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HIGHWOOD ASSET MANAGEMENT LTD. PROVIDES OPERATIONAL UPDATE, INCLUDING ITS INAUGURAL MLOH WELL RESULT, AND REITERATES GUIDANCE FOR 2024 HIGHLIGHTED BY 25% ORGANIC GROWTH AND MATERIAL DEBT REDUCTION
HIGHWOOD ASSET MANAGEMENT LTD. PROVIDES OPERATIONAL UPDATE, INCLUDING ITS INAUGURAL MLOH WELL RES...
About this update from Highwood Asset Management Ltd
[{"type":"text","content":"\n \n \n \n HIGHWOOD ASSET MANAGEMENT LTD. PROVIDES OPERATIONAL UPDATE, INCLUDING ITS INAUGURAL MLOH WELL RESULT, AND REITERATES GUIDANCE FOR 2024 HIGHLIGHTED BY 25% ORGANIC GROWTH AND MATERIAL DEBT REDUCTION\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: TOP; TEXT-ALIGN: LEFT; BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; BORDER-BOTTOM:black 0pt; BORDER-LEFT:black 0pt\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE; BORDER-TOP:1pt black; BORDER-RIGHT:1pt black; BORDER-BOTTOM:1pt black; BORDER-LEFT:1pt black\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n /NOT FOR DISSEMINATION IN THE U.S. OR THROUGH U.S. NEWSWIRES/\n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n Nov. 22, 2023\n \n \n /CNW/ - Highwood Asset Management Ltd., (\"\n \n Highwood\n \n \" or the \"\n \n Company\n \n \") (TSXV: HAM) is pleased to announce an operational update, including its inaugural multi-lateral open hole (\"\n \n MLOH\n \n \") well result, and to reiterate its 2024 guidance. Highwood anticipates allocating its organic free cash flow after sustaining capital on a 50:50 basis to support organic production growth of approximately 25% while also expecting to reduce Net Debt by approximately 25%, achieving Net Debt / ‎‎2024E EBITDA of under 0.8x in the next 12 months.\n \n \n \n \n \n \n \n \n \n \n Operational Update\n \n \n \n \n Highwood commenced its drilling program on\n \n September 16, 2023\n \n , spudding the 102/13-09-048-14W5 MLOH well (the \"\n \n 13-09 well\n \n \") at Brazeau, which offsets the 12-09-048-14W5 MLOH well. After approximately 20 days of cleaning up post drilling operations, the 13-09 well has averaged approximately 300 bbls/d of oil over the past seven days which is in line with the projected type curve for this well.\n \n \n On\n \n October 21, 2023\n \n , the Company spud a second MLOH well at Brazeau 14-09-048-14W5 (the \"\n \n 14-09 well\n \n \"), with the rig being released on\n \n No...