Upland Resources Limited Wressle Development Update (1727W)
February 07 2017 - 1:00AM
UK Regulatory
TIDMUPL
RNS Number : 1727W
Upland Resources Limited
07 February 2017
7 February 2017
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
Wressle Development Update
Upland Resources Limited, the independent oil and gas company
building a portfolio of attractive upstream assets, is pleased to
note that Egdon Resources ("Egdon Resources"), as Operator of
petroleum exploration and development licences ("PEDLs") 180 and
182, has today announced its plans to bring forward an appeal
against the decision of North Lincolnshire Council in respect of
the refusal of planning for the existing application for the
Wressle development at the earliest opportunity. Egdon Resources
further advises that it plans to file a new application for the
Wressle development. Both the appeal and the new application are
set to be progressed as quickly as possible.
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 UK
onshore PEDLs 180 and 182, including the Wressle development (the
"Wressle Farm-in Agreement"). Completion of the Wressle Farm-in
Agreement is conditional on receipt of certain planning and other
approvals.
The full text of the announcement from Egdon Resources is set
out below .
Steve Staley, Upland's CEO, commented:
"We are pleased that Egdon Resources has chosen to prioritise
both an appeal of the North Lincolnshire Council's decision as well
as a new application which will address the specific concerns
outlined in the initial refusal. The Wressle development provides
an opportunity for new onshore UK production and, as previously
highlighted, we expect that initial production would be an
estimated 50 bbl/day net to us, with further upside potential
included in the surrounding geology. We look forward to updating
the market again in due course.
2017 is set to be another significant period for the business
and Upland's strong balance sheet and proven experience in the
field makes the Company well placed to execute on new
opportunities. We look forward to a productive year."
For more information, please contact:
Upland Resources Limited www.uplandres.com
Steve Staley, CEO s.staley@uplandres.com
Optiva Securities Limited
Jeremy King (Corporate jeremy.king@optivasecurities.com
Finance) Tel: +44 (0)20 3137 1904
Christian Dennis (Corporate
Broker) christian.dennis@optivasecurities.com
Tel: +44 (0)20 3411 1882
FTI Consulting
Edward Westropp edward.westropp@fticonsulting.com
Tel: +44 (0)203 727 1521
Full text of Egdon Resources' announcement:
"Egdon Resources plc (AIM:EDR) provides an update on plans to
progress the development of the Wressle oil field following the
recent decision of North Lincolnshire Council's Planning Committee
to refuse planning permission for hydrocarbon production.
Having consulted with Joint Venture partners and taken further
detailed advice, we can advise that we will submit a formal appeal
against the refusal of planning consent at the earliest
opportunity.
We can also advise that we will in parallel submit a new
Planning Application for the Wressle development which will include
even more detailed information to address the specific concerns
outlined by North Lincolnshire Council in their refusal.
We will look to progress both the new application and the appeal
through the Planning system as quickly as possible. We believe that
this dual track approach will provide the best opportunity for a
successful outcome with the minimum delay.
In view of the planning refusal and the expected timeframe for
the appeal and/or re-determination, the Company has revised its
guidance for average production for the financial year ending 31
July 2017 to 100-110 barrels of oil equivalent per day ("boepd")
against our previous guidance of 165 boepd. As a result of the
delay in both capital investment and generated income, the impact
on the Company's net cash-flow for the current period will be
negligible."
This information is provided by RNS
The company news service from the London Stock Exchange
END
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