Dr. David Winter reports

HORIZON PETROLEUM COMMENCES CIVIL WORKS AT THE LACHOWICE 7 WELLSITE IN POLAND

Horizon Petroleum Ltd. has 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. The reactivation of the Lachowice 7 well is a critical first step in the company's progress toward first production from the cornerstone Lachowice gas development located within the Bielsko-Biala concession in southern Poland.

Roger McMechan, chief operating officer of Horizon, commented: "We are pleased to have started work on the construction of the Lachowice 7 well pad. 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."

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. 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. The production data will provide important reservoir performance data that will help refine the wellbore completion design and optimize the field development plan. In addition, the commencement of continuous gas production is expected to support the conversion of a portion of the company's assigned probable (2P) reserves into the proven developed reserve category.

Horizon 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.

About Horizon Petroleum Ltd.

Calgary-based Horizon is focused on the appraisal and development of conventional oil and natural gas resources to increase energy independence and security in Europe. Horizon holds two concessions in Poland, which contain significant undeveloped natural gas discoveries. The company's initial focus is to commence development of the Lachowice gas field in the Bielska-Biala concession. The management and board of Horizon consist of oil and natural gas professionals with significant international experience.

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