Horizon Acquisition was awarded License P2658 by the United Kingdom North Sea Transition Authority in May 2024. The license was applied for after extensive technical evaluation of the area with both 3D and 2D seismic data. License P2658 contains two adjacent prospects – Yarlington and Pomeroy. These prospects could contain world-class size potential resources. Internally generated, un-risked mean prospective resources, from both Permian and Devonian targets, are 6.2 trillion cubic feet in the natural gas case and 1.4 billion barrels in the oil case. The prospects reside in shallow water and the primary objectives are situated at modest subsurface depths.

Horizon Acquisition plans to conduct a modern 3D seismic survey over both prospects to further delineate the prospects and mitigate risk. Upon completion of the survey, an initial exploration well will be drilled to test the potential.