19 May 2017
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
Wressle Update: Issue of EA Mining Waste Permit Variation
Upland Resources Limited, the oil and gas company actively building a portfolio of attractive upstream assets, is pleased to note the issue by the Environment Agency of the variation to the Mining Waste Permit for the planned Wressle Field development and associated operations.
The permit is a key regulatory approval in the proposed development of the Wressle Field and lends support to the new Planning Application submitted by Egdon Resources ("Egdon" or the "Operator") on 28 April 2017. Validation of this Application is expected in the coming weeks.
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 petroleum exploration and development licences ("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, commented:
"We are very pleased to see this validation of the proposed Wressle development by the Environment Agency. This represents another significant step toward the start of production there."
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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 commercials 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.
