Highlands Natural Resources Plc (LON:HNR) Initial Production Rates for Powell and Wildhorse

Highlands, the London-listed natural resources company, is pleased to announce that oil production rates from Powell and Wildhorse wells at its East Denver location (‘East Denver’) have stabilized at an Initial Production (‘IP’) rate of 1,771 BOEPD after a flow-back period of approximately one month. Besides rising oil and gas production rates, Highlands’ East Denver project also benefits from rising oil prices.

Initial Production Summary

· Wildhorse and Powell combined oil production rate is 1,569 BOPD

· Wildhorse and Powell combined gas production rate is 1,212 MCFPD

· Combined IP production rate of both oil and gas is 1,771 BOEPD

· Overall, Highlands expects to greatly benefit from high production rates, rising oil prices and the quality of East Denver’s oil due to its light, sweet properties

o Strong realized sales price for the month of November – the NYMEX WTI spot price less US$1.80

Highlands’ Chairman and CEO Robert Price said,

“Since commencing our operations at East Denver last year, we have been convinced that this project represents a great opportunity for Highlands. Yet, today’s confirmation that our oil production generates more value vindicates our decision to prioritize East Denver for our shareholders. As revenues from our project here continue to build, we will be well positioned to further invest in additional East Denver wells, as well as our Helios Two project and DT Ultravert technology with a view to generating substantial returns for our shareholders.”



Linking Shareholders and Executives :Share Talk

If anyone reads this article found it useful, helpful? Then please subscribe www.share-talk.com or follow SHARE TALK on our Twitter page for future updates.

Terms of Website Use

All information is provided on an as-is basis. Where we allow Bloggers to publish articles on our platform please note these are not our opinions or views and we have no affiliation with the companies mentioned