UK: Dabinett Gas Prospect upgrade – A significant UK North Sea exploration opportunity

Dabinett Gas Prospect Upgrade – A Significant UK North Sea Exploration Opportunity

Horizon Energy holds a 100% interest in Licence P2557, containing the Dabinett natural gas prospect on the margin of the Mid North Sea High in the UK Southern North Sea. Independently assessed by Sproule ERCE (a well-regarded international evaluation and engineering firm) in October 2026, Dabinett is reported to contain un-risked mean prospective resources of 769 Bscf of natural gas and 18 million barrels of condensate. This equates to a total of 873 BcfGE1, with a geological chance of success of 40%. Beyond this mean case resource, Horizon Energy has identified an alternative, higher-risk upside scenario incorporating stratigraphic trapping, supported by producing Haupt Dolomite analogues, under which the prospect's total mean prospective resource potential could reach approximately 2.4 Tscf.

Located in shallow water, Dabinett targets the Zechstein Haupt Dolomite reservoir at a depth of approximately 2,300 metres. The recent Pensacola discovery and successful appraisal, together with encouraging Crosgan appraisal results, provide compelling regional evidence of the reservoir's natural gas bearing potential and deliverability. Adura Energy (Shell/Equinor) and ONE-Dyas intend to co-develop Crosgan and Pensacola, a development of >1 Tscf of natural gas (Source: Adura/ONE-Dyas)

Horizon Energy is seeking a participant, whether through farm-in or other funding arrangement, to join in the exploration and subsequent development of Dabinett, alongside further prospects across its licence portfolio offering multi-Tscf gas resource potential.

The scale of the Dabinett opportunity can be benchmarked against the recently approved Jackdaw gas-condensate field in the UK Central North Sea for which reported resource estimates range from 385 to 1,070 BcfGE1. Dabinett's independently assessed mean case of 873 BcfGE1 is comparable in scale and lies within this range. The higher-risk upside case of 2.4 Tscf would be substantially larger. If successfully explored and developed, Dabinett could make a significant contribution to the UK gas supply and energy security, while supporting skilled employment, the domestic supply chain and tax revenues.

Westwood Global Energy Group, a well-known energy international market intelligence and forecast firm, maintains an up-to-date database of natural gas and oil prospects to be drilled in the U.K. North Sea in the near future. Based on the mean volumes set forth in the Sproule ERCE report, Dabinett holds the largest potential resource of any listed prospect.

[1] The combined gas-case resources are shown as BcfGE, where BcfGE means billion cubic feet gas equivalent. Associated condensate is converted using 1 bbl = 5.8 Mcf, equivalent to 1 MMbbl = 5.8 BcfGE.

Source: Horizon Energy