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Highlands Natural Resources gets production and oil price boost

Published: 07:31 04 Dec 2017 GMT

oil wells
Production has stabilised at around 1,771 barrels equivalent

Highlands Natural Resources Plc (LON:HNR)  has seen oil and gas production from the Powell and Wildhorse wells at East Denver rise further.

Oil and gas production from a month of flow-back testing has now stabilised at 1,771 barrels daily compared to 1,333 barrels reported last week.

READ: Highlands Natural Resources highlights project milestones and transformational funding

Revenues have also been boosted by the recent spike in oil and gas prices with Highlands receiving the Nymex WTI (West Texas) price minus US$1.80.

The future for January delivery has risen to US$58 per barrel, an increase of about US$10 per barrel from August.

The split is 1,569 barrels of oil and 1,212 MCF of gas per day.

READ: HNR reveals significant step-up in East Denver well flows

Robert Price, chairman and chief executive, said the current production rates more than vindicate the company’s belief that East Denver is a great opportunity. 

As revenues increase it will spend on more wells at East Denver wells, the Helios Two project and its DT Ultravert technology, added Price.

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