Flows at East Denver wells in line with forecasts, says Highlands
Source - SMW
Highlands said the flowback process was progressing in-line with expectations, and had so far reached a combined flowrate of 637 barrels of oil equivalent per day from the Wildhorse and Powell wells at the East Denver project in the 24 hour period ending 12:00 p.m. MT, 10 Nov.
Highlands said it noted that oil and gas production volumes and fluid percentages had been rising steadily, and that the company would announce a definitive initial production result in the coming weeks once production rates stabilised.
Halliburton is supplying technical support, and oilfield services to support initial activities at the East Denver project under a Participation Agreement signed in August 2017. Halliburton senior vice-president Rick Grisinger said: 'The preliminary results of the Powell and Wildhorse wells demonstrate the significant potential of the East Denver project.
'We are pleased to collaborate with Highlands and provide value through our industry-leading services, technologies, and technical expertise.
'We look forward to continuing our support of Highlands to facilitate the additional development of the East Denver Project.'
Highlands chairman and chief executive Robert Price said: 'I am very proud of the team's hard work and all of our progress in a relatively condensed timeframe, which culminated in the safe and efficient execution of our drilling and completions programme and resulted in two promising wells.
'These preliminary results support our vision of the significant value available through additional pad-based development at East Denver.
'Looking ahead, Highlands plans to draw on our strategic relationships and our track record of execution to maximise the value of the East Denver project.'
At 9:07am: (LON:HNR) Highlands Natural Resources Plc share price was -1.38p at 33.25p