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Upland Resources Limited (LSE: UPL), the oil and gas company actively building a portfolio of attractive upstream assets, is pleased to announce that it has been informed by Corallian Energy Limited (“Corallian“), as operator of UK Seaward Production Licence P2235 (UKCS Block 11/24b, the “P2235 Licence“), of the successful completion of the environmental survey work over the area surrounding the proposed location for the forthcoming Wick well, offshore North-east Scotland.
The environmental survey is a key part of the work required for the permitting of the Wick well. The well is due to spud in Q3 this year.
On 29th November 2017, Upland’s wholly-owned subsidiary, Upland Resources (UK Onshore) Limited (“Upland UK“), entered into a conditional farm-in agreement with Corallian for a 40% working interest in the P2235 Licence containing the Wick Prospect (the “P2235 Farm-in Agreement“).
Completion of the P2235 Farm-in Agreement remains conditional on, inter alia, the approval by the UK Oil & Gas Authority of Upland UK as a farminee to the P2235 Licence, availability of funding to Upland UK sufficient to satisfy its obligations under the P2235 Farm-in Agreement and the P2235 Licence continuing in full force and effect.
Steve Staley, CEO of Upland Resources Limited, said:
“This is a significant step toward to the drilling of the potentially high impact Wick well this summer. Wick is a potentially transformative, low cost, near term drilling opportunity for Upland and I look forward to updating investors on further progress over the coming weeks. “
This announcement contains inside information for the purposes of Article 7 of the Regulation (EU) No 596/2014 on market abuse
| Upland Resources Limited | www.upland.energy |
| Steve Staley, CEO | Tel: 07704 974784 [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. |