision to withdraw from the licence.  

Horisont Energi is in dialogue with the Ministry of Energy and new potential
licence partners and the company will work to secure a way forward for the
Polaris CO2 exploration licence EXL003.  

"Polaris has already documented its reservoir capacity and technical CO2 storage
feasibility, establishing it as a technically mature project. Horisont Energi
will now consider the options of how to bring the Polaris project forward as a
competitive alternative for the Barents Blue Project", says Co-CEOs Bjørgulf
Haukelidsæter Eidesen and Leiv Kallestad.  

Horisont Energi is currently conducting a strategic review exploring options for
the company going forward including its project portfolio in carbon transport
and storage and clean ammonia. As part of this work, entry of new partners into
the Polaris licence has been and is being explored. More information on the way
forward for the Polaris licence will be provided to the market when this is
available. 

Thursday 10 October it was announced that the Barents Blue project is evaluating
alternative CO2 storage options as part of the ongoing concept select process.
Recent developments in the North Sea carbon storage landscape have introduced
new alternatives, providing optionality for the Barents Blue project - with
options that were not available when the project was initially launched. 

For more information: 

Bjørgulf Haukelidsæter Eidesen, Co-CEO   
+ 47 990 36 892  
bhe@horisontenergi.com   

Leiv Kallestad, Co-CEO   
+ 47 958 95 661  
Leiv.kallestad@horisontenergi.com     

Siri Melberg, Head of branding & communication    
+ 47 470 35 718   
sm@horisontenergi.com   

About Horisont Energi   
Horisont Energi (EURONEXT: HRGI) is a Norwegian clean energy company that
provides clean energy and carbon transport and storage services. The company
will transform gas, water and renewable energy into cost-leading clean ammonia
and hydrogen and offer CO2 transportation and storage services using proprietary
technology, paving the way for a low carbon economy. The Horisont Energi group
includes three subsidiaries, Horisont Ammoniakk for the clean ammonia business,
Horisont Karbon for the carbon storage business and Horisont Infra for the
mid-stream CCS infrastructure. The company was founded in 2019 and is
headquartered in Sandnes, Norway.   

 
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