Poland: High Potential Asset Base

Horizon has acquired a 100% interest in two highly prospective concessions; the Bielsko Biala and Cieszyn Concessions. These cover over 1,100km2 in the foreland of the Carpathian Mountains. The Bielsko-Biala Concession holds one of the largest undeveloped gas fields in Poland, the Lachowice gas field. The Lachowice Field has the potential to produce over 10% of the current domestic gas production in Poland thus having the capacity to enhance Poland’s security of energy supply. Full details of the natural gas reserves and potential resources are contained in our corporate presentation. We will employ a phased development approach to unlock the value of the field. The initial phase of development is to re-enter the existing Lachowice 7 well and place on production into a gas to power facility. First production and cashflow from the well is targeted for end 2025/beginning 2026.

Bielsko-Biala Concession: Lachowice field

• 950 km of legacy 2D seismic
• Located in the Carpathian foothills 50 km south of the city of Krakow
• Discovered with Lachowice-1 in 1986
• Seven wells drilled 1986 – 1996:
• 7 wells confirmed 130m – >300m gas columns
• 3 wells tested gas at commercial rates up to
  8.9 MMscf/d (see map)
• Wellbores’ integrity compromised by poor drilling and operating practices
• No confirmed Gas-Water Contact penetrated by the wells
• Devonian aged naturally fractured carbonate reservoirs. Development through horizontal wells to optimize access to fracture systems