Highlands granted US patent; operating losses rise
Source - SMW
Highlands Natural Resources has been granted a patent in the US for its 'parent well protection process'.
Highlands said this was the first issued patent among its portfolio of pending patent applications related to parent well protection and re-fracking and was announced as the company posted operating losses of £3.4m for the year to the end of March - up from £1.8m last time.
Highlands said the first DT Ultravert patent was a major milestone for the company and it was optimistic about additional application approvals in due course.
It said the patent significantly enhanced the company's strategic marketing position as the sole provider of the DT Ultravert parent well protection processes and it was now in a position, if required, to enforce and seek financial compensation from companies that infringe on the patent, including oil and gas companies as well as service providers.
The group generated no revenue from its operations in the year to the end of March and transactions undertaken so far had focused on the acquisition of assets and rights that would be capable of generating revenue for the group in future years and the evaluation of those assets.
Chairman Robert Price said: "This has been an incredibly exciting year for Highlands which has seen us expand our asset base to provide our shareholders with exposure to a diverse portfolio of high potential resource projects.
"With our three core projects all having company-making potential, we are eager to continue progressing them with a focus on our East Denver Niobrara drilling programme with a view to achieving near term cash flows and potential profitability."
At 8:11am: (LON:HNR) Highlands Natural Resources Plc share price was +1.75p at 27.75p