The firm reckons the project may be a significant overlooked resource.
Shares in Highlands Natural Resources Plc surged as it increased the footprint of its Helios Two natural gas and helium project as it continues talks with several parties over a joint venture on the Montana property. It has bought an additional 15,623.59 acres for a cash total of US$53,734.16, it told investors. Chief executive Robert B. Price said: “We increased the size of our Helios Two Project in Montana due to the compelling initial expectations set by RPS Knowledge Reservoir in its Competent Person’s Report regarding the recoverable natural gas and helium volumes and projected net present value for the project. “We are confident that we can maximise value by developing the asset together with industry partners.” The firm reckons the project may be a significant overlooked resource.
Last week the firm revealed it had opted not to go ahead with the £4mln sale of the project. Instead of offloading it to London-listed Opera Investments, it will now develop the asset itself in a two-phase approach. Highlands, which also owns a re-fracking technology, said initially, the plan was to sink three wells in a ‘Trident’ pattern – two will produce the other will be an injection well. Doing this will help establish concentrations and flow rates for natural gas, helium, water and other “produced volumes”. If successful, it will install separation, handling and midstream transportation infrastructure required to scale up operations.