Highlands Natural Resources PLC Drilling Completed at Second East Denver Well (0306Q)
September 07 2017 - 1:00AM
UK Regulatory
TIDMHNR
RNS Number : 0306Q
Highlands Natural Resources PLC
07 September 2017
7 September 2017
Highlands Natural Resources plc ('Highlands' or 'the
Company')
Drilling Completed at Second East Denver Well
Highlands, the London-listed natural resources company, is
pleased to announce that it successfully reached Total Depth ("TD")
of 18,483 ft on the Wildhorse 5-64 15-16-1BHZ ("Wildhorse") well at
the East Denver Niobrara Project in Colorado ("East Denver") on 4
September 2017. The Company finished setting and cementing casing
in the well on 6 September 2017.
Similar to Highlands' first East Denver well, Powell 5-64
15-16-1CHZ ("Powell") where drilling and casing operations
completed on 29 August 2017, oil and gas is present in the well's
drill bit cuttings and drilling mud from the Niobrara formation
(referred to as positive "shows" of oil and gas). Mud logging
reports provided by independent contractors describe "abundant oil
in samples." 100% of the lateral portion of the wellbore was
successfully landed in the Niobrara formation. Initial analyses of
the formation indicate an oil and gas saturated reservoir.
Highlands' Chairman and CEO Robert Price said, "We have now
successfully drilled our second well in the East Denver project
in-zone and to the planned depth, and initial analyses of both
reservoirs are positive. The Wildhorse well was drilled to TD ahead
of schedule in approximately nine days, reflecting the continued
improvements and efficiency enhancements of our operational team
and our contractors which in turn will enable us to commence the
hydraulic fracturing process ("fracking") sooner than originally
planned.
"Not only have we proved drilling efficiency, I am proud to say
that we have also delivered two consecutive wellbores at East
Denver in a safe and environmentally responsible manner. We will
continue to hold ourselves and our contractors to rigorous health,
safety and environmental standards as we progress the project
through the drill programme.
"We are now moving the rig to a sideline of our location for
regular maintenance, and to commence the operational preparations
for the fracking process which is scheduled to commence by
mid-October. I look forward to providing further updates at this
exciting time for Highlands."
Summary and Next Steps
Drilling operations lasted approximately nine days at the
Wildhorse well, and casing operations lasted approximately two
days, which is faster than the Company's initial expectation of
operations lasting approximately two weeks. The Wildhorse well was
landed successfully in the Niobrara formation, and 100% of the
9,769-foot lateral portion of the wellbore is in the Niobrara
reservoir according to mud logs (a highly positive result).
After casing and cementing the Wildhorse well, the rig's next
operation is to move to a sideline location for regular
maintenance. Highlands had previously scheduled to start hydraulic
fracturing in late October or early November 2017. However, the
early delivery of both the Powell and Wildhorse wells enabled an
earlier "frac date" with operations now expected to commence by
mid-October 2017. Schedules are subject to change based on service
provider logistics, but Highlands is now preparing to commence
fracturing operations based on the accelerated timeline.
Hydraulic fracturing or "fracking" will last several weeks from
the time of commencement. Following this completions phase, the
Company will begin the flow-back process and production process,
resulting in definitive oil and gas production results, which the
Company will release to the market.
Highlands has posted photos and video of the East Denver
operation, including aerial drone media, to the Media page at
www.highlandsnr.com.
THIS RELEASE CONTAINS INSIDE INFORMATION.
**ENDS**
For further information, please visit www.highlandsnr.com, or
contact:
Highlands Natural +1 (0) 303 322
Robert Price Resources plc 1066
Cenkos Securities +44 (0) 131 220
Nick Tulloch plc 9772
+44 (0) 131 220
9771 /
Cenkos Securities +44 (0) 207 397
Neil McDonald plc 1953
St Brides Partners +44 (0) 20 7236
Lottie Brocklehurst Ltd 1177
St Brides Partners +44 (0) 20 7236
Hugo de Salis Ltd 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.
This information is provided by RNS
The company news service from the London Stock Exchange
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