Dr. David Winter reports

HORIZON PETROLEUM COMMENCES PRODUCTION TESTING AT LACHOWICE 7 WELL IN THE BIELSKO-BIALA CONCESSION IN SOUTHERN POLAND

Further to its press release dated Sept. 14, 2026, Horizon Petroleum Ltd.'s wholly owned Polish subsidiary, Energia Karpaty Zachodnie sp zoo (EKZ), has completed the acid stimulation treatment at the Lachowice 7 (L7) well in southern Poland and has commenced production testing operations.

Following completion of the acid stimulation, a coiled tubing unit was installed on the well and nitrogen was circulated into the production tubing to unload the well and initiate flow. At approximately 6:30 a.m. CET today, the L7 well began flowing gas and condensate naturally, without further assistance from the coiled tubing or nitrogen and continues to flow.

Preliminary flowback rates have reached 5.5 million cubic feet per day of natural gas at a flowing wellhead pressure of approximately 2,500 pounds per square inch through a choke size of 28/64ths inch. The company considers these initial results encouraging; however, the well remains in the cleanup phase and the reported rates are preliminary and subject to change as the well stabilizes.

During the mechanical portion of the workover program, a significant volume of water was lost into the formation. This water, together with the acid used during the stimulation treatment, is now being recovered through the surface production testing equipment, along with the produced natural gas and condensate. The recovery of these fluids is a normal part of the well cleanup process following a workover and stimulation treatment.

The company expects to continue flowing the well at variable rates for approximately 24 to 36 hours during the cleanup period or until gas and liquid rates and flowing pressures have sufficiently stabilized. The well will then be shut in for a short period to allow pressure to build, followed by a production logging operation to identify inflow points within the reservoir. The well will subsequently undergo the main flow and pressure buildup portion of the testing program.

The L7 well has previously demonstrated significant gas deliverability, having been tested by previous operators at rates of up to 8.9 million cubic feet per day (in 1994), including a sustained two-week flow period at approximately 3.0 million cubic feet per day (in 1999), based on well reports in the company's possession. The current testing program is designed to provide Horizon with additional information regarding reservoir performance, inflow distribution, pressure behaviour and sustainable production potential following the workover and acid stimulation.

The commencement of flow testing has also generated significant interest in the local community, with the well flare visible from surrounding towns and the start of testing receiving coverage in local media.

While the company is encouraged by the initial flowback results, the rates observed during the cleanup period should be considered preliminary and should not be interpreted as representative of stabilized or long-term production rates. Final conclusions regarding the well's deliverability will be made following completion of the planned flow and pressure buildup testing program.

The company will provide further updates as production testing operations progress.

About Horizon Petroleum Ltd.

Calgary-based Horizon Petroleum is focused on the appraisal and development of natural gas resources and clean energy opportunities in Europe, with the objective of contributing to European energy independence and security. Horizon is advancing its Polish natural gas assets through a technically focused, phased development strategy designed to unlock their commercial potential.

Horizon's management team and board of directors comprise oil and gas, business and finance professionals with significant international experience.

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