Upland Resources Limited OGA Consent to P2235 Licence Assignment (2361O)
May 16 2018 - 2:00AM
UK Regulatory
TIDMUPL
RNS Number : 2361O
Upland Resources Limited
16 May 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.
16 May 2018
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
Wick Farm-in - OGA Consent to P2235 Licence Assignment
Upland Resources Limited (LSE: UPL), the oil and gas company
actively building a portfolio of attractive upstream assets, is
pleased to announce that the UK Oil and Gas Authority has given
consent to the Company's wholly-owned subsidiary, Upland Resources
(UK Onshore) Limited ("Upland UK"), as a farminee to the P2235
Licence (UKCS Block 11/24b), containing the Wick prospect.
The Company is working closely with Corallian Energy Limited
("Corallian Energy") and the other Licence partners towards
completion of the Wick farm-in agreement and will update the market
on progress in due course.
Steve Staley, CEO of Upland Resources Limited, said:
"The UK Oil & Gas Authority's consent to our farm-in to a
40% interest in the P2235 Licence is another significant milestone
as progress is made towards initiating drilling at the Wick
prospect in Q3 2018. This, alongside the Letter of Intent agreed by
Corallian Energy with Ensco, shows the efficient progress being
made as the date of commencement of drilling gets closer."
Background to Upland's interest in the Wick prospect
In November 2017, Upland UK entered into a conditional agreement
with Corallian Energy to farm in to a 40% interest in Licence
P2235, containing the Wick prospect.
The Company estimates that the Wick structure, which lies
principally in the licensed area of Licence P2235, could hold
in-place P50 resources of around 250 MMbbl. The Wick well, with
targets within the Wick structure, is scheduled to commence
drilling in the third quarter of 2018.
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 www.uplandres.com
Limited
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 Tel: +44 (0)20 3411 1882
(Corporate 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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