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Highlands Natural Resources gets more time to develop East Denver project

Greater operational flexibility will result from the amendments, Highlands said
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Drilling has already started at East Denver

Highlands Natural Resources Plc (LON:HNR) has extended the timeline for its East Denver Niobrara shale project in Colorado.

The end date has moved to December 2020 from 2018; the timeline from drilling to completion of each well extends to 270 days from 180 days while the gap between the drilling of wells is now 180 days from 90.

READ: Highlands Natural Resources kicks off fracking programme in Colorado

Greater operational flexibility will result from the amendments, Highlands said.

Fracking operations are currently underway at the Wildhorse and Powell wells and the amendments were the result of its performance under the farm-in agreement, which included the start of drilling before September 1. 

“In aggregate, the amendment provides significant additional time and flexibility for Highlands to fully develop the East Denver project using the efficiency of pad-based operations."

READ: Broker thinks successful completion of two drilled holes by Highlands Natural Resources is “a tremendous achievement”

Drilling and completion of up to 24 wells remains subject to certain approvals including permissions, density applications, and other approvals.

Highlands agreed the terms of its farm-in to this area of the East Denver project in December last year.

It allowed drilling on three additional 640 acre sections next to the three owned by Renegade Oil and Gas that Highlands originally farmed-in in July 2016.

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