18 Aug 2017 07:00
18 August 2017
Highlands Natural Resources plc ('Highlands' or 'the Company')
Interim Operations Update For East Denver Niobrara Project
Highlands, the London-listed natural resources company, is pleased to announce that it has successfully drilled and set surface casing in both the Wildhorse 5-64 15-16-1BHZ ("Wildhorse") and Powell 5-64-15-16-1CHZ ("Powell") wells. Completion of surface casing represents an important operational milestone, and Highlands reports smooth operations at East Denver to date. Consistent with the plan and timeline announced on 11 August, Highlands is now drilling the remainder of the Powell well, which targets the Niobrara C formation and should reach its final depth in approximately two weeks.
Highlights:
· Wildhorse spud on 10 August
· Rig subsequently walked to adjacent Powell well
· Both wells now drilled to approximately 2,100 feet; surface casing has been set and cemented successfully in both wells
· Highlands now continuing to drill Powell into the Niobrara C Formation
o Estimated remaining drill-time is approximately two weeks
Additional Information:
Drilling operations for the Powell well are expected to continue for approximately two weeks with a targeted Total Depth ("TD") of 18,247 ft representing the total vertical and horizontal distance drilled in the well. Upon reaching TD, the Company will update the market with the results of drilling, including the portion of the horizontal wellbore placed in the Niobrara reservoir, which is a leading indicator of the well's productive capacity.
Highlands' Chairman and CEO Robert Price said, "Operational execution is essential to delivering East Denver wells on-cost and on-time, so it is important to update the market that Highlands has now completed the drilling and cementing of surface casing for our first two wells in line with stated operational plans and timelines. I look forward to updating the market of additional milestones after we drill the remainder of the Powell well and have the opportunity to analyze resulting geologic and reservoir data, which will be helpful indicators of the well's productive potential. With the support of our financial partners and top quality contractors and advisors, I am confident in Highlands' ability to execute the East Denver operations plan and to deliver first oil, first gas and first revenue to shareholders."
THIS RELEASE CONTAINS INSIDE INFORMATION.
**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 |
Hugo de Salis | 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 one patent granted and additional 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.