Highlands Natural Resources PLC Drilling Completed at First East Denver Well (2329P)
30 August 2017 - 4:00PM
UK Regulatory
TIDMHNR
RNS Number : 2329P
Highlands Natural Resources PLC
30 August 2017
30 August 2017
Highlands Natural Resources plc ('Highlands' or 'the
Company')
Drilling Completed at First East Denver Well
Highlands, the London-listed natural resources company, is
pleased to announce that it successfully reached Total Depth ("TD")
of 18,230 ft on the Powell 5-64 15-16-1CHZ ("Powell") well at the
East Denver Niobrara Project in Colorado ("East Denver") on 27
August. The Company finished setting and cementing casing in the
well on 29 August.
Oil and gas is present in the well's drill bit cuttings and
drilling mud from the Niobrara formation (referred to as positive
"shows" of oil and gas). Mud logging reports provided by
independent contractors describe "abundant oil in samples." 100% of
the lateral portion of the wellbore was successfully landed in the
Niobrara formation.
Highlands' Chairman and CEO Robert Price said, "Today is an
important milestone for the East Denver operation, as we have
successfully drilled our first well in the project to the planned
TD, and initial analyses of the reservoir are positive. Equally
important, we have so far delivered operations on-schedule with
respect to initial plans outlined by the Company. I attribute our
progress to the excellent teamwork achieved by our Joint Technical
Team partnership with our investors as well as the collaboration of
our highly valued contractors and consultants.
"I am pleased to report that initial indications point to an
oil-saturated and gassy shale reservoir, and wellbore data shows
that we successfully placed the entirety of our lateral wellbore in
the Niobrara formation as initially planned. Our next steps, now
underway, are to prepare the rig for its walk back to the Wildhorse
well, walk the rig over a period of about one day, then complete
drilling operations at the Wildhorse well."
Summary and Next Steps
The Powell well was spud on 14 August; drilling operations
lasted approximately fourteen days, and casing operations lasted
approximately two days, which is in line with the company's initial
expectation of operations lasting approximately two weeks. The
Powell well was landed successfully in the Niobrara formation, and
100% of the 9,803-foot lateral portion of the wellbore is in the
Niobrara reservoir according to mud logs (a highly positive
result).
After casing and cementing the Powell well, the rig's next
operation is to walk back to the Wildhorse 5-64 15-16-1BHZ
("Wildhorse") well to drill and case the remainder of that well.
The remaining drilling operations for Wildhorse will last
approximately two weeks from the time they are commenced.
Highlands will post photos of the East Denver operation,
including aerial drone media, to www.highlandsnr.com in due
course.
Following drilling operations, the Company will commence
completion operations (also called hydraulic fracturing or
"fracking"), which will last several weeks from the time of
commencement. Following the completions phase, the Company will
begin the flow-back process and production process, resulting in
definitive oil and gas production results, which the Company will
release to the market.
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
Cenkos Securities +44 (0) 131 220
Nick Tulloch plc 9772
+44 (0) 131 220
9771 /
Cenkos Securities +44 (0) 207 397
Neil McDonald plc 1953
St Brides Partners +44 (0) 20 7236
Lottie Brocklehurst 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 farm-in opportunity for horizontal
oil and gas wells targeting the Niobrara shale formation in a
well-studied area of the Denver Julesburg Basin.
-- DT Ultravert: a re-fracking and parent well protection
technology with one patent granted and additional patents pending
in the United States and internationally. Highlands is advancing
commercial conversations with a range of oil and gas operators to
create revenue-sharing opportunities for DT Ultravert
applications.
-- Helios Two: a 105,000+ acre helium and natural gas prospect
in SE Montana with drilling and assessment operations ongoing.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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