Highlands, the London-listed natural resources company, is pleased to present its interim results for the six months ended 30 September 2018.
- Three of Highlands’ projects are now revenue generating.
- The expansion of East Denver to eight producing wells by the end of this year is expected to deliver sufficient cash flow to cover overhead costs for 2019.
- First commercial sale agreement from nitrogen resources in Kansas.
- Potential application of naturally occurring nitrogen-hydrogen to organic agriculture.
- Formation of Highlands Water Resources to facilitate a range of initiatives for water resource management solutions for the US oil & gas industry
Highlands’ Chairman and CEO, Robert Price, said:
“The development agreement concluded for our East Denver Project has been the defining point of 2018. It both fully funded the project at no cost to Highlands and delivered US$5.4 million to the company, enabling us to invest in a broad portfolio of projects in line with our strategy.
“We are expecting to have eight producing wells on the project by the beginning of 2019 and, assuming the new wells perform in line with the first two wells, our 7.5% share of revenues will fully cover all of our overheads.
“In the meantime, two of our new projects, developed during the period under review and funded from the proceeds of our East Denver Project, have already begun to make a revenue contribution. Whilst small at present, we expect to develop both projects and deliver additional revenues during 2019.
“Highlands enters the new year in a strong position and, as our portfolio of operations develops, we look forward to updating our shareholders on our progress.”
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/13122018/highlands-natural-resources-plc-provides-interim-results-for-the-six-months-ending-30-september-2018/