Highlands Natural Resources PLC Significant Flow Rates Reported, Nitrogen Project (0644S)
June 21 2018 - 2:00AM
UK Regulatory
TIDMHNR
RNS Number : 0644S
Highlands Natural Resources PLC
21 June 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.
21 June 2018
Highlands Natural Resources plc ('Highlands' or 'the
Company')
Significant Flow Rates Reported at Kansas Nitrogen Project
Highlands, the London-listed natural resource company, is
pleased to announce that it has confirmed a flow rate of 1,769
MCF/D. at its acreage in Kansas where it is conducting exploration
for nitrogen. The test was performed on 48/100(th) choke flowing
1,769 MCF/D at 415 PSI. The initial 15-minute shut-in was 920 PSI.
The Board is very encouraged by these results.
Gas samples have been collected for analysis and sent to an
external laboratory, and the Company expects to obtain gas
composition analysis in due course. Gas from previously sampled
wells in the area have exceeded 95% Nitrogen.
These results follow the successful re-entry and re-completion
of the previously plugged wellbore, Barret 1-14B, completed in the
Cedar Hills formation. The high-pressure operation was completed
without incident, with perforations set between depths of 2187ft
and 2256ft.
The Company is aiming to test the Carlile shale using a low-cost
exploration approach and is currently in discussions with a Kansas
operator in order to obtain samples of the Carlile shale from their
existing drilling operations for reservoir characterisation.
The Kansas operator is drilling a well to be completed below the
Carlile shale and if successful, this arrangement will enable
Highlands to obtain valuable scientific data regarding the Carlile
shale while saving the cost of drilling a second well, thereby
removing the requirement to drill the Charlie-1. Highlands would
only be responsible for rig time during sampling operations.
Robert Price, Highlands' Chairman and CEO, said: "The
significant nitrogen flow rates obtained are very promising. We
look forward to updating shareholders regarding the laboratory
results. Nitrogen can be used for a range of applications and
demand for it is strong. With this in mind, we are pleased with the
interest received from a range of parties."
***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
Redleaf 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
currently drilling, and up to 24 wells can be drilled in total.
Highlands is now developing plans to advance its 2,721-acre shale
project in the Denver Julesburg Basin west of Denver.
-- DT Ultravert: a re-fracking and parent well protection
technology with four patents allowed and additional patents pending
in the United States and internationally. Highlands is advancing
commercial conversations with a range of oil and gas operators and
service providers to commercialize DT Ultravert technology,
potentially supported by its own 800-acre low-cost nitrogen
exploration project in Kansas.
-- 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
UPDEAFKEAEXPEAF
(END) Dow Jones Newswires
June 21, 2018 02:00 ET (06:00 GMT)
Chill Brands (LSE:CHLL)
Historical Stock Chart
From Mar 2024 to Apr 2024
Chill Brands (LSE:CHLL)
Historical Stock Chart
From Apr 2023 to Apr 2024