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Highlands Natural Resources rises to a premium on London debut

Last updated: 21:24 25 Mar 2015 AEDT, First published: 22:24 25 Mar 2015 AEDT

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Highlands Natural Resources (LON:HNR), a standard listing on London’s main market, today began trading at a premium following the admission of 20mln ordinary shares priced at 5p each.

The Highlands vehicle intends to target companies distressed by weak oil prices and acquire quality oil and gas assets. 

Chief executive Robert Price says debt-ridden companies are becoming increasingly desperate, and Highland will look to capitalise on this market opportunity.

“The current oil and gas environment presents an excellent market opportunity to acquire high quality assets from distressed companies,” he said in a statement.

The plan is to structure a portfolio of assets comprising around 80% production, and 20% high upside exploration. Geographically this may include projects in the USA, European Union, East Asia and select parts of Africa.

A range of opportunities are currently being evaluated, the company said.

Trading over 1mln shares, at prices up to 7.5p, the nascent oil company made a premium debut on Wednesday. Priced at 6.62p per share at 11:30 am the shell was valued at £1.3mln.

Price is a founder of Palomar Natural Resources and was previously involved with San Leon Energy, as part of its advisory board. 

He has invested £600,000 personally into Highlands thus far.

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