Highlands Natural Resources PLC Preliminary Results From Wildhorse & Powell Wells (2469W)
13 November 2017 - 6:00PM
UK Regulatory
TIDMHNR
RNS Number : 2469W
Highlands Natural Resources PLC
13 November 2017
13 November 2017
Highlands Natural Resources plc ('Highlands' or 'the
Company')
Highlands Announces Preliminary Results From the Wildhorse and
Powell Wells at The East Denver Project
Highlands, the London-listed natural resources company, is
pleased to update the market that the flowback process is
progressing in-line with expectations, and has so far reached a
combined flowrate of 637 BOE per day from the Wildhorse and Powell
Wells at the East Denver Project in the 24 hour period ending 12:00
p.m. MT, 10 November. Highlands notes that oil and gas production
volumes and fluid percentages have been rising steadily, and that
the Company will announce a definitive Initial Production ("IP")
result in the coming weeks once production rates stabilize.
Halliburton is supplying technical support, and oilfield
services to support initial activities at the East Denver project
under a Participation Agreement signed in August 2017.
"The preliminary results of the Powell and Wildhorse wells
demonstrate the significant potential of the East Denver project.
We are pleased to collaborate with Highlands and provide value
through our industry-leading services, technologies, and technical
expertise," said Halliburton Senior Vice President Rick Grisinger.
"We look forward to continuing our support of Highlands to
facilitate the additional development of the East Denver
Project."
Highlands' Chairman and CEO Robert Price said, "I am very proud
of the team's hard work and all of our progress in a relatively
condensed timeframe, which culminated in the safe and efficient
execution of our drilling and completions program and resulted in
two promising wells. These preliminary results support our vision
of the significant value available through additional pad-based
development at East Denver. Looking ahead, Highlands plans to draw
on our strategic relationships and our track record of execution to
maximize the value of the East Denver project. I look forward to
updating the market with next steps and additional data in the near
term."
Next Steps
The Company's development plans for the East Denver project are
now supported by promising flow back results at Powell and
Wildhorse, the significant financial backing of third party
investors, as well as a generally improving commodity price
environment (WTI benchmark oil prices have risen 34% from a recent
low of $42.53/Bbl on June 21(st) to $56.90/Bbl on 10 November).
With these significant tail winds plus a track record of
performance, the Company is excited about the opportunity to drill
additional wells at the East Denver project.
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
+44 (0) 131 220
9771 /
Cenkos Securities +44 (0) 207 397
Neil McDonald plc 1953
St Brides Partners +44 (0) 20 7236
Lottie Wadham Ltd 1177
St Brides Partners +44 (0) 20 7236
Hugo de Salis Ltd 1177
This information is provided by RNS
The company news service from the London Stock Exchange
END
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