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Highlands agrees extended drilling timelines at East Denver

05 October 2017 08:11

Highlands Natural Resources has amended the farm-in agreement originally announced on 16 Dec 2016 at its East Denver Niobrara shale oil and gas project in Colorado.

Highlands said the amendment gave it an extended timeline and greater operational flexibility to facilitate the full-field development of the East Denver opportunity, where fracking operations were currently underway at the Wildhorse and Powell wells.

It said the amendment achieved the following changes to the farm-in agreement: - Extends end date from 31 Dec 2018 to 31 Dece 2020, providing additional time for Highlands to fully develop the acreage - The allowable timeline from drilling to completion of each well is extended from 180 to 270 days, which allows for more efficient pad-based drilling of multiple wells in batches as opposed to individual wells - The allowable timeline between the completion of one well and the commencement of a subsequent well is extended from 90 days to 180 days, which also facilitates efficient phase-based operations

At 8:11am: (LON:HNR) Highlands Natural Resources Plc share price was +0.38p at 26p

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