Highlands Natural Resources Plc (LON:HNR) acknowledged Friday’s share price rise and told investors that its plans for drilling in Colorado got a boost.
The company confirmed that the Colorado Oil and Gas Conservation Commission last week approved permits for a surface location as well as the company's first four applications to drill in the East Denver project.
It noted though that these approvals are one of a number of procedural measures required before drilling operations can get underway.
HNR added that it is presently awaiting final review and approval of permit applications with Arapahoe County as well as approvals from local fire and emergency service authorities. It expects these additional permits will be granted ‘in the normal course of business’.
Negotiations are underway for third party financing for the proposed drill programme.
HNR added that it has now advanced service provider relationships to the point where it expects to be able to start drilling as soon as it gets the regulatory and financial green lights.