10 Apr 2017 07:00
10 April 2017
Highlands Natural Resources plc ('Highlands' or 'the Company')
Approval of Permits and Update on East Denver Drilling Programme
Highlands, the London-listed natural resources company, notes the recent movement in its share price and provides an update on its East Denver project. Highlands confirms that the Colorado Oil and Gas Conservation Commission last week approved the Company's permits for a surface location as well as the Company's first four applications to drill in the East Denver project (the "Approvals") in Colorado. Whilst a necessary and important part of Highlands' development of its East Denver project, the Approvals are one of a number of previously-announced procedural measures required pursuant to the expanded agreement entered into with Renegade Oil & Gas Company LLC and to enable the Company to commence drilling operations in due course. The Approvals are a routine process in the Colorado oil and gas industry and are automatically published upon approval.
In addition to the Approvals, the Company is awaiting final review and approval of permit applications with Arapahoe County as well as approvals from local fire and emergency service authorities. Based on many other permitted wells in the surrounding area, Highlands expects these further permissions to be granted in the normal course of business.
The Company continues to advance negotiations towards a third party financing of the drilling programme for its East Denver project and will provide a further update in due course. Additionally, the Company has advanced operational plans and service provider relationships to the point that Highlands will be in a position to commence drilling operations after final approvals and financing.
**ENDS**
For further information, please visit www.highlandsnr.com, or contact:
Robert Price | Highlands Natural Resources plc | +1 (0) 303 322 1066 |
Nick Tulloch | Cenkos Securities plc | +44 (0) 131 220 9772 |
Neil McDonald | Cenkos Securities plc | +44 (0) 131 220 9771 / +44 (0) 207 397 1953 |
Lottie Brocklehurst | St Brides Partners Ltd | +44 (0) 20 7236 1177 |
Elisabeth Cowell | St Brides Partners Ltd | +44 (0) 20 7236 1177 |
Notes to Editors
Highlands (LSE: HNR.L) is a London-listed natural resources company with a portfolio of high-potential oil, gas and helium assets and technologies. The company's core projects include:
· East Denver Niobrara: a farm-in opportunity for horizontal oil and gas wells targeting the Niobrara shale formation in a well-studied area of the Denver Julesburg Basin.
· DT Ultravert: a re-fracking and parent well protection technology with 20 patents pending in the United States and internationally. Highlands is advancing commercial conversations with a range of oil and gas operators to create revenue-sharing opportunities for DT Ultravert applications.
· Helios Two: a 105,000+ acre helium and natural gas prospect in SE Montana with drilling and assessment operations ongoing.