05:20 PM EST, 02/03/2025 (MT Newswires) -- Horizon Petroleum (HPL.V) after close of trade Monday said it started preparatory work at the Lachowice natural gas development in Poland and confirmed its strategy and focus on natural gas development and production in Poland and Europe.

"Our goal is to establish a profitable intermediate-sized energy company that produces natural gas to meet Europe's rising demand and enhance its energy security," said chief executive David Winter. "We are starting preparatory operations to re-enter the Lachowice 7 well, aiming for production and cash flow by late 2025 or early 2026."

The company's shares closed down 0.015 to $$0.215 on the TSX Venture Exchange.