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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.
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
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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.
