Highlands Natural Resources plc say an onshore shale prospect in Colorado holds “significant potential”.
The London listed oil and gas and technology company said preliminary results from the Wildhorse and Powell Wells at The East Denver Project are both showing “promising” early indicators.
So far the company, supported by Halliburton, has reached a combined flowrate of 637 BOE per day from the two wells in a 24 hour period.
Highlands said that oil and gas production volumes and fluid percentages have been rising steadily, and the company will announce a definitive Initial Production (“IP”) result in the coming weeks once production rates stabilize.
Highlands’ chairman and chief executive officer, 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 program 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 maximize the value of the East Denver project. I look forward to updating the market with next steps and additional data in the near term.”
Additional wells are also planned at the site.