Full Year Highlights
Post Period End Highlights
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.”