TIDMUPL

RNS Number : 5637O

Upland Resources Limited

21 August 2017

21 August 2017

UPLAND RESOURCES LIMITED

("Upland" or the "Company")

Wressle Farm-In Agreement - Update

Upland Resources Limited., the oil and gas company actively building a portfolio of attractive upstream assets, notes the 'Operational Update' announcement issued on 14(th) August 2017 by Egdon Resources plc ("Egdon Resources") regarding the timing of the appeal hearing against the January 2017 and July 2017 planning refusals by North Lincolnshire Council for the Wressle Field development in North Lincolnshire - and that the appeal hearing is now expected to take place in November 2017, with a decision likely early in 2018.

Upland's wholly-owned subsidiary, Upland Resources (UK Onshore) Limited ("Upland UK"), entered into a conditional agreement dated 24th 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 remains conditional on receipt of the relevant planning approval from North Lincolnshire Council for the Wressle Field development by a 'long stop' date of 30th September 2017 (following a variation dated 21st February 2017), which condition may be waived at Upland UK's discretion.

The Upland and Upland UK Boards are currently considering their positions in relation to the Wressle Farm-in Agreement (which will involve further discussions with Europa Oil & Gas Limited) given the timing of the appeal process and will issue a further announcement when a decision has been reached by the Upland and Upland UK Boards.

**Ends**

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: +44 (0)7891 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.

Egdon Resources announcement

The 'Operational Update' announcement released by Egdon Resources on 14(th) August 2017 is available at: http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/EDR/13328209.html.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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