Highlands Natural Resources said six new wells on the East Denver shale oil and gas project in Colorado have been completed, with flowback starting on three of the six.
The London-listed natural resources company said in a stock exchange annoucement that the existing Powell well has started production, and the Wildhorse well is being prepared to resume production in the near future.
Provisional data from the three new wells flowing back, Buckskin, Grizzly and Ouray, indicate that these wells should perform in line with the existing two wells drilled by Highlands, which have been ranked in the top 3% of all Niobrara wells in the Denver Julesburg basin.
Flowback from the remaining three new wells, Thunder, Citadel and Hagar, is expected in the next two weeks with timing being subject to possible change due to the recent extreme cold weather conditions at the location.
On conclusion of these activities, Highlands will have a 7.5% carried interest in eight producing wells at East Denver and will be positioned to deliver revenues from the project throughout 2019.
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