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.
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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.