Highlands Natural Resources PLC Extended Drilling Timelines at East Denver (7500S)
October 05 2017 - 1:00AM
UK Regulatory
TIDMHNR
RNS Number : 7500S
Highlands Natural Resources PLC
05 October 2017
5 October 2017
Highlands Natural Resources plc ('Highlands' or 'the
Company')
Extended Drilling Timelines at East Denver via Amended Farm-In
Agreement
Highlands, the London-listed natural resources company, is
pleased to announce that it has executed an Amendment ("Amendment")
to the Farm-in Agreement originally announced on 16 December 2016
("Farm-in Agreement") at its East Denver Niobrara shale oil and gas
project in Colorado (the "East Denver Project" or "East Denver").
The Amendment provides Highlands with an extended timeline and
greater operational flexibility to facilitate the full-field
development of the East Denver opportunity, where fracking
operations are currently underway at the Wildhorse and Powell
wells.
The Amendment achieves the following changes to the Farm-in
Agreement:
-- Extends end date from 31 December 2018 to 31 December 2020,
providing additional time for Highlands to fully develop the
acreage
-- The allowable timeline from drilling to completion of each
well is extended from 180 to 270 days, which allows for more
efficient pad-based drilling of multiple wells in batches as
opposed to individual wells
-- The allowable timeline between the completion of one well and
the commencement of a subsequent well is extended from 90 days to
180 days, which also facilitates efficient phase-based
operations
Today's Amendment follows Highlands' ongoing performance under
the Farm-in Agreement, including the commencement of drilling prior
to 1 September 2017, and directly benefits current and future
workstreams.
In aggregate, the Amendment provides significant additional time
and flexibility for Highlands to fully develop the East Denver
project using the efficiency of pad-based operations. Drilling and
completion of up to 24 wells remains subject to certain approvals
including permitting, density applications, and other commercial
and regulatory approvals typical of the Colorado oil and gas
industry, many of which are already in process.
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 Wadham Ltd 1177
St Brides Partners +44 (0) 20 7236
Hugo de Salis Ltd 1177
This information is provided by RNS
The company news service from the London Stock Exchange
END
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