Business
East Denver Wells Hit 100,000 Barrels Production
East Denver Wells Hit 100,000 Barrels Production.
About this update from Chill Brands Group Plc
[{"type":"text","content":"\n \nRNS Number : 9829D Highlands Natural Resources PLC 06 February 2018 \n\n6 February 2018\nHighlands Natural Resources plc ('Highlands' or 'the Company') \nEast Denver Wells Hit 100,000 Barrels Production\n\nHighlands, the London-listed natural resources company, is pleased to announce that cumulative oil production from the Powell and Wildhorse wells at its East Denver project in Colorado ('East Denver') reached a combined 100,000 barrels on 5 February 2018. Strong production rates and effective operations have contributed to reaching this landmark just 64 days after the announcement of Initial Production ('IP') rates. \n \nIn parallel with this milestone, the Company is also pleased to announce that the Company's increased density application (allowing up to eight wells in the Company's northern drilling unit) was approved by the Colorado Oil and Gas Conservation Commission ('COGCC') on 29 January 2018. Eight wells per unit represents full field development potential, and allows Highlands to maximize the value of its assets. With oil and gas prices rising significantly since IP, Highlands aims to replicate the success of its Powell and Wildhorse wells through additional drilling at East Denver during spring 2018. This approach is in line with the Company's strategy to fully develop the East Denver asset with up to 24 wells by using its combined commitment of up to US$58.5 million from a leading US private equity oil and gas investment company and a leading oilfield services provider.\n \nHighlands' Chairman and CEO Robert Price said, \"Today's milestone highlights the success of our East Denver project as a technical and economic win for Highlands. The Wildhorse and Powell wells have generated and continue to generate significant revenue streams for Highlands. Moreover, strong results from our first two wells have only increased our confidence in the future development plans for East Denver, which continue to gain momentum with the recent approval of our increased density application.\"\n \nTHIS RELEASE CONTAINS INSIDE INFORMATION.\n \n**ENDS**\n \nFor further information, please visit www.highlandsnr.com, or contact:\n\n\n\n\nRobert Price\n\n\nHighlands Natural Resources plc\n\n\n +1 (0) 303 322 1066\n\n\n\n\nDavid Porter\n\n\nCantor Fitzgerald Europe\n\n\n+44 (0) 20 7894 7000\n\n\n\n\nL...