Highlands Natural Resources PLC Colorado Shale - East Denver Operations Update (3300B)
September 20 2018 - 2:01AM
UK Regulatory
TIDMHNR
RNS Number : 3300B
Highlands Natural Resources PLC
20 September 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 September 2018
Highlands Natural Resources plc ('Highlands' or 'the
Company')
Colorado Shale - East Denver Operations Update
Highlands, the London-listed natural resources company, provides
the following update about the six new wells being funded entirely
by Highlands' partners at its East Denver Project.
As previously announced, drilling operations at the new wells
were completed in mid-July. The pad was subsequently prepared for
fracture stimulation operations which started in mid-August, and
the fracking operations for the Grizzly well are now fully
completed with the Ouray and Buckskin wells now around 60%
complete. In the meantime, the operations team is currently
building all necessary surface facilities.
Colorado has experienced one of the driest summers in recent
history and consequently water supply disruptions are becoming more
commonplace for the local services industry. Our operations are not
immune to these problems. Accordingly, the well operator has
informed Highlands that the fracking schedule has been revised,
with more staggering of the operations to compensate for the
drought conditions. Alternative water supplies have also been
organised to complete the operations.
In addition to requisitioned water supplies, Highlands is moving
two E10X modular solar powered water-recycling units to the East
Denver location to treat production and flow-back water from
operations to make the water reusable. Highlands will charge fees
for treating the disposed water and selling the fresh water to the
operator.
Whilst securing these units represents a considerable
achievement given local competition for water, Highlands now
expects the fracking operations to be completed in December with
flow-back from the new wells in late December or early January, at
which point Highlands will have a 7.5% carried interest in eight
producing wells when these six additional wells come online.
***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
drilled and currently being completed, with the potential for up to
24 wells in total. Highlands is now developing plans to advance its
4,477-acre shale project in the Denver Julesburg Basin west of
Denver. Highlands is preparing to file drilling permit and drilling
and spacing units to cover wells in West Denver project.
-- 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,
1,100-acre Kansas low-cost highly-pure 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.
-- Kansas Nitrogen Resources: 1,100-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. Highland is in advanced
discussions with third parties to sell Nitrogen.
-- 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
UPDKMGMLLLVGRZM
(END) Dow Jones Newswires
September 20, 2018 02:01 ET (06:01 GMT)
Chill Brands (LSE:CHLL)
Historical Stock Chart
From Apr 2024 to May 2024
Chill Brands (LSE:CHLL)
Historical Stock Chart
From May 2023 to May 2024