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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Highlands Natural Resources Plc | LSE:HNR | London | Ordinary Share | GB00BWC4X262 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.70 | 4.60 | 4.80 | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMHNR
RNS Number : 7165O
Highlands Natural Resources PLC
23 August 2017
23 August 2017
Highlands Natural Resources plc ('Highlands' or 'the Company')
Further Third-Party Funding For East Denver
Highlands, the London-listed natural resources company, is pleased to announce that it has executed a participation agreement (the "Participation Agreement") providing additional third-party funding for the Company's drilling programme at its East Denver Niobrara shale oil and gas project in Colorado (the "East Denver Project" or "East Denver"). Highlands' counterparty in the Participation Agreement is a leading oilfield services company, with global operations and listed on the New York Stock Exchange ("Participant").
The Participation Agreement includes drilling and completions costs for a minimum of four wells and up to 24 wells (the "Programme Wells"). In combination with the Joint Development Agreement announced on 6 July 2017 with Raisa, the commercial terms of the Participation Agreement give Highlands a long term working interest in the Programme Wells of 70%. Additionally, under the Participation Agreement, Highlands will receive a pro-rata reimbursement of its East Denver land costs on a well-by-well basis upon the spud of each well.
Highlights:
-- Drilling at East Denver has already commenced
-- Highlands retains a 70% long-term working interest in the Programme Wells after a return of invested capital, while the Company funds only 51.25% of drilling and completions costs
-- Formation of a joint technical team, wherein highly experienced staff from the Participant will engage with Highlands' internal team to jointly evaluate and execute technical decisions
Highlands' Chairman and CEO Robert Price said, "In the past month, we have secured investment into East Denver from a leading US private oil and gas investment company and now a leading oilfield services provider. Not only does this provide outstanding third-party validation of our East Denver Project but it positions Highlands to advance and accelerate our drilling operations there.
"Drilling operations are now underway at East Denver, and we will continue our updates to investors in due course."
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
August 23, 2017 02:00 ET (06:00 GMT)
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