Upland Resources Limited Wick Rig Site Survey (8931A)
September 17 2018 - 1:00AM
UK Regulatory
TIDMUPL
RNS Number : 8931A
Upland Resources Limited
17 September 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 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 24(th) 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:-
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 Finance) Tel: 020 3137 1904
jeremy.king@optivasecurities.com
Christian Dennis (Corporate Broker) Tel: 020 3411 1882
christian.dennis@optivasecurities.com
FlowComms Ltd www.flowcomms.com
Sasha Sethi (Investor Relations) Tel: 07891 677 441
sasha@flowcomms.com
FTI Consulting
Ben Brewerton / 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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