Highlands Natural Resources PLC East Denver Wells Hit 100,000 Barrels Production (9829D)
February 06 2018 - 2:00AM
UK Regulatory
TIDMHNR
RNS Number : 9829D
Highlands Natural Resources PLC
06 February 2018
6 February 2018
Highlands Natural Resources plc ('Highlands' or 'the
Company')
East Denver Wells Hit 100,000 Barrels Production
Highlands, the London-listed natural resources company, is
pleased to announce that cumulative oil production from the Powell
and Wildhorse wells at its East Denver project in Colorado ('East
Denver') reached a combined 100,000 barrels on 5 February 2018.
Strong production rates and effective operations have contributed
to reaching this landmark just 64 days after the announcement of
Initial Production ('IP') rates.
In parallel with this milestone, the Company is also pleased to
announce that the Company's increased density application (allowing
up to eight wells in the Company's northern drilling unit) was
approved by the Colorado Oil and Gas Conservation Commission
('COGCC') on 29 January 2018. Eight wells per unit represents full
field development potential, and allows Highlands to maximize the
value of its assets. With oil and gas prices rising significantly
since IP, Highlands aims to replicate the success of its Powell and
Wildhorse wells through additional drilling at East Denver during
spring 2018. This approach is in line with the Company's strategy
to fully develop the East Denver asset with up to 24 wells by using
its combined commitment of up to US$58.5 million from a leading US
private equity oil and gas investment company and a leading
oilfield services provider.
Highlands' Chairman and CEO Robert Price said, "Today's
milestone highlights the success of our East Denver project as a
technical and economic win for Highlands. The Wildhorse and Powell
wells have generated and continue to generate significant revenue
streams for Highlands. Moreover, strong results from our first two
wells have only increased our confidence in the future development
plans for East Denver, which continue to gain momentum with the
recent approval of our increased density application."
THIS RELEASE CONTAINS INSIDE INFORMATION.
**ENDS**
For further information, please visit www.highlandsnr.com, or
contact:
Highlands Natural +1 (0) 303 322
Robert Price Resources plc 1066
Cantor Fitzgerald +44 (0) 20 7894
David Porter Europe 7000
St Brides Partners +44 (0) 20 7236
Lottie Wadham Ltd 1177
St Brides Partners +44 (0) 20 7236
Hugo de Salis Ltd 1177
Notes to Editors
Highlands (LSE: HNR.L) is a London-listed natural resources
company with a portfolio of high-potential oil, gas and helium
assets and technologies. The company's core projects include:
-- East Denver Niobrara: a horizontal oil and gas project
targeting the Niobrara shale formation in a well-delineated area of
the Denver Julesburg Basin. The Company is currently producing oil
and gas from its first two wells in the project, completed in late
2017, and is planning to drill additional wells in 2018.
-- DT Ultravert: a re-fracking and parent well protection
technology with four patents allowed and additional patents pending
in both the United States and internationally. Highlands is
advancing commercial tests with a range of oil and gas operators
and service providers to commercialize DT Ultravert technology.
-- Helios Two: a 220,000+ acre helium and natural gas discovery
in SE Montana with gas production tests completed in the Eagle and
Muddy Formations.
This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLUGUAPPUPRPGA
(END) Dow Jones Newswires
February 06, 2018 02:00 ET (07:00 GMT)
Chill Brands (LSE:CHLL)
Historical Stock Chart
From Apr 2024 to May 2024
Chill Brands (LSE:CHLL)
Historical Stock Chart
From May 2023 to May 2024