Horizon Petroleum ( (TSE:HPL) ) has provided an announcement.
Horizon Petroleum Ltd. has commenced preparatory work at the Lachowice natural gas field in Poland, marking the start of its European natural gas strategy focused on enhancing energy security amid rising demand. The development at Lachowice, with significant natural gas reserves and contingent resources, is central to the company’s strategy to increase domestic production and reduce dependence on Russian imports. The start of operations has been positively received by local authorities, and the company is assessing options for monetizing gas production, including gas-to-electricity and LNG sales. Horizon aims to leverage its technical expertise to tap into underdeveloped gas resources in Eastern and Central Europe, reducing reliance on coal and Russian gas imports, while prioritizing local and regional services to enhance engagement and operational efficiency.
More about Horizon Petroleum
Calgary-based Horizon Petroleum Ltd. is focused on the appraisal, development and production of natural gas and oil reserves in Europe. The company is committed to enhancing energy security by increasing domestic production, with the large Lachowice gas development in Poland serving as a central component of its Europe-focused natural gas strategy. Horizon’s management and board consist of oil and gas professionals with significant international experience.
YTD Price Performance: 27.78%
Average Trading Volume: 129,349
Technical Sentiment Consensus Rating: Sell
Current Market Cap: C$11.21M
See more insights into HPL stock on TipRanks’ Stock Analysis page.