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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 29th 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
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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.
