LONDON (Alliance News) - Highlands Natural Resources PLC said Thursday it is "very encouraged" by the flow rate at its Kansas nitrogen project in the US.
Highlands confirmed a "significant" flow rate of 1,769 thousand cubic feet of gas per day performed on 48/100th choke at 415 pounds per square inch. The initial 15-minute shut in was 920 psi.
These results come from the re-entry and re-completion of the previously plugged wellbore Barret 1-14B, in the Cedar Hills formation. Perforations were set between depths of 2,187 feet and 2,256 feet.
Chief Executive Officer Robert Price 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."
Shares in Highlands Natural Resources were up 1.6% at 19.00 pence each Thursday.