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Highlands Natural Resources shares rise ahead of fracking restart

Yesterday's election results in Colorado provided a boost to the state's frackers, as Proposition 112 was not passed

oil and gas operations
Flow results are anticipated in late December or early January

Highlands Natural Resources Plc (LON:HNR) shares advanced in Wednesday’s early deals as the company told investors that hydraulic fracturing operations this week at the East Denver project.

It said that flow results from the new wells are expected in late December 2018 or early January 2019. The company also highlighted that the oil and gas industry in Colorado had been boosted by the results of yesterday’s election, which included a vote on Proposition 112.

READ: Highlands staggers remaining fracking operations after dry summer

Proposition 112 was not passed in the state. If it had, it would’ve demanded greater restrictions on fracking and the positioning of well sites.

It now means that the current limits, requiring wells to be at least 500-feet from occupied buildings and 1,000-feet from school structures, won’t be increased.

“This is a positive step for the Colorado oil and gas industry,” Highlands said.

“Highlands has already filed permits for a 104 well development programme at the West Denver Project and continues its discussions with potential partners for the development of its West Denver Project.”

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Price: 9.2 GBX

Market: LSE
Market Cap: £17.1 m

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