David Winter, CEO of the Horizon commented: “We are pleased that all permits and approvals for the L7 workover operation have been received on schedule and we continue to progress in our operations towards first production from the Lachowice 7 well as planned. We look forward to our continuing work with all stakeholders and will update shareholders as the initial development programme progresses.”
Assuming a successful workover result, gas and/or electrical power sales from the Lachowice 7 (L7) well will provide the Company with its first cashflow and will provide a long-term test of the production performance of the naturally fractured, Devonian aged, limestone, and dolomite reservoirs in the L7 well.
Preparatory work for the L7 workover is progressing on schedule. The Environmental Impact Assessment (EIA) Permit for the L7 early production facility has been filed with the Ministry of Climate and the Environment.
The company can confirm that the local utility company has completed the relocation of the power line that crosses the L7 wellsite. This now allows Horizon full access to the wellsite for heavy equipment and for construction work to begin.
Construction bids for the civil works required at L7 and the surface road access have been tendered with award expected before the end of July 2025 with the field works to commence in mid-August 2025.
Full field development plan
The company has commenced the process to rezone the land identified for the gas processing plant and well sites for industrial use. Horizon is in active discussions with the local regional government regarding the future drilling and construction plans to facilitate the re-zoning applications.
The company is targeting gas/electricity sales and first cash flow by the 2H26.