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Highlands Natural Resources Plc Alliance News (HNR)

Alliance News for Highlands Natural Resources Plc (HNR)

Share Price: 9.55Bid: 9.40Ask: 9.70Change: 0.00 (0.00%)No Movement on Highlands Nat
Spread: 0.30Spread as %: 3.19%Open: 9.55High: 9.55Low: 9.55Yesterday’s Close: 9.55

Highlands Natural Resources Expects Maiden Revenue "Shortly"

Mon, 27th Nov 2017 11:47

LONDON (Alliance News) - Highlands Natural Resources PLC on Monday said its loss swelled in the first half of its current financial year, as it prepares to generate its first revenue "shortly" after drilling the Powell and Wildhorse wells at the East Denver project, US.

As of last Wednesday, Highlands said the project was producing 1,333 barrels of oil equivalent per day from the two wells, with output continuing to rise.

"The company will announce a definitive initial production figure once production rates stabilize. Production from East Denver marks a major milestone for Highlands and the fulfilment of a long-term promise to shareholders - first oil, first gas, and first revenue," said the company.

In addition to the significant progress achieved at East Denver, the company has also steadily advanced its ideas and concepts for its helium and methane project in Montana, Helios Two, as well as its innovative parent well protection and re-fracking technology, DT Ultravert.

"These two projects are now both positioned for major milestones in the coming period. During the first half of 2018 the company is planning to test the Eagle Formation in Montana and to accelerate the deployment of DT Ultravert on the strength of additional patent awards and recent court rulings in favour of owners of parent wells which have been damaged by 'bashing,'" said Highlands on Monday.

In terms of financial performance, with no revenue generated before the end of the first half to September 30, Highlands reported a wider pretax loss of GBP2.3 million compared to the GBP1.5 million loss seen the year before, solely driven by a rise in administrative costs.

"During 2018 we shall be continuing our drilling programme and hope to be increasing the tempo, subject to the availability of finance. For a small company to be able to access and develop a project as large as this is a remarkable achievement and I thank all members of the Highlands team for helping bring this project to life," said Executive Chairman Robert Price.

"With East Denver now operational, the company will be able to put more resources behind the exciting Helios Two and DT Ultravert projects, with expansion of testing and marketing scheduled for the first half of 2018. Our recently completed fundraising helps provide the company with the working capital to seed this expansion," he added.

Highlands ended the period with cash and equivalents of GBP2.9 million, up from GBP1.9 million at the end of March, having raised funds during the period.

Efforts are still being made to access sufficient funds, either internally or externally, to further develop the East Denver to its 24 well potential on a timely basis, Highlands said.

"There is a balance to be struck between developing the project quicker using additional external finance or slower through using more of the internally generated funds and the board will review those options carefully in light of the results from the first two wells," said the company.

Highlands was trading down 6.1% on Monday at 28.18 pence.

By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance

Copyright 2017 Alliance News Limited. All Rights Reserved.

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