Highlands Natural Resources PLC Initial Production Rates for Powell and Wildhorse (2211Y)
04 December 2017 - 6:00PM
UK Regulatory
TIDMHNR
RNS Number : 2211Y
Highlands Natural Resources PLC
04 December 2017
4 December 2017
Highlands Natural Resources plc ('Highlands' or 'the
Company')
Confirmed Initial Oil Production Rates for Powell and Wildhorse
Wells
Highlands, the London-listed natural resources company, is
pleased to announce that oil production rates from Powell and
Wildhorse wells at its East Denver location ('East Denver') have
stabilized at an Initial Production ('IP') rate of 1,771 BOEPD
after a flow-back period of approximately one month. Besides rising
oil and gas production rates, Highlands' East Denver project also
benefits from rising oil prices.
Initial Production Summary
-- Wildhorse and Powell combined oil production rate is 1,569 BOPD
-- Wildhorse and Powell combined gas production rate is 1,212 MCFPD
-- Combined IP production rate of both oil and gas is 1,771 BOEPD
-- Overall, Highlands expects to greatly benefit from high
production rates, rising oil prices and the quality of East
Denver's oil due to its light, sweet properties
o Strong realized sales price for the month of November - the
NYMEX WTI spot price less US$1.80
Highlands' Chairman and CEO Robert Price said, "Since commencing
our operations at East Denver last year, we have been convinced
that this project represents a great opportunity for Highlands.
Yet, today's confirmation that our oil production generates more
value vindicates our decision to prioritize East Denver for our
shareholders. As revenues from our project here continue to build,
we will be well positioned to further invest in additional East
Denver wells, as well as our Helios Two project and DT Ultravert
technology with a view to generating substantial returns for our
shareholders."
THIS RELEASE CONTAINS INSIDE INFORMATION.
**ENDS**
For further information, please visit www.highlandsnr.com, or
contact:
Highlands Natural
Robert Price Resources plc +1 303 322 1066
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-studied 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 more wells.
-- 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 105,000+ acre helium and natural gas prospect
in SE Montana with plans underway to test the Eagle formation with
a nitrogen-based foam frack to assess potential production
rates.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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