27th Nov 2015 09:15
LONDON (Alliance News) - Highlands Natural Resources PLC Friday reported an operating loss in the period from its incorporation to end-September, as it made its sole investment in US-based Diversion Technologies LLC.
For the period of its incorporation on November 13 2014 to end-September 2015 the company reported an pretax operating loss of GBP937,707. It did not post revenue for the period.
The company was admitted to trading in March of this year.
During this period Highlands Natural Resources sought out development opportunities in the oil and gas sector, and in May bought a 75% stake in Diversion Technologies for GBP607,500, through the issue of 1.9 million shares and a grant of a further 30 million shares at 25 pence each.
Diversion Technologies is developing a new diverter well stimulation technology dubbed 'DT Ultravert'. In September, Highlands inked terms for a licence agreement with Schlumberger Technology Corp for a due diligence period to evaluate DT Ultravert.
Following the period end the company made a second investment, acquiring an exploration lease for land in the Williston Basin, North Dakota, in the US for USD19,728.
Shares in Highlands Natural Resources were untraded Friday morning. It last closed at 14.90 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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