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Highlands Natural Resources PLC

Highlands Natural Resources says all eight new East Denver wells are now online

The project is expected to deliver "robust revenue streams" to the company

oil and gas operations
It has a 7.5% interest in the new wells

Highlands Natural Resources Plc (LON:HNR) has told investors that all eight new wells at the East Denver project are now online as production wells.

The company owns a 7.5% interest in East Denver and it expects it will now receive robust revenue streams from the wells throughout 2019.

READ: Highlands Natural set for new wells boost at East Denver

Last year at East Denver, Highlands received a US$58.5mln commitment from a US oil-and-gas-focused private equity group to support an expansion of up to 24 wells at the site.

According to HNR, the East Denver project has an NPV10 range for six wells of between US$23.3mln to US$30.1mln. An estimate for the full 24 wells sees this as an increase of between US$96.6mln to US$124.5mln.

 

Quick facts: Highlands Natural Resources PLC

Price: £0.07

Market: LSE
Market Cap: £9.76 m
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