Upland Resources Limited Wick Well AFE (6895V)
July 25 2018 - 1:01AM
UK Regulatory
TIDMUPL
RNS Number : 6895V
Upland Resources Limited
25 July 2018
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART
IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN
This announcement is an advertisement and not a prospectus. 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. Investors
should not subscribe for or purchase any transferable securities
referred to in this announcement except on the basis of information
in the prospectus dated 18 June 2018 (the "Prospectus") published
by the Company in connection with the Placing.
25(th) July 2018
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
Wick Well AFE
Upland Resources Limited (LSE: UPL), the oil and gas company
actively building a portfolio of attractive upstream assets,
announces an update on the proposed drilling of the Wick well, in
UK Seaward Production Licence P2235 (UKCS Block 11/24b) (the "P2235
Licence").
Wick well (40% working interest)
An Authority for Expenditure ("AFE") with a total estimated cost
of GBP5.7 million on a dry hole basis (GBP2.8 million net to Upland
Resources (UK Onshore) Limited ("Upland UK")) has been signed by
all the licensees of the P2235 Licence for the drilling of the Wick
well. This includes additional rig days to allow time for necessary
operations. Upland UK will fund 53.33% of the costs related to the
Wick well, capped on a pro-rata basis at a gross cost of GBP4.2
million, with the incremental costs above this cap funded by Upland
UK at 40%. Drilling of the Wick well is scheduled to commence in
September 2018, subject to regulatory approvals.
Steve Staley, Upland Resources Limited CEO, said:
"We are very pleased to announce that Upland UK, alongside our
partners in the Wick well, have signed the AFE for the well as we
move toward commencing drilling in September 2018. This is a very
important step as we look forward to realising the potential of
this high impact exploration well. We will update our shareholders
on progress in due course."
This announcement contains inside information for the purposes
of Article 7 of the Regulation (EU) No 596/2014 on market abuse
Contact details:-
Upland Resources Limited www.uplandres.com
Steve Staley, CEO Tel: 07891 677 441
s.staley@uplandres.com
=======================================
Optiva Securities Limited www.optivasecurities.com
=======================================
Jeremy King (Corporate Tel: 020 3137 1904
Finance) jeremy.king@optivasecurities.com
=======================================
Christian Dennis (Corporate Tel: 020 3411 1882
Broker) christian.dennis@optivasecurities.com
=======================================
FlowComms Ltd www.flowcomms.com
=======================================
Sasha Sethi (Investor Tel: 07891 677 441
Relations) sasha@flowcomms.com
=======================================
FTI Consulting
=======================================
Molly Stewart Tel: +44 (0) 20 3727 1708
molly.stewart@fticonsulting.com
=======================================
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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