Highlands stock moves higher as it spuds fifth East Denver well

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Highlands Natural Resources has spud its fifth well at the East Denver Niobrara shale oil and gas project, it announced on Thursday.

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The London-listed company was currently sequentially drilling out the surface casing on the six new wells being funded by True Oil, before drilling out the lateral portion of each wellbore.

“This follows Highlands' agreement with True Oil, announced on 20 April, which sees the entire capital costs of at least six additional wells funded by Highlands' partners,” the firm’s board explained in its statement.

“On completion, the total number of wells at East Denver will be eight.”