Horizon Petroleum Begins Civil Works At The Lachowice 7 Wellsite In Poland; Shares up 17%
Horizon Petroleum (HPL.V) on Wednesday said it started the civil works to construct the well pad at the Lachowice 7 gas wellsite.The construction of the lease and access road represents the company's first significant field works to prepare the site for the arrival of the workover rig expected in July, it said."The reactivation of the Lachowice 7 well is a critical first step in our progress toward first production from the cornerstone Lachowice gas development located within the Bielsko-Biala concession in southern Poland," stated the company.Subject to a "successful workover outcome", gas and/or electricity sales from the Lachowice 7 (L7) well are expected to provide the company with its first cash flow, the company said, added it is targeting initial gas and/or electricity sales and first cash flow from the early development phase by late in the first half of 2027.Production from the well will also serve as a long-term production test of the naturally fractured Devonian limestone and dolomite reservoirs encountered at Lachowice, it stated."The production data will provide important reservoir performance data that will help refine the wellbore completion design and optimize the field development plan," added the company."We are pleased to have started work on the construction of the Lachowice 7 well pad," said chief operating officer Roger McMechan. "Discussions are also at an advanced stage for the execution of a drilling rig contract to undertake the Lachowice 7 well workover, with the re-entry and recompletion operations planned to begin in July. We look forward to providing further updates once the commercial terms and availability for the required services for the workover, stimulation and testing operations for the well Lachowice 7 are finalized."The company's shares were last seen up $0.025 to $0.175 on the TSX Venture Exchange.Price: $0.18, Change: $+0.03, Percent Change: +16.67%
