Horizon Petroleum's Progress Towards Gas Production Milestone
Horizon Petroleum's Operational Highlights in Gas Development
Horizon Petroleum Ltd. (the "Company" or "Horizon") (TSXV: HPL) (FRA: HPM) (Tradegate: HPM) is engaged in an exciting period as it moves closer to first production from its significant Lachowice gas development in the Bielsko-Biala concession.
Preparation for Production
The Company has achieved substantial milestones since acquiring the necessary licenses from Polish authorities. Preparations are underway for the workover at the Lachowice 7 ("L7") well, which includes installing a facility for early production and sales.
Steps Taken for the Lachowice 7 Well
The journey to production encompasses crucial preparatory actions:
- The excavation around the L7 wellhead is fully complete, ensuring the integrity necessary to resume operations.
- Materials and services crucial to this process have been identified and are actively being sourced.
- Environmental assessments have been submitted and are expected to receive full approval soon.
- Agreements with local landowners have been finalized, smoothing the way for development.
- Local governmental authorities have greenlit construction on-site, allowing civil works to proceed.
- Plans to relocate overhead electrical lines have also been approved, facilitating the necessary infrastructure.
- The execution of the L7 workover remains on schedule for mid-year.
Utilizing Early Production Systems
As part of its strategy to monetize gas production, Horizon has taken steps to engage engineering firms to evaluate different monetization methods. These options include:
Gas to Power Initiatives
Plans are in place to generate electricity from the gas stream produced at L7, which is anticipated to provide significant capacity and feed into local grids.
Connecting to Local Infrastructure
Recent evaluations have revealed new opportunities to connect directly to existing gas grids, promising significantly lower costs and expedited approval processes.
Transporting Natural Gas
Beyond local sales connections, Horizon is exploring the logistics involved in moving liquefied and compressed natural gas to accessible markets.
Technical Evaluations for Future Growth
Horizon’s commitment to thorough technical evaluation is underscored by its partnership with a team of specialists skilled in geological and geophysical assessments.
3D Seismic Survey Planning
This initiative aims to provide heightened clarity on the geological structure beneath Lachowice, aiding in future drilling efforts.
Anticipating Future Production
With the L7 workover on track to be completed in the coming months, Horizon has crafted a detailed plan to be submitted for regulatory approval. This plan includes various essential steps:
- Upgrading the existing wellhead to facilitate production.
- Clearing previously set cement plugs to enhance access.
- Conducting comprehensive pressure testing for safety and integrity.
- Recovering a significant packer from the well that previously tested high gas volumes.
- Reassessing and enhancing perforation techniques to boost test outcomes.
- Finalizing the well setup in conjunction with the installation of the early production facility.
Horizon aims to initiate sales of gas and electricity, marking its arrival in the market and providing its first cash flow.
About Horizon Petroleum Ltd.
With roots in Calgary, Horizon is dedicated to developing oil and natural gas reserves across Europe. Its team is composed of seasoned industry professionals with extensive international experience.
Please check our corporate website for more updates and insights into our progress and initiatives.
Frequently Asked Questions
What is Horizon Petroleum's current project focus?
Horizon Petroleum is focusing on its Lachowice gas development in Poland, progressing towards its first production.
When is the expected completion date for the L7 workover?
The L7 workover is anticipated to be completed in mid-year.
What types of energy production methods is Horizon considering?
Horizon is exploring various methods to monetize gas production, including gas-to-power setups and connecting to local gas grids.
Who is part of Horizon's technical team?
Horizon has teamed up with geoscientists, reservoir engineers, and petroleum engineers in Poland and Canada for project evaluations.
What are the long-term goals of Horizon Petroleum?
The Company's long-term goals include establishing gas and electricity sales while continuously exploring and appraising additional resources in Europe.
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