LONDON (Alliance News) - Highlands Natural Resources PLC on Monday said it has "significantly" increased its land position in the core of the Helios Two prospect area in Montana, through the acquisition of an additional 15,623 acres.
Highlands now owns 74,657 acres of land at Helios Two. It paid USD53,734 for the additional land, and said it is advancing conversations with several parties including international industrial oil and gas companies as potential joint venture partners.
"We increased the size of our Helios Two project in Montana due to the compelling initial expectations set by RPS Knowledge Reservoir in its Competent Persons Report regarding the recoverable natural gas and helium volumes and projected net present value for the project," Chief Executive Robert Price said in a statement.
"We are confident that we can maximise value by developing the asset together with industry partners," he added.
Shares in Highlands were trading up 17% at 27.60 pence on Monday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.