LONDON (Alliance News) - Shares in Highlands Natural Resources PLC were in favour Monday after it said it has made "significant progress" in commercialising its DT Ultravert technology, and said further acquisitions in America are in the works following its move in North Dakota last November.
Shares in Highlands Natural Resources were up 24% at 14.75 pence Monday morning.
Last year the company bought a 75% interest in fracking technology DT Ultravert from Diversion Technologies. It said that, alongside Schlumberger NV, it is in ongoing talks with over 20 companies to commercialise DT Ultravert in the US. First commercial tests are planned for June in the Piceance Basin in Colorado.
Highlands Natural Resources said it is currently evaluating a potential natural gas and associated helium play in the US, and it is currently in talks for joint development of mining claims it purchased in March covering 1,219 acres in Grand County, Utah.
Last November, Highlands Natural Resources bout 1,972 net acres on a shallow natural gas prospect in North Dakota for USD19,728. It said it is now in talks to acquire and complete a well from Strata-X Energy Ltd.
Whilst there can be no certainty these talks will be successful, the company said, it expects the cost to complete the well would be around USD50,000. It is targeting completion of the well by mid-June 2016.
"This is a truly transformational time for Highlands, demonstrated by the significant advancements we have made towards commercialising DT Ultravert, as well as the potentially game-changing acquisitions we have made in the gas, helium and uranium sectors. We are incredibly excited to be commencing our first commercial tests of DT Ultravert in the Piceance Basin in June 2016 with the aim of proving that this technology, of which we own 75%, could provide a breakthrough in the industry, particularly in the current oil price environment," said Chief Executive Officer Robert Price in a statement.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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