14 November 2016
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
Issue of contractual success fee shares to Highland Geology Limited
Issue of contractual success fee shares
Under an existing contract and as a result of the execution by Upland's wholly-owned subsidiary, Upland Resources (UK Onshore) Limited, of the Petroleum Exploration and Development Licence (PEDL 299) in respect of Block SK46c in the East Midlands, 500,000 new shares of no par value in the Company have been issued (in depositary interest form) by way of a success fee to Highland Geology Limited ("Highland Geology"), a company owned by Dr. John Nicholson, Geological Advisor to the Company.
Applications will be made to the UK Listing Authority for such shares to be admitted to listing on the Official List (standard listing segment) of the UK Listing Authority and to the London Stock Exchange for such shares to be admitted to trading on the London Stock Exchange's main market for listed securities.
Upland Resources CEO Stephen Staley commented:
"John Nicholson is one the world's most accomplished geologists specialising in the oil & gas sector. John helped us remap and reinterpret data over Hardstoft Field in PEDL 299 using state of the art techniques. This led to the recognition of the potential for major volumes of unproduced hydrocarbons in the unlicensed part of Hardstoft Field and our application for a PEDL over that area. We are grateful for John's early trust in the Company and belief in the Hardstoft structure, as demonstrated by his agreeing to take part payment in Upland shares even before the Company was listed.
His specialisms are introducing innovative and practical exploration and development ideas and it was exactly such ideas that John brought to Upland's interpretation and successful proposal to the UK government for Hardstoft and PEDL 299.
I look forward to updating the market with further developments in the near future."
About Dr. Nicholson
Dr. John Nicholson has over 41 years' international experience as a petroleum geologist, holding a First Class Honours Degree in Geology from Imperial College London, where he was the winner of both the Murchison and Watts Medals, and gaining his PhD from Cambridge University.
After graduating John spent 11 years in geological and lead technical roles with oil majors BP and Britoil, where much of his focus was upon UK onshore and offshore exploration and development projects. Whilst with BP he was heavily involved in leading oil exploration and development in the East Midlands and subsequent successful discoveries of the Welton and Nettleham oilfields. John also headed the first BP development study at the hugely successful Wytch Farm oilfield (the largest onshore oilfield in Western Europe) and later represented BP in the Wytch Farm Triassic exploration project.
Prior to founding Highland Geology in 1996, John co-founded Midland Valley Exploration Limited ("MVE") and between 1984 and 1996 his focus here was again mainly UK onshore and offshore, consulting for exploration and development projects. MVE is perhaps the world's leading structural geology consultancy.
John is a hands-on technical expert in prospect and discovery evaluation, very experienced in regional studies and recognising new plays, and in mapping licensed and open acreage.
Total Voting Rights
In accordance with the Financial Conduct Authority's Disclosure Guidance and Transparency Rules, following the issue of the contractual success fee shares, the Company has 213,937,861 shares of no par value in issue each with one vote per share (and none of which are held in treasury). The total number of voting rights in the Company is therefore 213,937,861.
The above figure of 213,937,861 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the Disclosure Guidance and Transparency Rules.
*Ends*
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 these, its recent successful IPO (ticker UPL.L) & fundraising and the low oil price to acquire quality upstream assets on attractive terms.
