Highlands Natural Resources shares (LON:HNR) fell on Monday after the company updated investors on progress at its West Denver project.
The natural resources company announced that it had withdrawn 28 of its drilling permit applications near Standley Lake.
Nevertheless, Highlands Natural Resources confirmed that drilling and spacing unit applications for the rest of the 76 wells ‘remain unchanged’.
Highlands Natural Resources Chairman Robert Price commented, “As a company, Highlands is committed to the highest standards of operation and we had no hesitation in following the recommendations of the regulators and local interest groups. Our West Denver Project covers over 5,200 acres and the minor amendment to our plans around Standley Lake is expected to have no bearing on the project’s overall economic viability.”
Earlier this month, shares in the company ticked up after an election result in Colorado provided a boost for fracker’s in the state.
Specifically, Proposition 112 was not past in the state. The proposition would have required greater regulation on fracking in the region, which would have affected the company’s assets.
Highlands Natural Resources is listed on the London Stock Exchange. The firm was founded back in 2014, and has been listed since March 2015.
Shares in the company are currently down -5.45% as of 14:44AM (GMT), as the market reacts to the update.