LONDON (Alliance News) - Shares in Highlands Natural Resources PLC were up almost a third on Tuesday, recovering most of their losses from the previous day, after the company said it does not expect the setback at its West Denver shale operations to have any financial impact.
Shares in the company were trading 26% higher at 11.06 pence each, having fallen 28% on Monday. The stock remains down 12% over the past five trading days, however.
"Highlands continues to generate revenues from its operations at the East Denver Colorado shale project and the board expects the revenues to increase significantly with the commencement of production from the six new wells in December 2018. Importantly, the company anticipates delivering sufficient cashflow to cover its overheads for 2019," Highlands said.
On Monday, the company said it withdrew all of the Colorado Oil & Gas Conservation Commission spacing and permit applications associated with its West Denver project.
Highlands will publish its interim results on December 13.