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
17 September 2018
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
Wick Rig Site Survey
Upland Resources Limited (LSE: UPL), the oil and gas company actively building a portfolio of attractive upstream assets, is pleased to note that Corallian Energy Limited ("Corallian Energy"), as operator of UK Seaward Production Licence P2235 (UKCS Block 11/24b), has today confirmed the successful completion of the rig site survey over the proposed location for the forthcoming Wick well.
Corallian Energy is expecting drilling of the Wick well to commence in Q4 2018 following receipt of the outstanding necessary regulatory approvals and consents.
Steve Staley, CEO of Upland Resources Limited, said:
"The completion of the rig site survey is another important milestone as we look to drill the potentially transformative Wick well. We look forward to the receipt of the necessary regulatory approvals to enable the well to spud in Q4 of this year we will continue to update the market on further developments."
Background to Upland's interest in the Wick prospect
In November 2017, the Company's wholly-owned subsidiary, Upland Resources (UK Onshore) Limited ("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 farm in agreement between Corallian Energy and Upland UK was then completed on 24th May 2018.
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 targets reservoir sequences within the Wick structure.
This announcement contains inside information for the purposes of Article 7 of the Regulation (EU) No 596/2014 on market abuse
Contact details:-
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 Conoco and Shell etc.
