Upland Resources Limited Successful Completion of Wick Environmental Survey (7117D)
February 02 2018 - 2:00AM
UK Regulatory
TIDMUPL
RNS Number : 7117D
Upland Resources Limited
02 February 2018
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART
IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN
This announcement is not an offer for sale, or a solicitation of
an offer to acquire, securities in any jurisdiction, including in
or into the United States, Canada, Australia, or Japan. Neither
this announcement nor any part of it shall form the basis of or be
relied on in connection with or act as an inducement to enter into
any contract or commitment whatsoever.
2 February 2018
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
Successful completion of Wick environmental survey work
Upland Resources Limited (LSE: UPL), the oil and gas company
actively building a portfolio of attractive upstream assets, is
pleased to announce that it has been informed by Corallian Energy
Limited ("Corallian"), as operator of UK Seaward Production Licence
P2235 (UKCS Block 11/24b, the "P2235 Licence"), of the successful
completion of the environmental survey work over the area
surrounding the proposed location for the forthcoming Wick well,
offshore North-east Scotland.
The environmental survey is a key part of the work required for
the permitting of the Wick well. The well is due to spud in Q3 this
year.
On 29(th) November 2017, Upland's wholly-owned subsidiary,
Upland Resources (UK Onshore) Limited ("Upland UK"), entered into a
conditional farm-in agreement with Corallian for a 40% working
interest in the P2235 Licence containing the Wick Prospect (the
"P2235 Farm-in Agreement").
Completion of the P2235 Farm-in Agreement remains conditional
on, inter alia, the approval by the UK Oil & Gas Authority of
Upland UK as a farminee to the P2235 Licence, availability of
funding to Upland UK sufficient to satisfy its obligations under
the P2235 Farm-in Agreement and the P2235 Licence continuing in
full force and effect.
Steve Staley, CEO of Upland Resources Limited, said:
"This is a significant step toward to the drilling of the
potentially high impact Wick well this summer. Wick is a
potentially transformative, low cost, near term drilling
opportunity for Upland and I look forward to updating investors on
further progress over the coming weeks. "
This announcement contains inside information for the purposes
of Article 7 of the Regulation (EU) No 596/2014 on market abuse
For further information, please contact:
Upland Resources Limited www.uplandres.com
Steve Staley, CEO Tel: +44 (0)7891 677 441
s.staley@uplandres.com
Optiva Securities
Limited
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 team 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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