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Upland Resources Limited (LSE: UPL), the oil and gas company actively building a portfolio of attractive upstream assets, announces that, with partners, its wholly-owned subsidiary Upland Resources (UK Onshore) Limited (“Upland UK”) has relinquished Licence P2470 in the Inner Moray Firth (“IMF”), part of the UK Continental Shelf.
Licence P2470 included blocks 11/23, 11/24c and 11/25b, surrounding the Wick Prospect in the IMF, on which Upland UK participated in the dry Wick Well (11/24b-4) at the beginning of 2019. These blocks were applied for before the results of 11/24b-4 were known and, although they contain the small Knockinnon oil discovery and several small prospects, they have been downgraded by the Wick well result. The modest work commitment on this licence consisted of a small volume of 3D seismic reprocessing, which has now been completed. The results of such work were not encouraging, and the Licence was relinquished with effect from 31 March 2020.
Chris Pitman, CEO of Upland Resources Limited, said:
“The original application was made prior to the drilling of the Wick Prospect and following a post-drill review of the well, the remaining potential of the P2470 licence has been downgraded. The relinquishment of P2470 is in line with our strategy of focussing solely on opportunities that will provide meaningful returns to our shareholders.”
| Upland Resources Limited | www.upland.energy |
| Christopher Pitman, CEO | Tel: +44 (0) 7891 677441 [email protected] |
| Optiva Securities Limited | |
| Jeremy King (Corporate Finance) | Tel: 020 3137 1904 [email protected] |
| Christian Dennis (Corporate Broker) | Tel: 020 3137 1903 [email protected] |
| FTI Consulting | |
| Ben Brewerton/Molly Stewart | Tel: +44 (0) 20 3727 1708 [email protected] |
| Flowcomms Ltd | |
| Sasha Sethi | Tel: +44 (0)7891 677441 [email protected] |
| Notes |
| Upland is an upstream oil & gas company whose highly experienced management team 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 Petronas, Conoco, Shell etc. |