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HIGHWOOD ASSET MANAGEMENT LTD. PROVIDES OPERATIONAL UPDATE, INCLUDING ITS INAUGURAL MLOH WELL RESULT, AND REITERATES GUIDANCE FOR 2024 HIGHLIGHTED BY 25% ORGANIC GROWTH AND MATERIAL DEBT REDUCTION

Newswire.ca - Wed Nov 22, 2023

/NOT FOR DISSEMINATION IN THE U.S. OR THROUGH U.S. NEWSWIRES/

CALGARY, AB, Nov. 22, 2023 /CNW/ - Highwood Asset Management Ltd., ("Highwood" or the "Company") (TSXV: HAM) is pleased to announce an operational update, including its inaugural multi-lateral open hole ("MLOH") well result, and to reiterate its 2024 guidance. Highwood anticipates allocating its organic free cash flow after sustaining capital on a 50:50 basis to support organic production growth of approximately 25% while also expecting to reduce Net Debt by approximately 25%, achieving Net Debt / ‎‎2024E EBITDA of under 0.8x in the next 12 months.

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