HORIZON PETROLEUM PROVIDES AN OPERATIONS UPDATE OF ITS PREPARATION FOR FIRST PRODUCTION IN POLAND

CALGARY, AB, March 12, 2025/ PRNewswire/ – Horizon Petroleum Ltd. (the “Business” or “Horizon”) HPL HPM HPM is happy to offer an operations upgrade on development made towards very first production from its foundation Lachowice gas advancement in the Bielsko-Biala concession, southern Poland

Considering that being given the Cieszyn and Bielsko Biala licences on November 19, 2024 by the Polish federal government, the Business has actually been getting ready for the prepared workover at the Lachowice 7 (” L7″) well and subsequent setup of an early production and sales center.

Presuming an effective workover outcome, gas and/or electrical power sales from the L7 well will offer the Business with its very first cashflow and will offer a long-lasting test of the production efficiency of the naturally fractured, Devonian aged, limestone and dolomite tanks in the L7 well.

Preparatory work for the L7 workover:

• Excavation of the L7 wellhead and cellar is total, verifying the stability of main and secondary seals needed for reactivation of the well.
• Long preparation products and services have actually been determined and are being sourced.
• An Ecological Effect Evaluation Research Study for the L7 workover has actually been prepared, sent to the Ministry of Environment and the Environment (the ” Ministry”). The initial reaction from the Ministry has actually been favorable and the Ministry has actually suggested that the complete approval is prepared for in April/ Might 2025
• Surface area lease contracts have actually been signed with all landowners around the L7 well area.
• City government authorities have actually authorized the building of the L7 workover website and the Business can now continue with the needed civil works. Tendering for the field work is anticipated to begin this month.
• A main demand to move the overhead electrical line that crosses the L7 lease has actually been authorized. It is prepared for that the line will be moved by end Might 2025 An electrical contracting business has actually been engaged and will finish the field work. Conclusion of this work will then enable the Business to continue with the civil building works to construct the lease to accommodate the workover rig and involved devices.
• Execution of the L7 workover is still on-schedule and expected for July/August of this year.

Early Production System (EPF)

The Business worked with an Electrical Engineering business and a Mechanical Engineering business in Poland to examine alternatives to generate income from gas production from the Lachowice gas field. The alternatives thought about were:

• Gas to Power: roughly 1.5 mmscf/d gas stream from L7 is processed and fed into an electrical generation center with a small generation capability of 6MW. This electrical energy can be connected into existing regional grids at a variety of areas within 4km of the L7 area.
• Gas Tie-in: A third-party examination has actually determined a high-pressure gas grid tie-in point roughly 12 km northeast of L7, half the range of the previous strategy, which is anticipated to lead to significantly decreased pipeline expenses and faster approvals.
• Liquified Gas (LNG) or Compressed Gas (CNG): Checking out trucking and marketing alternatives for moving LNG or CNG to close-by sales points.
• The initial style of the gas processing center that will be needed to separate the liquid condensate and any complimentary water from the L7 gas stream has actually been finished. The Business has actually started sourcing the needed vessels and other procedure devices.

Technical Assessment Work:

• The Business has actually contracted a technical group of geoscientists, tank engineers and petroleum engineers in both Poland and Canada This group will carry out the geological and geophysical assessments to support the advancement at Lachowice and to examine the appraisal and expedition capacity of the Bielsko-Biala and Cieszyn concessions. Initial preparation of a 3D seismic study has actually started in the Bielsko-Biala concession that will offer a more exact, in-depth picture of the Lachowice subsurface geological structure. The 3D seismic will likewise be needed to efficiently find wells in a 2nd stage, full-field advancement drilling program.

Outlook:

The L7 workover is still on schedule to be finished by late summer/early fall of this year. An in-depth program has actually been finished and will be sent to the regional Polish Mining Authority for their approval this month. The workover program will include:

1. Update the wellhead to carry out the workover and all set for production.
2. Drill out 2 existing cement plugs in the wellbore
3. Pressure test the existing wellhead to make sure wellbore security and stability
4. Drill and recuperate an existing packer situated above the zone that initially evaluated approximately 8.9 mmscf/d gas
5. Reperforate, acid stimulation and production test of this exact same zone
6. Total the well for production as soon as the EPF is set up and all set for operations.

The Business is targeting gas/electricity sales and very first capital by Q1, 2026.

About Horizon Petroleum Ltd.

Calgary– based Horizon is concentrated on the appraisal and advancement of gas and oil reserves in Europe The Management and Board of Horizon include oil & & gas specialists with considerable worldwide experience.

Site: www.horizon-petroleum.com

Neither TSX Endeavor Exchange nor its Policy Solutions Service Provider (as that term is specified in the policies of the TSX Endeavor Exchange) accepts duty for the adequacy or precision of this release.

This news release includes “positive declarations” or “positive info” (jointly described herein as “positive declarations”) within the significance of appropriate securities legislation. Such positive declarations consist of, without restriction, projections, quotes, expectations and goals for future operations that go through a variety of presumptions, threats and unpredictabilities, a lot of which are beyond the control of Horizon. Positive declarations are declarations that are not historic truths and are usually, however not constantly, determined by the words “anticipates”, “strategies”, “prepares for”, “thinks”, “plans”, “quotes”, “jobs”, “prospective” and comparable expressions, or that occasions or conditions “will”, “would”, “might”, “might” or “must” take place or be accomplished. This news release includes positive declarations referring to, to name a few things the timing of re-entry of the well, the moving of the facilities in the location, timing of sales gas, and other functional matters in this press release, all of which go through alter.

Positive info is based upon present expectations, quotes and forecasts that include a variety of threats, which might trigger real outcomes to differ and in some circumstances to vary materially from those prepared for by Horizon and explained in the positive info included in this news release.

Although Horizon thinks that the product elements, expectations and presumptions revealed in such positive declarations are sensible based upon info offered to it on the date such declarations were made, no guarantees can be offered regarding future outcomes, levels of activity and accomplishments and such declarations are not warranties of future efficiency.

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SOURCE Horizon Petroleum Ltd.