Horizon Petroleum Ltd. Advances Polish Operations with Lachowice 7 Workover Success

Calgary, Alberta – August 12, 2026 – Horizon Petroleum Ltd. (TSXV: HPL; FRA: HPM; Tradegate: HPM) announced a significant milestone in its Polish portfolio, confirming wellbore integrity at the Lachowice 7 (L7) gas well and outlining the next phases of the workover program. The update follows a July 23 release detailing the completion of rig mobilization and the initiation of re‑entry operations at the L7 site.

Technical Highlights

  • Cement and Plug Removal – The company successfully drilled through cement and mechanical suspension plugs, installing a milling assembly to a depth of 2,706 m.
  • Casing Integrity – Two casing pressure tests were performed, both confirming the physical integrity of the wellbore. This outcome removes a primary risk factor for the upcoming phases.
  • Workover Program Continuation – The schedule now includes:
  1. Removal of existing downhole packer and completion equipment.
  2. Re‑perforation of the Upper Devonian carbonate reservoir (65 m gross interval) with new perforations.
  3. Acid‑stimulated stimulation followed by a production test to verify sustainable flow.
  4. Well suspension for production pending completion of Phase 1.

The company expects stimulation and testing to commence late August and to run through early September, as previously projected.

Strategic Context

Horizon’s Polish subsidiary, Energia Karpaty Zachodnie sp. z o.o. (EKZ), operates in a region with growing demand for natural gas and a clear regulatory push toward energy security. CEO Roger McMechan emphasized that confirming well integrity “mitigates one of the key risks in re‑entering the well” and positions Horizon to deliver a potentially significant domestic gas supply to Poland.

This development dovetails with Horizon’s broader focus on appraisal and development of natural gas reserves and clean‑energy projects aimed at bolstering European energy independence. The company’s management team, composed of seasoned oil‑and‑gas, business, and finance professionals, underscores Horizon’s capacity to execute complex workovers across international jurisdictions.

Market Reaction and Outlook

While Horizon’s share price remains modest (CAD 0.26 on August 10, within a 52‑week range of CAD 0.055–0.29), the positive operational update provides a confidence boost for investors wary of the company’s negative price‑earnings ratio of –5.18. The successful completion of the L7 workover, coupled with the upcoming production test, could unlock a new production stream that aligns with Horizon’s strategy of incremental asset development.

In parallel, Horizon completed a private placement of 2,728,181 shares on August 10, signalling ongoing capital-raising activity to fund further exploration and development initiatives. The capital infusion will likely support the continued execution of the Lachowice program and other projects within the company’s portfolio.

Forward‑Looking Perspective

Given the confirmed wellbore integrity and the well‑defined workover schedule, Horizon is positioned to advance quickly to the production testing phase, potentially delivering measurable output within the next quarter. Successful stimulation and sustainable production would enhance the company’s cash flow profile, support debt servicing, and create a foundation for additional acquisitions in the European gas market.

Investors should monitor the forthcoming production test results and any regulatory developments in Poland that could influence market access. Horizon’s disciplined approach to risk mitigation and its focus on long‑term production potential suggest that the company is well placed to capitalize on opportunities in the evolving natural gas landscape.

For further information, visit Horizon Petroleum’s website at www.horizon‑petroleum.com .