2 May 2018 07:00
2 May 2018
Highlands Natural Resources plc ('Highlands' or 'the Company')
Spudding of fourth well at East Denver oil and gas
Highlands, the London-listed natural resources company, is pleased to announce that it has spud its fourth well at the East Denver Niobrara shale oil and gas project ("East Denver" or "the Project") today.
Highlands is sequentially drilling out the surface casing on the six new wells being funded by True Oil LLC before drilling out the lateral portion of each wellbore.
This follows Highlands' agreement with True Oil LLC, announced on 20 April 2018, which sees the entire capital costs of at least six additional wells funded by Highlands' partners. On completion, the total number of wells at East Denver will be eight.
Highlands remains operator of the project currently, although True has the option to assume operatorship of the East Denver project in the future.
***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
Redleaf Communications
Elisabeth Cowell
Fiona Norman +44 (0) 20 3757 6880
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 horizontal oil and gas project targeting the Niobrara shale formation in a well-studied area of the Denver Julesburg Basin. The Company has two wells drilled and producing cash flow and is now fully funded for at least six additional wells, to be delivered in the short term. It has a 7.5% carried interest in existing and future wells.
· DT Ultravert: a re-fracking and parent well protection technology with four patents allowed and additional patents pending in the United States and internationally. Highlands is advancing commercial conversations with a range of oil and gas operators and service providers to commercialize DT Ultravert technology.
· Helios Two: a 220,000+ acre helium and natural gas prospect in SE Montana with drilling and assessment operations ongoing.