25 Feb 2019 07:00
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY HIGHLANDS TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
25 February 2019
Highlands Natural Resources plc ('Highlands' or 'the Company')
Colorado Shale - East Denver Wells IP Rate Announcement
Highlands, the London-listed natural resources company, is pleased to announce that oil production rates from the pad at its East Denver project have achieved an Initial Production ('IP') rate of 4,600 Boepd during the flow-back period. Highlands expect that the oil and gas production rate will increase as the choke size is increased.
Production Details Summary:
· Combined oil production from Buckskin, Citadel, Grizzly, Hagar, Ouray, Thunder, Wildhorse and Powell wells is 4,053 Bopd.
· Combined gas production from Buckskin, Citadel, Grizzly, Hagar, Ouray, Thunder, Wildhorse and Powell wells is 3,284 Mcfpd.
· Highlands' operating partner has chosen to proceed on a conservative flowback plan. The wells will be slowly opened from the current limited choke size of 23/64th inch.
· Highlands has a 7.5% carried interest in all eight wells located at the East Denver project.
As well as benefiting from the recently recovered oil prices, Highlands and its operating partner benefit from strong pricing for its gas, which is rich in liquids. Highlands received revenues both from the stripped liquids and the residual gas. While the price for both the liquids and residual gas fluctuates, the effective sales price for the residual gas in the pipeline since commencement of operations was $2.88 mcf.
***ENDS***
For further information:
Highlands Natural Resources plc
Robert Price +1 (0) 303 322 1066
Cantor Fitzgerald Europe
Nick Tulloch +44 (0) 20 7894 7000
David Porter
Newgate Communications
Elisabeth Cowell +44 (0) 20 3757 6880
Fiona Norman