(MENAFN- ProactiveInvestors - N.America) Highlands Natural Resources Plc (LON:HNR) has unveiled a low cost acquisition of oil exploration acreage in North Dakota.
The AIM quoted company has acquired some 1,979 acres in the Williston Basin in a deal worth around US$14,000, paid in cash. The deal adds to North Dakota licences acquired in November, and its takes Highlands' position in the area to 3,951 acres.
"We are delighted with the low cost acquisition of these exploration licences in North Dakota,' said chief executive Robert Price.
'We will continue to update the market as we continue our oil and gas leasing campaign."
Strictly speaking well technology is Highlands core asset, though amid weak markets for the oil industry it is building a portfolio of projects.
The company's DT Ultravert technology, for which it is now partnered with Schlumberger, allows existing wells to be refracked to enhance field output without the need for new wells.
Last month, Highlands announced a 519,000 fund raise with a placing to existing investors and it highlighted the funds would support the group's strategy to capitalise on the current oil and gas environment through the acquisition and commercialisation of oil and gas assets and technology.
It also guided that work could begin in June for the DT Ultravert technology in commercial tests in Colorado.
Highlands has also unearthed uranium potential within areas in Utah whilst it analysed historic well logs.
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