Highlands Natural Resources (LON:HNR) shares ticked up on Wednesday morning, after the company updated the market on its successful results from recent DT Ultravert deployment in a well in the Permian Basin.
According to the company statement, Highlands’ parent well protection technology, DT Ultravert, was utilised in a one-mile horizontal well operated by a private upstream oil and gas company.
Specifically, the operations used membrane and cryogenic Nitrogen gas injections ‘to pressurize the parent well during the fracking of an offsetting child well’.
The company revealed that the operations were executed both safely and efficiently, which affirmed expectations that DT Ultravert technology will prove able to maintain protective reservoir pressures in a horizontal wellbore.
The aforementioned technology is patented by Highlands National Resources.
Highlands’ Chairman and CEO Robert Price said, “The result of our Permian Basin operation marks a milestone for Highlands as it reaffirms our belief in DT Ultravert’s ability to transform the shale industry.
Explaining the successful round of results, Price noted:
“Successful parent well protection by DT Ultravert in a horizontal well in the highly active Permian Basin is a major step forward in the technology’s commercialization process. This news should draw attention from many operators currently concerned by the threat of bashing. Horizontal wells represent the bulk of today’s development activity in North America and therefore constitute the primary market for DT Ultravert.
Looking ahead, he added:
“Highlands looks forward to arming the broader shale industry with our patented DT Ultravert technology as a way to protect existing production and enhance child well performance in shale plays. DT Ultravert will be prominently displayed at NAPE, and I look forward to personally sharing these test results with our industry colleagues at the conference in Houston this week.”
“Beyond DT Ultravert, Highlands recently crossed the 100,000 barrels of cumulative production milestone at our East Denver Niobrara project, and also recently completed a promising gas production test at our 220,000-acre Helios Two project in Montana. All in all, 2018 is off to a fast start, and I look forward to updating the market with additional news in due course.”
Highlands Natural Resources has been operating since November 2014, with a listing on the London Stock Exchange as of March 2015.
Back in November, the natural resource exploration company revealed progress at its East Denver Well, causing shares to bounce.
Shares in Highlands are currently trading up 16.73 percent as of 11.43AM (GMT).