TIDMUPL

RNS Number : 9710J

Upland Resources Limited

03 July 2017

03 July 2017

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

Wressle Planning Decision

Upland Resources Limited, the oil and gas company actively building a portfolio of attractive upstream assets, notes the North Lincolnshire County Council Planning Committee's decision to once again refuse planning consent for the development of the Wressle Oil Field. The decision was taken despite recommendation for approval from the Planning Officer and regardless of additional information supplied by the Operator, Egdon Resources ("Egdon").

Upland's wholly-owned subsidiary, Upland Resources (UK Onshore) Limited ("Upland UK"), entered into a conditional agreement dated 24 November 2016 for the farm-in by Upland UK (by way of assignment from Europa Oil & Gas Limited) to a 10% interest in each of PEDLs 180 and 182, including the Wressle Field development (the "Wressle Farm-in Agreement"). Completion of the Wressle Farm-in Agreement is conditional on receipt of certain planning and other approvals which may be waived at Upland's discretion.

Steve Staley, Upland Resources CEO, said:

"We are disappointed by today's decision, which goes against the positive recommendation submitted by the Council's own Planning Officer and the extensive information submitted by the Operator, Egdon Resources. We understand that Egdon will proceed with its appeal against the Council's original decision (dated 11 January 2017).

"Though this is a setback, we believe in the potential of this site. Completion of the Wressle Farm-in Agreement - through which Upland Resources has a conditional agreement for a 10% interest in each of PEDLs 180 and 182 - remains conditional on receipt of planning and other approvals. We will review our position in regard to the Farm-in Agreement in the context of today's planning decision.

"Upland has been progressing a number of opportunities, both in the UK and overseas, and is pleased to report that good progress has been made. I look forward to updating shareholders in the near future."

Contact details:

 
 Upland Resources Limited                           www.uplandres.com 
 Steve Staley, CEO                             s.staley@uplandres.com 
 Optiva Securities Limited                   www.optivasecurities.com 
 Jeremy King (Corporate                      Tel: +44 (0)20 3137 1904 
  Finance)                           jeremy.king@optivasecurities.com 
 Christian Dennis (Corporate                 Tel: +44 (0)20 3411 1882 
  Broker)                       christian.dennis@optivasecurities.com 
 FTI Consulting 
 Edward Westropp                             Tel: +44 (0)203 727 1521 
                                    edward.westropp@fticonsulting.com 
 Flowcomms Ltd 
 Sasha Sethi                                        Tel: 07891 677441 
                                                  sasha@flowcomms.com

Notes

Upland is an upstream oil & gas company whose highly experienced management has a track record of creating major value for shareholders in junior oil & gas companies, including Cove Energy plc. The Company has extensive technical and commercial skills and contacts, management having held senior roles in Petronas, Conoco, Shell etc. Upland is taking advantage of the current market conditions to acquire quality upstream assets on attractive terms.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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