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Highlands Natural Resources tweaks strategy following East Denver progress

Published: 16:31 21 May 2018 AEST

oil and gas operations
A funded six-well drill programme is underway at East Denver

Highlands Natural Resources Plc (LON:HNR) told investors that it has reviewed its strategy in the wake of its recent progress at the East Denver project in Colorado.

The company recently secured a funding deal for East Denver and, in doing so, set the project on a path to significant revenue growth, thanks to an initial six-well programme.

READ: Highlands Natural Resources spuds six new wells at East Denver project

In Monday’s statement, Highlands said it will now aim to accelerate the development of its existing projects as well as invest in at least one further shale development.

It intends to evaluate and acquire new Colorado-based shale opportunities, targeting projects with similarities to East Denver.

Additionally, the company plans to restart testing at the Helios Two project and will evaluate potential opportunities to enhance the economics of DT Ultravert well services business.

A strong position

“We are in a strong position to build value in our existing project portfolio, and to build on our existing revenues via new oil and gas projects thanks to the rapid progress made over the past three years,” said Robert Price, Highlands chairman.

He added: “The company has grown from a £1mln entity, listed in 2015 by a lean team with a vision of delivering opportunistic oil asset acquisitions, to an established business with growing cash flow.

"Where we once had initial entrepreneurial concepts, today we benefit from an ongoing drilling programme and revenue generation as well as a portfolio of exciting growth opportunities including revolutionary technology (DTU) and exploration assets with significant upside potential (Helios Two)."

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