Highlands Natural Resources PLC Update on Operations and Notice of Results (8343H)
20 November 2018 - 6:01PM
UK Regulatory
TIDMHNR
RNS Number : 8343H
Highlands Natural Resources PLC
20 November 2018
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY
HIGHLANDS TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE
MARKET ABUSE REGULATION (EU) NO. 596/2014 ("MAR"). ON THE
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION
SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN
THE PUBLIC DOMAIN.
20 November 2018
Highlands Natural Resources plc ('Highlands' or 'the
Company')
Update on Operations
Notice of Results
Highlands, the London-listed natural resources company, notes
the recent fall in its share price and wishes to remind investors
that management does not expect the setback at its West Denver
shale operations, as announced on 19 November 2018, to have any
impact to the Company's near-term financial performance.
Highlands continues to generate revenues from its operations at
the East Denver Colorado shale project and the Board expects the
revenues to increase significantly with the commencement of
production from the 6 new wells in December 2018. Importantly, the
Company anticipates delivering sufficient cashflow to cover its
overheads for 2019.
In addition, whilst also early stage, the Company's water
resources business is also contributing revenue to Highlands.
Significant progress has also been made with Highlands'
nitrogen, project in Kansas. The Company remains in discussions
with several parties with regard to commercialising this project
and the directors anticipate a revenue contribution during
2019.
Highlands will be announcing its Interim Results for the six
months ended 30 September 2018 on Thursday 13 December 2018, at
which time it will provide further detail on the progress the
Company is making with these and its other projects.
***ENDS***
For further information:
Highlands Natural Resources plc
Robert Price +1 (0) 303 322 1066
Cantor Fitzgerald Europe
Nick Tulloch +44 (0) 20 7894 7000
David Porter
Newgate Communications
Elisabeth Cowell
Fiona Norman +44 (0) 20 3757 6880
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:
-- Colorado Shale: having developed a horizontal oil and gas
project targeting the East Denver Niobrara shale formation,
Highlands retains a 7.5% carried interest in the project, which is
fully funded and operated by Highlands' partners. East Denver is
currently producing from two wells, with six additional wells
drilled and currently being completed and to commence production in
December 2018, with the potential for up to 24 wells in total
-- Well Performance Enhancement Portfolio: A collection of
inter-supporting technological and natural resource assets,
consisting of DT Ultravert, a re-fracking and parent well
protection technology with four patents allowed and additional
patents pending in the United States and internationally,
2,200-acre Kansas low-cost nitrogen resources and 46,000-acre
prospective carbon dioxide resource leases in Arizona. Highlands in
advanced commercial discussions with various parties for full scale
commercialization of its technological and natural resource
assets.
-- Highlands Water Resources: formed to facilitate a range of
initiatives focused on easing the water shortage currently being
experienced across the US oil and gas industry, and particularly
across more arid States such as Colorado. Highlands Water Resources
is currently processing water on the East Denver wells with the
proven E10X modular solar powered water-recycling units. Highlands
is also exploring the potential to supply water from its acreage in
Montana.
-- Kansas Nitrogen Resources: 2,200-acre low-cost nitrogen
resources with 99.59% purity and initial flow rate of 2,581 Mcfpd.
Highlands is in discussions with end-users of nitrogen for the
commercialization of its resources.
-- Montana Helios Two: a 220,000+ acre helium and natural gas
prospect in SE Montana with drilling and assessment operations
ongoing.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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