04:28 PM EST, 01/14/2025 (MT Newswires) -- Horizon Petroleum (HPV), after close of trade Tuesday released an updated reserve and resource report for the Lachowice gas field located in the Bielsko-Biala concession in Poland.

The company said independent auditors said the field contains 34-billion cubic feet of proved and probable (2P) natural-gas reserves and 163-bcf of contingent resources

"We are excited to now be able to assign the 2P reserve and contingent resource values to the company based on historical wells which were flow tested at rates up to 9 MMscf/d," said chief executive David Winter. "The 34 BCF 2P reserves with a Net Present Value (discounted at 10%) of US$84.5 million provides a robust economic base to the company. The additional 163 BCF of risked 2C contingent resources with a Net Present Value (discounted at 10%) of US$431 million and risked best estimate prospective resources of 118 BCF provide Horizon with large development upside and an appraisal and development drilling inventory."

The company's shares closed up $0.015 to $0.165 on the TSX Venture Exchange.