Horizon Petroleum Ltd. reported an updated reserve and resource report for the Lachowice gas field located in the Bielsko-Biala concession in Poland. The reserves were acquired by its 100% owned Polish subsidiary companies through the recently awarded Bielsko-Biala and Cieszyn concessions in Poland. The Company did not hold any properties with reserves or resources (in accordance with NI 51-101), at its most recent year end, August 31, 2024.
Subsequent to the year end, on November 19, 2024, the Company was granted the Bielsko-Biala and Cieszyn concessions in Poland. Consequently, the reported reserves and contingent resources are the maiden assets of the Company, and their value can be assigned to the Company. The effective date of the report is August 31, 2024.
Horizon holds the rights to a 100% interest in two conventional oil & natural gas concessions in Poland known as Bielsko-Biala and Cieszyn through two wholly owned Polish subsidiary companies which the Company acquired from San Leon Energy. The natural gas is sweet, with up to 91% methane and 7 bbls/MMcf of condensate. The volumes shown are attributable to Horizon's 100% working interest, before deduction of any associated royalty burdens.
The economic values presented are shown after deduction of the associated royalty burdens, the NPI payment to San Leon, operating and capital expenses, but before any attributable income taxes. An estimate of risked net Contingent Resources (Development Unclarified) and the associated estimate of the net present value of future net revenues associated with the contingent resources is presented below. It is preliminary in nature and is provided to assist the reader in reaching an opinion on the merit and likelihood of the Company proceeding with the required investment.
It includes contingent resources that are considered too uncertain with respect to the chance of development to be classified as reserves. There is uncertainty that the risked net present value of future net revenue will be realized. There is no certainty that any portion of the contingent resources will be developed or commercially viable to produce.
Prospective Resources were assigned to the undrilled structures in the Bielsko-Biala Concession that were not previously tested by drilling but are up dip from known gas accumulations.