Highlands concludes Colorado well completions

Highlands Natural Resources said on Wednesday that its operating partner has successfully concluded completion operations for the six new wells at the East Denver Project and flowback has commenced from three of those six.

The original project well, Powell, is currently producing and the other original well, Wildhorse, is also being prepared for the resumption of production in the near future.

Highlands said provisional data from the three new wells flowing back, Buckskin, Grizzly and Ouray, shows that these wells should perform in line with the existing two wells drilled by the company, which have been ranked in the top 3% of all Niobrara wells in the Denver Julesburg basin.

Flowback from the remaining three new wells, Thunder, Citadel and Hagar, is expected in the next two weeks with timing being subject to possible change due to the recent extreme cold weather conditions at the location.

On conclusion of these activities, Highlands will have a 7.5% carried interest in eight producing wells at East Denver and will be positioned to deliver revenues from the project throughout 2019.

At 1350 GMT, Highlands shares were down 1% at 10.80p.