Upland Resources Limited Wick Well Update (1195H)
November 13 2018 - 1:01AM
UK Regulatory
TIDMUPL
RNS Number : 1195H
Upland Resources Limited
13 November 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.
13 November 2018
UPLAND RESOURCES LIMITED
("Upland" or the "Company")
Wick Well Update
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 confirmed that the Offshore Petroleum Regulator for
Environment and Decommissioning ("OPRED") section of the Department
for Business, Energy & Industrial Strategy, has completed its
review of the Environmental Statements, the representations
received from consultees and the additional information provided by
Corallian Energy for the proposed Wick Well.
Consequently, OPRED has confirmed that it has advised the Oil
and Gas Authority ("OGA") of its in-principle agreement that the
remaining consents for the Wick Well can be issued. Subject to
receiving the final regulatory approvals and notifications
required, Corallian Energy has confirmed that it then expects the
consent process to be completed, allowing the drilling of the Wick
Well to begin.
As previously announced, Corallian Energy has signed a contract
for the provision of the Ensco-72 jack-up rig for a two well,
back-to-back programme which will start with the Wick Well in
December 2018. The Ensco-72 will then move on to the second well in
Corallian Energy's programme once the Wick Well has been
completed.
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.
For further information please contact:
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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