Horizon Petroleum (HPL.V) has completed the milling and fishing operations at the Lachowice 7 (L7) well in southern Poland, the company said on Tuesday.
Milling and recovery operations were hampered by slower-than-expected milling of the downhole packer and the entry of natural gas into the wellbore during the packer retrieval operation, a statement said.
During testing by previous operators, the L7 well achieved flow rates of up to 8.9 million cubic feet per day (MMcf/d), including a sustained controlled flow of 3.0 MMcf/d over two weeks.
"The significant fluid losses to the formation, together with the observed gas incursion during the workover, are encouraging indications that the reservoir remains gas-charged and that the existing reservoir has good deliverability potential," said Horizon Chief Operating Officer Roger McMechan. "Successful completion of this program will provide an important step toward confirming the productive capacity of L7 and advancing the Lachowice development."
Horizon Petroleum shares were last seen up C$0.005 at C$0.30 on the TSX Venture Exchange.
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