Horizon Petroleum Finalizes Polish Asset Acquisition

The final agreement replaces an earlier, more complex structure that originally required a mix of cash, equity, and a 6% Net Profits Interest. By opting for a total cash payment of US$1.6 million, Horizon avoids issuing new common shares while simultaneously terminating the profit interest agreement. This shift is expected to bolster the company’s gas reserves and simplify its balance sheet as it begins development across its 1,100 square kilometer land base in southern Poland.

As part of the settlement, Horizon has assumed responsibility for the Kety well, a legacy site previously drilled by San Leon and PGNiG in 2015. While the well was abandoned as a dry hole, it requires ongoing monitoring due to minor methane emissions. In exchange for taking on these remediation liabilities and releasing San Leon from further obligations at the site, Horizon acquired the land for a nominal fee of PLN 1. CEO Dr. David Winter stated that the move clears the path for the company to accelerate its efforts at the Lachowice field, aiming to contribute to Poland's domestic gas supply and energy security.