Pharma and Biotech
By Renae Dyer
Date: Monday 25 Jul 2016
LONDON (ShareCast) - (ShareCast News) - Shares in Highlands Natural Resources jumped on Monday after saying it has entered into a farm-in agreement with Renegade Oil & Gas Company in Arapahoe, Colorado.
The deal will allow Highlands to drill up to six horizontal wells in acreage prospective for the Niobrara shale formation. Highlands is paying $500,000 to Renegande, including an initial payment of $250,000 for the right to drill the first two wells and a second payment of $250,000 for the following four.
Highlands will retain a 100% working interest, which means full responsibility for drilling and operating costs, and will receive 80% of revenue generated by the wells.
The company also said it in advanced talks with several industry partners regarding the joint financing and development of the farm-in acreage.
Shares rose 9.55% to 29.99p at 1445 BST.
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Currency | UK Pounds |
Share Price | 1.87p |
Change Today | -0.13p |
% Change | -6.67 % |
52 Week High | 2.50 |
52 Week Low | 1.87 |
Volume | 1,043,348 |
Shares Issued | 506.29m |
Market Cap | £9.45m |
Value |
---|
Value |
---|
Income |
---|
Growth |
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No dividends found |
Time | Volume / Share Price |
09:12 | 47,740 @ 1.97p |
09:00 | 44,999 @ 2.00p |
09:00 | 44,999 @ 2.00p |
08:59 | 434 @ 1.90p |
08:56 | 70,000 @ 1.97p |
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