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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 note the announcement made earlier today by Corallian Energy Limited (“Corallian Energy”), as operator of UK Seaward Production Licence P2235 (UKCS Block 11/24b), that it has entered into a letter of intent (“LOI”) for the provision of a jack-up rig to drill the Wick well.
Corallian Energy’s announcement stated:
“Corallian Energy has entered into a letter of intent (LOI) with UK based drilling contractor Ensco U.K. Ltd for the provision of a jack-up drilling unit to drill its Colter and Wick wells. Within the LOI the parties have agreed, subject to approvals and consents, headline terms for a suitable unit to conduct drilling operations in Q3/4 2018.”
Background to Upland’s interest in the Wick prospect
In November 2017, the Company’s wholly-owned subsidiary, Upland Resources (UK Onshore) Limited entered into a conditional agreement with Corallian Energy to farm in to a 40% interest in Licence P2235, containing the Wick prospect.
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, with targets within the Wick structure, is scheduled to commence drilling in the third quarter of 2018.
Ensco U.K. Limited
Ensco U.K. Ltd, a subsidiary of Ensco plc, is a global provider of offshore drilling services to the petroleum industry. The Ensco Group’s extensive fleet of 64 offshore units is the world’s largest and includes drillships, dynamically-positioned semisubmersibles, moored semisubmersibles and jack-up rigs.
Ensco plc is quoted on the New York Stock Exchange and is headquartered in London, with offices around the world.
Steve Staley, CEO of Upland Resources Limited, said:
“The signature of this LOI with Ensco represents another big step towards commencing drilling the potentially transformative Wick well in Q3 this year. We look forward to working with Ensco and to updating the market on further developments as we enter the critical pathway to drilling of this high impact well on the UKCS.”
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. |