Highlands Natural Resources: Final Results and Notice of AGM

Posted by OilVoice Press - OilVoice


Full Year Highlights

  • Transformation into a revenue generative company with reduced cost base following the completion of two wells at the East Denver Niobrara Project
  • £2.9 million of income delivered during four months up to 31 March 2018 from just two wells (2017: Nil) which sit in the top 3% of all horizontal Niobrara wells in Colorado
  • Strong long-term relationships developed with top industry firms such as Halliburton and True Oil across three divisions:
    • Shale production and development – Colorado
    • Enhanced Oil Recovery – DT Ultravert and associated gasses
    • Helium Exploration
  • DT Ultravert technology proven to prevent ‘well bashing' in horizontal and vertical wells and to enhance well productivity
  • Increased Helios Two Project acreage up to 220,000 acres in southeast Montana which are prospective for natural gas and helium

Post Period End Highlights

  • $5.4 million cash secured through deal to de-risk East Denver
  • Six more wells drilled and being developed with full financing from partners 
  • Highlands now has a 7.5% carried interest in first eight wells to produce at the project with additional upside potential to own 7.5% interest in up to 24 wells at no extra cost
  • Acquisition of the West Denver project – potential to drill at least 48 wells at the location
  • Galvanising reputation as an innovator in the Enhanced Oil Recovery space through acquisition of nitrogen and carbon dioxide assets
  • Nitrogen purity levels over 99.59% - anticipated to deliver a supply of feedstock for DT Ultravert and to supply third parties

Highlands Chairman Robert Price said, “This has been a transformational period for Highlands and we are very excited to have reported our first revenues.

“This means that we enter the 2018/2019 financial year in a position of strength. We have reduced our overheads by 30%; strengthened our cash position thanks to the $5.4 million we received through the East Denver transaction; and expect to end the year with a carried interest in eight producing wells which, assuming they are as successful as the first two we drilled, will provide us with a 7.5% working interest in up to 5,000 bopd. Even better, our activities at East Denver are entirely repeatable, providing us with a clear path through which we can build our revenue across multiple shale projects.

“We have made strong strides forward in terms of DT Ultravert too. As well as proving the concept through our testing in the period, the Federal jury trial's decision to award monetary compensation to parties injured by bashing has highlighted the importance of our solution. Even more importantly, we have reacted to feedback regarding the cost of implementing DT Ultravert having acquired our own high purity resource located close to infrastructure in Kansas. We are particularly excited about the opportunity this asset provides to potentially enter a range of new markets, as well as aid the commercialisation of our potentially revolutionary Enhanced Oil Recovery offering.

“I hope shareholders will share in our excitement for the future, which is even brighter now that we have a source of cash flow.  We have enough cash to fund our current activities and I forward to providing updates in the coming months as we advance our operations to drive value.” 

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AGMHighlands Natural ResoucesEast Denver ProjectcoloradoonshoreUnited StatesUS

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